Lund Announces Q3 and Year-to-Date 2000 Financial Results
15 November 2000
Lund International Holdings, Inc. Announces Third Quarter and Year-to-Date 2000 Financial Results
DULUTH, Ga., Nov. 14 Lund International Holdings, Inc. announces results of
operations for the third quarter and nine months ended October 1, 2000.
Net sales for the third quarter of 2000 were $42,367,000 compared to
$49,418,000 for the same period last year. The decline in sales in the
quarter is attributed to a continued softness in consumer demand for
automotive accessories, which resulted in distributors and retailers reducing
inventory. As well demand for Heavy Truck accessories and parts is weaker
resulting from lower sales of Class 8 vehicles. On a year-to-date basis for
the nine-month period ended October 1, 2000 net sales were $140,480,000
compared to $148,059,000 for the same period last year.
Income from operations was $1,281,000 in the third quarter of 2000
compared to $2,803,000 for the same period last year. For the nine-month
period ended October 1, 2000 income from operations was $8,311,000 compared to
$8,265,000 for the same period last year. On a year-to-date basis sales
declined 5% while operating income has increased by 1%. The year-to-date
results include an expense of approximately $600,000 for consulting fees
incurred by the Company to help in the restructuring of its operations.
Lund recorded a net loss of $1,513,000 in the quarter ended October 1,
2000 compared to a net loss of $1,435,000 for the same period last year. For
the nine-month period ended October 1, 2000 the Company recorded a loss before
an extraordinary item of $1,306,000 or $(0.14) per share, compared to a net
loss of $1,495,000 or ($0.19) per share for the comparable period last year.
For the nine-month period ended October 1, 2000, the Company recorded a net
loss of $1,531,000, which included an extraordinary loss of $225,000 net of
tax benefit.
Dennis W. Vollmershausen, President and Chief Executive Officer, stated
that, "Although I am disappointed with third quarter results the Company has
been able to execute its restructuring plans and is beginning to reap some
benefits of its consolidation and cost reduction efforts. The third quarter
reflected weaker demand for our products which we anticipate will continue for
the remainder of the year. The company continues to attempt to position
itself as a low cost, quality market leader in automotive and heavy truck
accessories. We are making every effort to succeed in that endeavor in a
challenging and competitive marketplace."
LUND INTERNATIONAL HOLDINGS, INC.
CONDENSED CONSOLIDATED
INCOME STATEMENTS
(in thousands, except per share data)
Three months ended Nine months ended
Oct. 1, Sept. 30, Oct. 1, Sept. 30,
2000 1999 % change 2000 1999 % change
Net sales $42,367 $49,418 -14.3 $140,480 $148,059 -5.1
Cost of goods
sold 30,931 35,445 -12.7 101,163 105,808 -4.4
Gross profit 11,436 13,973 -18.2 39,317 42,251 -6.9
Operating expenses
General and
administrative 3,559 3,789 -6.1 10,957 11,721 -6.5
Selling and
marketing 4,599 5,184 -11.3 14,117 15,621 -9.6
Research and
development 661 862 -23.3 1,943 2,675 -27.4
Amortization of
intangibles 1,336 1,335 0.1 3,989 3,969 0.5
Total operating
expenses 10,155 11,170 -9.1 31,006 33,986 -8.8
Income from
operations 1,281 2,803 -54.3 8,311 8,265 0.6
Other expense,
net (3,281) (3,077) -6.6 (9,814) (9,268) -5.9
Loss before income
taxes (2,000) (274) -629.9 (1,503) (1,003) -49.9
Income tax
(benefit) expense (487) 1,161 -141.9 (197) 492 -140.0
Loss before
extraordinary
item (1,513) (1,435) -5.4 (1,306) (1,495) 12.6
Extraordinary
item, less tax
benefit of $130 --- --- --- (225) --- ---
Net loss $(1,513) $(1,435) -5.4 $(1,531) $(1,495) -2.4
Basic net loss
per share:
Loss before
extraordinary
item $(0.16) $(0.17) $ (0.14) $(0.19)
Extraordinary item --- --- (0.02) ---
Net loss $(0.16) $(0.17) $(0.16) $(0.19)
Diluted net loss
per share:
Loss before
extraordinary
item $(0.16) $(0.17) $(0.14) $(0.19)
Extraordinary item --- --- (0.02) ---
Net loss $(0.16) $(0.17) $(0.16) $(0.19)
Weighted average
common shares 9,368 8,535 9,368 8,050
Weighted average
common and common
equivalent shares 9,368 8,535 9,368 8,050
LUND INTERNATIONAL HOLDINGS, INC.
CONDENSED CONSOLIDATED
BALANCE SHEETS
(in thousands)
October 1, December 31,
2000 1999
ASSETS
Current assets $66,052 $67,088
Non-current assets
Property and equipment, net 29,375 31,331
Intangibles, net 120,513 124,502
Other assets, net 3,220 3,748
Total assets $219,160 $226,669
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $103,361 $36,641
Long-term liabilities 29,007 101,705
Stockholders' equity 86,792 88,323
Total liabilities and stockholders' equity $219,160 $226,669