DURAKON RELEASES THIRD QUARTER OPERATING RESULTS
DURAKON RELEASES THIRD QUARTER OPERATING RESULTS LAPEER, Mich., Nov. 11 /PRNewswire/ -- Durakon Industries, Inc.
(NASDAQ-NMS: DRKN) today released its sales and earnings results for the third quarter and first nine months of 1991.
Net income for the third quarter of 1991 was $1,451,569 or $.24 per share compared to $681,324 or $.11 per share in 1990. For the nine months ending Sept. 30, 1991, the company recorded a net loss of ($564,320) or ($.09 per share) compared to net income of $4,814,104 or $.78 per share for the same period in 1990. Net sales for the three-month period ended Sept. 30, 1991 were $17,959,417 compared to $25,829,465 for the same period in 1990. For the nine-month periods ended Sept. 30, 1991 and 1990, net sales were $51,686,476 and $95,160,390, respectively. Sales and profits for year-to-date 1990 include results of company- owned distribution centers and the DFM Corporation, a manufacturer of bug and gravel deflector shields, which were sold in 1990. Year-to-date 1990 also includes other income of $1,955,288 associated with the sale of DFM Corporation. The net loss for the nine-month period ended Sept. 30, 1991 includes charges related to the termination of employment agreements and accruals for reorganization costs which were recorded in the first quarter, 1991. The results for the third quarter 1991 were favorable and reflect an improved bedliner manufacturing cost structure and company-wide reductions in selling and administrative costs. While bedliner unit volume was off 8 percent from the same quarter last year, the decline was less than in earlier quarters. The Jerr-Dan subsidiary continues to see weak demand for its roll-back car carrier and wheel lift tow trucks. "Third quarter results reflect our ongoing efforts to control manufacturing costs and reduce overhead costs. Our attention to working capital needs has also brought favorable results despite operating in a soft market", said William Webster, president and CEO. "We have also strengthened our management team appointing Thomas Galas, vice president, finance and administration and chief financial officer, and James Kelly, president of our Jerr-Dan subsidiary", said Webster. Durakon is a leading manufacturer of pickup truckbed liners and roll-back car carriers and distributor of light truck accessories. Headquartered in Lapeer, it also has manufacturing facilities in Clare, Mich. and Greencastle, Pa., and distribution facilities in Tennessee, Texas and California. A publicly traded company, it is listed on the NASDAQ National Market System. DURAKON INDUSTRIES, INC. (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Fav./ (Unfav.) Pct. Three months ended Sept. 30: 1991 1990 Variance Change Net sales $17,959 $25,829 ($7,870) -30.5 Operating income 2,758 1,480 1,278 86.4 Other income/(expense) (115) 0 (115) 0.0 Net income/(loss) 1,452 681 771 113.2 Net income/(loss) per share $0.24 $0.11 $0.13 118.2 Weighted average number of common shares outstanding 6,172 6,175 Fav./ (Unfav.) Pct. Nine months ended Sept. 30: 1991 1990 Variance Change Net sales $51,686 $95,160 ($43,474) -45.7 Operating income 118 5,960 (5,842) -98.0 Other income/(expense) (115) 1,955(A) (2,070) -105.9 Net income/(loss) (564) 4,814 (5,378) -111.7 Net income/(loss) per share ($0.09) $0.78 ($0.87) -111.5 Weighted average number of common shares outstanding 6,174 6,175 -- -- (A) Gain on the sale of DFM in June, 1990. Results for 1990 include DFM sales and operating income as follows: Three months ended Sept. 30: Net sales $0 $0 -- -- Inc. bef. interest, other inc./(expense) & inc. taxes $0 $0 -- -- Nine months ended Sept. 30: Net sales $0 $13,455 -- -- Inc. bef. interest, other inc./(expense) & inc. taxes $0 $ 1,134 -- -- /CONTACT: Thomas A. Galas, chief financial officer of Durakon Industries, 313-664-0850/ (DRKN) CO: Durakon Industries Inc. ST: Michigan IN: AUT SU: ERN SH -- NY028 -- 2959 11/11/91 10:31 EST
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|Date:||Nov 11, 1991|
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