Harvard Industries, Inc. Reports Operating Results
25 February 1999
Harvard Industries, Inc. Reports Operating Results
LEBANON, N.J., Feb. 24 -- Harvard Industries Inc.
, a major producer of OEM automotive parts and accessories,
today announced their operating results for the two months (pre-confirmation)
ended November 29, 1998 and one month (post-confirmation) ended January 3,
1999.
Harvard Industries, Inc., designs, develops and manufactures a broad range
of components for automotive original equipment manufacturers, the automotive
aftermarket and industrial and construction equipment applications worldwide.
Headquartered in Lebanon, N.J., Harvard's 4,400 employees at 15 plants in the
United States and Canada produce total vehicle sealing systems, a variety of
polymer products, high-strength steel assemblies and a wide array of high-
strength aluminum, magnesium and iron products.
Statement of operations follows:
HARVARD INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
One Month Ended January 3, 1999 (Post-Confirmation)
Three Months ended December 31, 1997
And Two Months Ended November 29, 1998 (Pre-Confirmation)
(In thousands of dollars, except share and per share data)
Post
Pre-confirmation -Confirmation
Three Months Two Months One Month
Ended Ended Ended
Dec. 31, 1997 Nov. 29, 1998 Jan. 3, 1999
Sales $197,052 $89,050 $40,166
Cost of sales 191,722 79,628 35,634
Gross profit 5,330 9,422 4,532
Selling, general and
administrative expense 9,835 5,151 3,021
Amortization of intangible
assets 396 264 5232
Restructuring charges 5,000 --- ---
Interest expense (contractual
interest of $12,758 in 1997
and $6,931 for the two months
ended November 29, 1998) 3,853 1,636 991
Gain on sale of operations (11,354) --- ---
Other (income) expense, net 8 (34) (7)
(Loss) income before
reorganization items
and income taxes (2,408) 2,405 (4,705)
Reorganization items 2,942 50,384 ---
Loss before income taxes and
extraordinary item (5,350) (47,979) (4,705)
Provision for income taxes 169 584 292
Loss before extraordinary item (5,519) (48,563) (4,997)
Extraordinary item --
gain on forgiveness of debt --- (206,363) ---
Net (loss) income $(5,519) $157,800 $ (4,997)
PIK Preferred Dividends
and Accretion (contractual
amount for the three months
ended December 31, 1997 was
$4,763 and for the two months
ended November 29, 1998 was
$3,219) $ --- $ --- $ ---
Net (loss) income attributable
to common shareholders $(5,519) $ 157,800 $ (4,997)
Basic and diluted
earnings per share: --- --- ---
Loss before extraordinary item $(0.79) $(6.91) $(0.61)
Income from extraordinary item --- 29.37 ---
Net (loss) income per share $(0.79) $22.46 $(0.61)
Weighted average number of
common shares outstanding 7,026,437 7,026,437 8,240,295