Dura Automotive Systems, Inc. Announces Q3 Results
16 October 1997
Dura Automotive Systems, Inc. Announces Increased Third-Quarter and Nine-Month Operating Results
MINNEAPOLIS, Oct. 16 -- Dura Automotive Systems, Inc.
, today announced increased operating results for the quarter
and nine months ended September 30, 1997.
For the third quarter of 1997, revenues were $101.9 million compared with
$57.1 million reported in the third quarter of 1996. Operating income of
$6.9 million was more than double last year's $3.3 million. Net income for
third quarter of 1997 was $2.7 million, or 30 cents per share, compared with
$1.7 million, or 25 cents per share, based on a lower share base in 1996.
For the nine months ended September 30, 1997, revenues of $324.6 million
compared with $184.5 million in the year-ago period. Operating income
increased to $25.5 million in 1997 from $13.4 million in 1996. Net income was
$11.3 million, or $1.27 per share, in 1997 versus $6.7 million, or $1.18 per
share, based on a lower share base in 1996.
On August 29, 1997, the Company acquired GT Automotive Systems, Inc. (GT
Automotive), headquartered in Livonia, Mich. GT Automotive has manufacturing
facilities in Livonia and Warren, Mich., and Windsor and Brantford, Ontario,
Canada, with annual revenues of approximately $70 million. Initial
consideration for GT Automotive was $45 million in cash.
Karl Storrie, president and chief executive officer of Dura Automotive
said, "We are pleased with our third-quarter and year-to-date performance as
it relates to our continued efforts to enhance productivity, improve operating
efficiencies and integrate the acquisitions of KPI and VOFA. In addition, our
acquisition of GT Automotive during the third quarter added over $5 million in
revenues and brought strategic benefits and a significant new product in
column shifters."
Dura Automotive Systems, Inc., is a leading designer and manufacturer of
driver control mechanisms, cable related systems and engineered mechanical
components for the global automotive industry. The Company's products include
parking brake systems, automotive cables, latches, transmission shifter
mechanisms and systems, underbody tire carriers, brake and accelerator pedals,
and other mechanical assemblies. The Company's products are sold to major
North American original equipment manufacturers (OEMs), including Ford,
General Motors and Chrysler, as well as Japanese OEMs, such as Toyota. The
Company's European and South American facilities support Ford, GM, VW, BMW,
PSA (Peugeot) and various other OEMs. Dura Automotive's operating
headquarters is in Rochester Hills, Mich. and its corporate office is in
Minneapolis, Minn.
DURA AUTOMOTIVE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands Except per Share Amounts - Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Revenues $101,862 $57,130 $324,579 $184,487
Cost of sales 86,605 50,010 275,147 159,151
Gross profit 15,257 7,120 49,432 25,336
Selling, general and
administrative expenses 7,305 3,651 21,134 11,237
Amortization expense 1,032 219 2,806 691
Operating income 6,920 3,250 25,492 13,408
Interest expense, net 2,299 387 6,152 2,287
Income before provision for
income taxes 4,621 2,863 19,340 11,121
Provision for income taxes 1,964 1,117 8,039 4,421
Net income $2,657 $1,746 $11,301 $6,700
Net income per common
and common equivalent
share $0.30 $0.25 $1.27 $1.18
Weighted average common
and common equivalent
shares outstanding 8,874 6,955 8,864 5,669
DURA AUTOMOTIVE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
September 30, December 31,
Assets 1997 1996
(unaudited)
Current assets:
Cash and cash equivalents $5,420 $1,667
Accounts receivable, net 83,921 49,490
Inventories 29,932 18,093
Other current assets 17,325 14,678
Total current assets 136,598 83,928
Property, plant and equipment, net 75,295 47,347
Goodwill and other assets, net 183,094 114,854
$394,987 $246,129
Liabilities and Stockholders' Investment
Current liabilities:
Current maturities of long-term debt $2,616 $80
Accounts payable 50,613 30,230
Accrued liabilities 34,752 26,090
Total current liabilities 87,981 56,400
Long-term debt, net of current maturities 172,807 77,376
Other noncurrent liabilities 37,390 24,986
Stockholders' investment:
Preferred stock -- --
Common stock - Class A 39 38
Common stock - Class B 49 50
Additional paid-in capital 63,375 63,061
Retained earnings 35,687 24,386
Cumulative translation adjustment (2,194) --
Subscriptions receivable (147) (168)
Total stockholders' investment 96,809 87,367
$394,987 $246,129
SOURCE Dura Automotive Systems, Inc.