Dura Automotive Systems, Inc. Announces Increased Revenues, Operating Income and Net Income for the Fourth Quarter
5 February 1998
Dura Automotive Systems, Inc. Announces Increased Revenues, Operating Income and Net Income for the Fourth Quarter
MINNEAPOLIS, Feb. 4 -- Dura Automotive Systems, Inc.
, today announced increased revenues, operating income and net
income for the fourth quarter ended December 31, 1997. Earnings per share for
all periods have been restated to reflect the company's adoption of a new
accounting pronouncement which requires disclosure of basic and diluted
earnings per share.
For the fourth quarter of 1997, revenues were $124.5 million, a
significant increase compared with $60.8 million in the 1996 period.
Operating income rose to $12.1 million from $5.9 million reported last year.
Net income for the fourth quarter of 1997 was $5.3 million, or 60 cents per
diluted share outstanding, versus $3.4 million, or 39 cents per diluted share,
in the comparable 1996 period.
For the year ended December 31, 1997, revenues increased 83 percent to
$449.1 million from $245.3 million in the year-ago period. Operating income
rose to $37.6 million compared to the $19.3 million reported last year. Net
income for 1997 was $16.6 million, or $1.88 per share on a diluted basis,
compared with $10.1 million, or $1.57 per share on a diluted basis, in 1996.
Karl Storrie, president and chief executive officer of Dura Automotive,
said, "We are very pleased with our fourth quarter operating results. We are
continuing to realize the benefits from the integration of our acquisitions of
KPI, VOFA and GT Automotive. We expect to continue our aggressive growth
strategy into 1998 as we seek to expand our product offerings through
strategic acquisitions, including global opportunities."
Dura Automotive Systems, Inc., is a leading designer and manufacturer of
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 in Minneapolis, Minn.
DURA AUTOMOTIVE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
Three Months Ended Dec. 31, Year Ended Dec. 31,
1997 1996 1997 1996
Revenues $124,532 $60,842 $449,111 $245,329
Cost of sales 99,939 49,788 375,086 208,939
Gross profit 24,593 11,054 74,025 36,390
Selling, general and
administrative expenses 11,681 4,791 32,815 16,028
Amortization expense 794 345 3,600 1,036
Operating income 12,118 5,918 37,610 19,326
Interest expense, net 3,146 302 9,298 2,589
Income before provision for
income taxes 8,972 5,616 28,312 16,737
Provision for income taxes 3,631 2,188 11,670 6,609
Net income $5,341 $3,428 $16,642 $10,128
Basic earnings per common share $0.61 $.39 $1.89 $1.57
Basic shares outstanding 8,816 8,793 8,808 6,434
Diluted earnings per
common share $0.60 $0.39 $1.88 $1.57
Diluted shares outstanding 8,880 8,838 8,869 6,461
DURA AUTOMOTIVE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
December 31, December 31,
Assets 1997 1996
Current assets:
Cash and cash equivalents $4,148 $1,667
Accounts receivable 79,032 49,490
Inventories 30,301 18,093
Other current assets 24,800 14,678
Total current assets 138,281 83,928
Property, plant and equipment, net 101,538 47,347
Goodwill and other assets, net 179,445 114,854
$419,264 $246,129
Liabilities and Stockholders' Investment
Current liabilities:
Current maturities of long-term debt $2,241 $80
Accounts payable 49,153 30,230
Accrued liabilities 36,583 26,090
Total current liabilities 87,977 56,400
Long-term debt, net of current maturities 178,081 77,376
Other noncurrent liabilities 51,498 24,986
Stockholders' investment:
Preferred stock -- --
Common stock - Class A 42 38
Common stock - Class B 46 50
Additional paid-in capital 63,402 62,893
Retained earnings 41,028 24,386
Cumulative translation adjustment (2,810) --
Total stockholders' investment 101,708 87,367
$419,264 $246,129
SOURCE Dura Automotive Systems, Inc.