Re-Audit Confirms DURA Automotive's 2001 and 2000 Financial Statements

    ROCHESTER HILLS, Mich.--April 3, 2003--DURA Automotive Systems, Inc. , announced today that its independent public accountants, Deloitte & Touche LLP, have completed the audit of the company's fiscal 2001 and 2000 financial statements that were originally audited by Arthur Andersen LLP. These financial statements, including the report of Deloitte & Touche LLP, are included in a Form 10-K filed on March 28, 2003, with the Securities & Exchange Commission. The audits by Deloitte & Touche LLP were undertaken because the fiscal year 2001 and 2000 financial statements were restated, as required by generally accepted accounting principles (GAAP), to reflect the previously announced results of DURA's Mechanical Assemblies Europe divestiture as a discontinued operation.
    Net income and earnings per share in these financial statements are unchanged from amounts previously reported in DURA's 2001 Form 10-K. Additionally, total assets, liabilities and shareholders' equity remain unchanged from amounts previously reported by the company. The result of the discontinued operations reduced DURA's total revenues from amounts reported earlier and reclassified other items on the income statements and balance sheets as required by GAAP, once operations are reported as discontinued.
    "We are pleased with the outcome of these re-audits," said David Bovee, vice president and chief financial officer of DURA. "We view these results as evidence of the integrity of our financial reporting processes and systems."
    DURA Automotive Systems, Inc., is the world's largest independent designer and manufacturer of driver control systems and a leading global supplier of seating control systems, engineered assemblies, structural door modules and integrated glass systems for the global automotive industry. The company is also a leading supplier of similar products to the North American recreation vehicle and mass transit market. DURA sells its automotive products to every North American, Japanese and European original equipment manufacturer (OEM) and many leading Tier 1 automotive suppliers. DURA is headquartered in Rochester Hills, Mich. Information about DURA and its products is available on the Internet at www.duraauto.com.