Harvard Industries, Inc. Reports Operating Results
23 August 1999
Harvard Industries, Inc. Reports Operating Results
LEBANON, N.J., Aug. 20 -- Harvard Industries, Inc.
today announced their operating results for the three months
ended June 30, 1999.
Harvard Industries, Inc., designs, develops and manufactures a broad range
of components for industrial, aerospace and construction equipment
applications worldwide as well as components and assemblies for automotive
original equipment manufacturers and the automotive aftermarket.
Headquartered in Lebanon, N.J., Harvard's 4,200 employees at 15 facilities
in the United States and Canada produce total vehicle sealing systems, a
variety of polymer products, electronics, high-strength steel assemblies and a
wide array of high-strength aluminum, magnesium and iron products.
(Statement of operations follow)
HARVARD INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
THREE MONTHS ENDED JUNE 30, 1999
(POST-CONFIRMATION) AND THREE MONTHS ENDED
JUNE 30, 1998 (PRE-CONFIRMATION)
(in thousands of dollars, except share and per share data)
Pre-Confirmation Post-Confirmation
Quarter Ended Quarter Ended
June 30, 1998 June 30, 1999
Sales $169,234 $129,908
Cost of sales 156,361 114,610
Gross profit 12,873 15,298
Selling, general and administrative expense 15,389 11,777
Amortization of intangible assets 396 15,696
Restructuring charges --- (88)
Interest expense (contractual interest of $11,521
for the three months ended June 30, 1998) 2,616 3,464
Gain on sale of operations 397 ---
Other (income) expense, net 73 (930)
(Loss) income before reorganization items and
income taxes (5,998) (14,621)
Reorganization items 1,144 ---
Loss before income taxes (7,142) (14,621)
Provision for (benefit from) income taxes 171 (8)
Net (loss) ($7,313) ($14,613)
Pre-Confirmation Post-Confirmation
Quarter Ended Quarter Ended
June 30, 1998 June 30, 1999
PIK Preferred Dividends and Accretion
(contractual amount for the three
months ended June 30, 1998 was $4,763) $ --- $ ---
Net (loss) attributable to common
shareholders ($7,313) ($14,613)
Basic and diluted earnings per share:
Net (loss) per share ($1.04) ($1.62)
Weighted average number of common
shares outstanding 7,026,437 8,995,347
HARVARD INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
SEVEN MONTHS ENDED JUNE 30, 1999 (POST-CONFIRMATION),
NINE MONTHS ENDED JUNE 30, 1998 AND
TWO MONTHS ENDED NOVEMBER 29, 1998 (PRE-CONFIRMATION)
(in thousands of dollars, except share and per share data)
Pre- Post-
Confirmation Confirmation
Nine Months Two Months Seven Months
Ended Ended Ended
June 30, November 29, June 30,
1998 1998 1999
Sales $572,625 $89,050 $298,801
Cost of sales 542,174 79,628 263,914
Gross profit 30,451 9,422 34,887
Selling, general and administrative
expense 40,742 5,151 25,278
Amortization of intangible assets 1,188 264 36,624
Impairment of long-lived assets and
restructuring charges 10,842 --- (88)
Interest expense (contractual interest
for the nine months ended
June 30, 1998, and for the two months
ended November 29, 1998, was $38,262
and $6,931, respectively) 11,548 1,636 7,519
Gain on sale of operations (26,561) --- ---
Other (income) expense, net 1,044 (34) (1,026)
(Loss) income before reorganization
items and income taxes (8,352) 2,405 (33,420)
Reorganization items 7,045 50,384 ---
Loss before income taxes and
extraordinary item (15,397) (47,979) (33,420)
Provision for income taxes 516 584 307
Loss before extraordinary item --- (48,563) (33,727)
Extraordinary item -- (gain) on
forgiveness of debt --- (206,363) ---
Net (loss) income ($15,913) $157,800 ($33,727)
Pre- Post-
Confirmation Confirmation
Nine Months Two Months Seven Months
Ended Ended Ended
June 30, November 29, June 30,
1998 1998 1999
PIK Preferred Dividends and Accretion
(contractual amounts for the nine months
ended June 30, 1998, for the two months
ended November 29, 1998 were $14,289 and
$3,219, respectively) $ --- $ --- $ ---
Net (loss) income attributable
to common shareholders. ($15,913) $157,800 ($33,727)
Basic and diluted earnings per share:
Loss before extraordinary item ($2.26) ($6.91) ($3.94)
Income from extraordinary item --- 29.37 ---
Net (loss) income per share ($2.26) $22.46 ($3.94)
Weighted average number of common
shares outstanding 7,026,437 7,026,437 8,554,038