Dura Automotive Systems, Inc. Announces Q2 Results
17 July 1997
Dura Automotive Systems, Inc. Announces Increased Second-Quarter and Year-to-Date Operating Results
MINNEAPOLIS, July 17 -- Dura Automotive Systems, Inc.
, today announced increased operating results for the quarter
and six months ended June 30, 1997.
For the second quarter of 1997, revenues increased 69 percent to
$115.4 million from $68.1 million in the second quarter of 1996. Operating
income increased 59 percent to $10.8 million in 1997 from $6.8 million in
1996. Net income for second quarter of 1997 was $5.1 million, or 58 cents per
share, compared to $3.6 million, or 72 cents per share, in 1996. Net income
per share in 1996 on a pro forma basis was 57 cents per share, reflecting the
issuance of 3,795,000 shares by the Company in its initial public offering in
August 1996.
For the six-month period, revenues increased 75 percent to
$222.7 million in 1997 from $127.4 million in 1996. Operating income
increased $8.4 million to $18.6 million in 1997. Net income was $8.6 million,
or 98 cents per share, in 1997 versus $5.0 million, or 99 cents per share, in
1996 (85 cents per share on a pro forma basis).
Karl Storrie, president and chief executive officer of Dura Automotive
said, "Our second-quarter 1997 operating results reflect the positive
contribution of our two most recent acquisitions -- KPI and VOFA -- as well as
benefits from our ongoing efforts to generate operating efficiencies and
enhance productivity. In addition, we are continuing to pursue strategic
acquisitions that will further develop our customer base, geographical
presence, technological capabilities and product offerings."
Dura Automotive Systems, Inc., is a leading designer and manufacturer of
driver control mechanisms and cable related systems for the global automotive
industry. The Company's products include parking brake systems, automotive
cables, latches, transmission shifter mechanisms and systems, underbody tire
carriers, brake 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 Chrysler, as well as
Japanese OEMs, such as Toyota. The Company's European and South American
facilities support Ford, GM, VW, BMW, PSA (Peugeot) and various other OEMs.
Dura Automotive'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 June 30,
1996
1997 Actual Pro Forma (a)
Revenues $115,350 $68,054 $116,699
Cost of sales 97,089 57,300 98,393
Gross profit 18,261 10,754 18,306
Selling, general and
administrative expenses 6,601 3,722 7,102
Amortization expense 891 210 777
Operating income 10,769 6,822 10,427
Interest expense, net 1,957 811 1,829
Income before provision for
income taxes 8,812 6,011 8,598
Provision for income taxes 3,712 2,404 3,611
Net income $5,100 $3,607 $4,987
Net income per common
and common equivalent
share $0.58 $0.72 $0.57
Weighted average common
and common equivalent
shares outstanding (b) 8,863 5,029 8,824
(a) Gives effect to the initial public offering and the acquisitions of
KPI and VOFA as if they had occurred at the beginning of the periods
presented.
(b) Weighted average number of shares outstanding on a pro forma basis was
computed as if the initial public offering had been completed at the beginning
of the first quarter of 1996.
DURA AUTOMOTIVE SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands except per share amounts -- unaudited)
Six Months Ended June 30,
1996
1997 Actual Pro Forma (a)
Revenues $222,717 $127,357 $217,470
Cost of sales 188,542 109,141 185,145
Gross profit 34,175 18,216 32,325
Selling, general and
administrative expenses 13,829 7,586 13,835
Amortization expense 1,774 472 1,605
Operating income 18,572 10,158 16,885
Interest expense, net 3,853 1,900 3,949
Income before provision for
income taxes 14,719 8,258 12,936
Provision for income taxes 6,075 3,304 5,433
Net income $8,644 $4,954 $7,503
Net income per common
and common equivalent
share $0.98 $0.99 $0.85
Weighted average common
and common equivalent
shares outstanding (b) 8,860 5,026 8,818
(a) Gives effect to the initial public offering and the acquisitions of
KPI and VOFA as if they had occurred at the beginning of the periods
presented.
(b) Weighted average number of shares outstanding on a pro forma basis was
computed as if the initial public offering had been completed at the beginning
of the first quarter of 1996.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
June 30, December 31,
Assets 1997 1996
(unaudited)
Current assets:
Cash and cash equivalents $10,779 $1,667
Accounts receivable, net 67,913 49,490
Inventories 24,910 18,093
Other current assets 17,651 14,678
Total current assets 121,253 83,928
Property, plant and equipment, net 62,510 47,347
Goodwill and other assets, net 135,499 114,854
$319,262 $246,129
Liabilities and Stockholders' Investment
Current liabilities:
Current maturities of long-term debt $2,512 $80
Accounts payable 34,782 30,230
Accrued liabilities 42,689 26,090
Total current liabilities 79,983 56,400
Long-term debt, net of current maturities 119,629 77,376
Other noncurrent liabilities 25,399 24,986
Stockholders' investment:
Preferred stock -- --
Common stock - Class A 38 38
Common stock - Class B 50 50
Additional paid-in capital 63,282 63,061
Retained earnings 33,030 24,386
Cumulative translation adjustment (2,002) --
Subscriptions receivable (147) (168)
Total stockholders' investment 94,251 87,367
$319,262 $246,129
SOURCE Dura Automotive Systems, Inc.