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Dura Automotive Expects Divestiture and Production Cuts to Lower Third-Quarter Results

    ROCHESTER HILLS, Mich.--Oct. 4, 2001--Dura Automotive Systems, Inc. , announced today that it has divested its unprofitable Australian operations, resulting in a one-time charge of $7.7 million, or $0.25 per share, in the third quarter of 2001 primarily as a result of the non-cash write-off of the investment. The company also expects its third-quarter operating results to be negatively impacted by an additional $0.30 per share due to the recent production cuts at its major North American customers and greater than expected launch costs associated with the start-up of new programs in Europe. As a result, the company anticipates reporting a net loss in the range of $0.15 to $0.20 per share for the third quarter of 2001. Dura will discuss its actual third-quarter results and the outlook for the remainder of 2001 during its quarterly conference call beginning at 11 a.m. EDT on Monday, October 22, 2001.
    Dura Automotive Systems, Inc., is the world's largest independent designer and manufacturer of driver control systems and a leading global supplier of door modules, seat mechanisms and structures, glass systems and engineered assemblies for the global automotive industry. The company is also a leading supplier of similar products to the North American recreational vehicle and mass transit market. The company's products include door modules, parking brake systems, automotive cables, transmission shifter systems, encapsulated and sliding windows, window regulators, hinges, latches, seating systems, engine control products, underbody tire carriers, jacks, brake, clutch and accelerator pedals and other mechanical assemblies. The company's products are sold to every North American, European and Japanese original equipment manufacturers, including Ford, General Motors, DaimlerChrysler, Volkswagen, BMW, Toyota, Honda, Nissan, PSA (Peugeot and Citroen) and Renault. Dura's operating headquarters is in Rochester Hills, Mich., and its corporate office is in Minneapolis, Minn. Information about Dura and its products is available on the Internet at www.duraauto.com.