Lund Announces First Quarter 2000 Financial Results
27 April 2000
Lund International Holdings, Inc. Announces First Quarter 2000 Financial Results
ANOKA, Minn., April 26 Lund International Holdings, Inc. (Nasdaq: LUND) announced results of
operations for the first quarter period ended April 2, 2000 for the fiscal
year ending January 2, 2001. Effective January 1, 2000, the Company has
adopted a 52-53 week fiscal year.
Net sales for the first quarter of 2000 were $47,065,000 compared to
$44,402,000 for the same period in 1999. The increase in sales is primarily
attributable to volume growth in the Company's Light Truck and Suspension
Accessory Divisions. The current period also includes one-month additional
sales of $1,503,000 from the acquisition of Smittybilt, Inc. made on January
28, 1999. Smittybilt is a leading manufacturer of tubular steps and brush
guards for trucks.
Income from operations was $3,062,000 in the first quarter of 2000
compared to $1,787,000 for the same period in 1999. This increase of 71% was
primarily the result of stronger performance in the Company's Light Truck and
Suspension Accessory businesses. The inclusion of the additional month of
operating results of the Smittybilt acquisition did not materially contribute
to the first quarter increase in profit from operations.
Lund recorded a net loss of $303,000 or ($0.03) per share, for the first
quarter 2000, compared to a net loss of $600,000 or ($0.08) per share in the
first quarter of 1999. The first quarter 2000 results include a $355,000 loss
($225,000 net of tax) on the early extinguishment of debt. Loss per share
before the extraordinary loss on debt extinguishment was ($0.01).
Dennis W. Vollmershausen, President and Chief Executive Officer, stated
that, "We are pleased with the Company's improved operating performance. We
plan to continue this improvement in performance over the balance of 2000."
In a separate statement today, the Company announced a decision to begin
outsourcing the production of fiberglass parts as part of its restructuring
program. The details of this announcement are available in that release and
should be read in conjunction with this notification of first quarter
financial results.
LUND INTERNATIONAL HOLDINGS, INC.
CONDENSED CONSOLIDATED
INCOME STATEMENTS
(in thousands, except per share data)
Three months ended
April 02, March 31,
2000 1999 % change
Net sales $ 47,065 $ 44,402 6.0
Cost of goods sold 33,657 31,950 5.3
Gross profit 13,408 12,452 7.7
Operating expenses
General and administrative 3,810 3,707 2.8
Selling and marketing 4,494 4,763 -5.6
Research and development 725 898 -19.3
Amortization of intangibles 1,317 1,297 1.5
Total operating expenses 10,346 10,665 -3.0
Income from operations 3,062 1,787 71.3
Other expense, net (3,248) (3,037) -6.9
Loss before income taxes (186) (1,250) 85.1
Income tax benefit 108 650 -83.4
Loss before extraordinary item (78) (600) 87.0
Extraordinary item, less tax
benefit of $130 (225) -- --
Net loss $(303) $(600) 49.5
Basic and diluted loss per share:
Loss before extraordinary
item $(0.01) $(0.08)
Extraordinary item, net $(0.02) --
Net loss $(0.03) $(0.08)
Weighted average common shares 9,368 7,804
Weighted average common and
common equivalent shares 9,368 7,804
LUND INTERNATIONAL HOLDINGS, INC.
CONDENSED CONSOLIDATED
BALANCE SHEETS
(in thousands)
April 02, March 31,
2000 1999
ASSETS
Current assets $67,442 $70,998
Non-current assets
Property and equipment, net 30,518 32,310
Intangibles, net 123,184 129,166
Other assets, net 3,449 4,278
Total assets $224,593 $236,752
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $31,766 $31,459
Long-term liabilities 104,807 113,737
Stockholders' equity 88,020 91,556
Total liabilities and stockholders' equity $224,593 $236,752