Dura Automotive Announces Increased Q4 and Year-End Results
4 February 1999
Dura Automotive Systems, Inc. Announces Increased Fourth-Quarter and Year-End Results
MINNEAPOLIS, Feb. 4 -- Dura Automotive Systems, Inc.
, today announced increased revenues, operating income and net
income for the fourth quarter and year ended December 31, 1998.
For the fourth quarter of 1998, revenues were $241.1 million, a
significant increase compared with $124.5 million in the 1997 period.
Operating income rose to $26.8 million from $12.1 million reported last year.
Net income for the fourth quarter of 1998 was $10.3 million, or 80 cents per
diluted share outstanding, versus $5.3 million, or 60 cents per diluted share,
in the comparable 1997 period.
For the year ended December 31, 1998, revenues increased 65 percent to
$739.5 million from $449.1 million in 1997. Operating income rose $33.6
million to $71.3 million compared to the $37.6 million reported last year.
Net income before extraordinary item in 1998 was $26.7 million, or $2.42 per
share on a diluted basis, compared with $16.6 million, or $1.88 per share on a
diluted basis, in 1997. An extraordinary loss recorded in second quarter of
1998 relating to pre-acquisition debt issuance costs of Trident Automotive plc
has been reduced in accordance with a recent accounting pronouncement. The
company will amend its second and third quarter financial statements to reduce
the extraordinary loss, accordingly.
Karl Storrie, president and chief executive officer of Dura Automotive,
said, "We are pleased to report that we ended the year on a strong note as we
continue to realize benefits from integrating our recent acquisitions.
Overall, 1998 was an exciting year for Dura. We achieved substantial growth
in earnings and have positioned the company for continued growth. As we look
forward to 1999, the stage is set for substantial growth with the recently
announced planned acquisitions of Excel Industries and Adwest Automotive.
While growth and scale clearly come with these additions, strategically, they
will assist Dura in becoming the premier global supplier of its products,
which will continue to drive shareholder value."
Dura Automotive Systems, Inc., is a leading designer and manufacturer of
driver control systems, engineered mechanisms and cable-related systems for
the global automotive industry. The company's products include parking brake
systems, automotive cables, transmission shifter systems, latches, underbody
tire carriers, jacks, brake, clutch 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 DaimlerChrysler, as well as Japanese OEMs, including Toyota and
Honda. The company's European and Latin American facilities support Ford, GM,
Volkswagen, Mercedes, BMW, PSA (Peugeot and Citroen) and various other OEMs.
Dura'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 Dec. 31, Year Ended Dec. 31,
1998 1997 1998 1997
Revenues $241,084 $124,532 $ 739,467 $ 449,111
Cost of sales 195,288 101,777 608,518 375,086
Gross profit 45,796 22,755 130,949 74,025
Selling, general
and administrative
expenses 15,839 9,843 49,825 32,815
Amortization expense 3,144 794 9,868 3,600
Operating income 26,813 12,118 71,256 37,610
Interest expense, net 6,082 3,146 20,267 9,298
Income before provision
for income taxes, equity
in losses of affiliate
and minority
interest 20,731 8,972 50,989 28,312
Provision for income
taxes 8,342 3,631 20,933 11,670
Equity in losses of
affiliate, net 1,481 -- 1,481 --
Minority interest -
dividends on trust
Preferred securities,
net 611 -- 1,908 --
Income before
extraordinary item 10,297 5,341 26,667 16,642
Extraordinary item --
loss on early
extinguishment of debt,
net -- -- 643 --
Net income $10,297 $5,341 $ 26,024 $16,642
Basic earnings per
common share:
Income before
extraordinary item $0.83 $0.61 $2.49 $1.89
Extraordinary item -- -- (0.06) --
Net income $0.83 $0.61 $2.43 $1.89
Basic shares
outstanding 12,350 8,816 10,708 8,808
Diluted earnings per
common share:
Income before
extraordinary item $0.80 $0.60 $2.42 $1.88
Extraordinary item -- -- (0.05) --
Net income $0.80 $0.60 $2.37 $1.88
Diluted shares
outstanding 13,704 8,880 11,795 8,869
DURA AUTOMOTIVE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
Assets December 31, December 31,
1998 1997
Current assets:
Cash and cash equivalents $20,544 $4,148
Accounts receivable, net 158,465 79,032
Inventories 50,498 30,301
Other current assets 45,924 24,800
Total current assets 275,431 138,281
Property, plant and equipment,
net 188,732 101,538
Goodwill, net 435,960 160,063
Deferred income taxes and
other assets, net 29,260 19,382
$929,383 $ 419,264
Liabilities and Stockholders' Investment
Current liabilities:
Current maturities of
long-term debt $15,489 $2,241
Accounts payable 99,512 49,153
Accrued liabilities 96,664 36,583
Total current
liabilities 211,665 87,977
Long-term debt, net of
current maturities 316,417 178,081
Other noncurrent liabilities 108,014 51,498
Mandatorily redeemable
convertible trust
preferred securities 55,250 --
Stockholders' investment:
Preferred stock -- --
Common stock -- Class A 90 42
Common stock -- Class B 33 46
Additional paid-in capital 171,377 63,402
Retained earnings 67,052 41,028
Accumulated other
comprehensive
loss -- cumulative
translation adjustment (515) (2,810)
Total stockholders'
investment 238,037 101,708
$ 929,383 $ 419,264