Dura Automotive Reports First-Quarter Results
ROCHESTER HILLS, Mich., April 23 /PRNewswire Interactive News Release/ --
Dura Automotive Systems, Inc. , today reported financial
results for the first quarter ended March 31, 2001. Earnings for the quarter,
excluding the impact of restructuring activities, were $0.60 per diluted
share, exceeding First Call consensus estimate of $0.41.
First-quarter revenues were $661.9 million, a decrease of $20.9 million
compared to the first-quarter of 2000. Revenues for the quarter as compared
to first-quarter 2000 were unfavorably impacted by the continued weakness in
the North American automotive and recreational vehicle industries as well as
foreign exchange. Offsetting the quarter-over-quarter decrease was the
fourth-quarter 2000 acquisition of Reiche GmbH (Germany) and new business in
both the Cockpit Systems and Body & Glass Divisions.
First-quarter 2001 operating income was $44.6 million. Excluding the
impact of restructuring activities, first-quarter operating income was
$47.3 million, down $10.9 million compared to the first quarter of 2000. The
company recorded a pre-tax restructuring charge of $2.6 million during the
quarter. This charge is a continuation of the company's 2000 restructuring
plan to reduce its cost base and address capacity issues given the reduced
demand in the North American automotive and recreational vehicle markets.
Net income was $9.2 million, or $0.52 per diluted share outstanding,
versus $16.5 million, or $0.90 per diluted share, in the comparable 2000
period. Excluding the impact of restructuring activities, first-quarter net
income was $10.8 million, or $0.60 per diluted share. First-quarter diluted
shares outstanding were 19.1 million as compared to 19.0 million in the
first-quarter of 2000.
Karl Storrie, president and chief executive officer of Dura Automotive,
stated, "We are pleased with our first-quarter results. The instability in
our industry has created a challenging environment that our management team
continues to address through cost reduction and tight cash management. We
feel the actions that we have taken over the past two quarters have positioned
us well to get us through these tough times, however, we will continue to
closely monitor the market conditions."
DURA AUTOMOTIVE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts -- unaudited)
Three Months Ended March 31,
2001 2000
Revenues $661,853 $682,769
Cost of sales 569,946 573,654
Gross profit 91,907 109,115
Selling, general and administrative expenses 37,633 43,918
Facility Consolidation and other charges 2,629 --
Amortization expense 6,999 7,041
Operating income 44,646 58,156
Interest expense, net 28,533 27,921
Income before provision for income taxes,
equity in losses of affiliates and
minority interest 16,113 30,235
Provision for income taxes 6,284 12,366
Minority interest and equity in losses
of affiliates, net -- 798
Minority interest -- dividends on trust
preferred securities, net 611 611
Net income $9,218 $16,460
Basic earnings per common share $0.52 $0.94
Basic shares outstanding 17,715 17,430
Diluted earnings per common share: $0.52 $0.90
Diluted shares outstanding 19,076 18,956
Capital expenditures $15,176 $27,771
Depreciation $16,696 $14,747
DURA AUTOMOTIVE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
March 31, December 31,
Assets 2001 2000
(Unaudited)
Current assets:
Cash and cash equivalents $10,080 $30,438
Accounts receivable, net 420,544 367,505
Inventories 130,166 148,919
Other current assets 151,814 170,083
Total current assets 712,604 716,945
Property, plant and equipment, net 516,789 533,912
Goodwill, net 996,727 1,028,113
Deferred income taxes and other assets, net 78,494 78,077
$2,304,614 $2,357,047
Liabilities and Stockholders' Investment
Current liabilities:
Accounts payable $263,146 $258,895
Accrued liabilities 242,657 225,032
Current maturities of long-term debt 57,166 64,013
Total current liabilities 562,969 547,940
Long-term debt, net of current maturities 717,662 766,961
Subordinated notes 388,308 394,240
Other noncurrent liabilities 138,349 139,262
Mandatorily redeemable convertible trust
preferred securities 55,250 55,250
Stockholders' investment:
Common stock - Class A 144 143
Common stock - Class B 33 33
Additional paid-in capital 341,580 341,472
Treasury stock (1,383) (1,505)
Retained earnings 159,267 150,049
Accumulated other comprehensive loss (57,565) (36,798)
Total stockholders' investment 442,076 453,394
$2,304,614 $2,357,047
