Printer Friendly

LARIZZA INDUSTRIES, INC. REPORTS FIRST-QUARTER EARNINGS

 LARIZZA INDUSTRIES, INC. REPORTS FIRST-QUARTER EARNINGS
 TROY, Mich., April 10 /PRNewswire/ -- Larizza Industries, Inc.


(AMEX: LII), an original equipment supplier to the automotive industry, today announced net income for the first quarter ended March 31, 1992, of $164,000 ($0.01 per share) on sales of $24,268,000 compared to a net loss of $2,674,000 ($0.19 per share) on sales of $16,842,000 for the previous year's first quarter.
 The net earnings for the first quarter were reduced by approximately $1 million of interest expense on the company's U.S. loan which is not payable for seven years. The company's banks have the option to convert the U.S. loan of $47.0 million, along with accrued interest, into a minority position in the company.
 During the first quarter, the company's Manchester, Mich., facility successfully launched a program to manufacture all the interior door panels for Chrysler's new Jeep Grand Cherokee.
 During 1992, the company will also launch its second major program with Honda to produce interior door panels for the Honda Civic manufactured in Marysville, Ohio. In addition, the company will launch programs to produce interior trim for the new Ford minivan, which is a joint venture between Ford and Nissan, and interior trim parts for the Lincoln Mark VIII.
 Ronald T. Larizza, president and chief executive officer of Larizza Industries, Inc., pointed out that the profit shown during the first quarter of 1992 was the first quarterly profit recorded by the company in the past 14 quarters. Mr. Larizza said, "The fact that the company showed a net profit in this soft automotive market is a clear indication of the success of our operational and financial restructurings. We believe that the company is positioned to take advantage of a recovery in the North American automotive market."
 The company also announced that it was making a significant investment in the area of low-pressure injection molding. The company expects to take delivery of this new equipment and be in production before the end of 1992.
 LARIZZA INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 (Amounts in thousands, except per-share amounts; unaudited)
 Three Months Ended
 March 31,
 1992 1991
 Net sales $24,268 $16,842
 Cost of goods sold 20,656 15,015
 Gross profit 3,612 1,827
 Selling, general & administrative expenses 2,571 1,709
 Amortization of intangibles 18 30
 Operating income 1,023 88
 Other income (expense):
 Interest expense, net (1,708) (2,581)
 Other, net 849 (181)
 (859) (2,762)
 Income (loss) before income tax provision 164 (2,674)
 Income tax provision --- ---
 Net income (loss) 164 (2,674)
 Income (loss) per common share $.01 ($.19)
 Weighted average number of shares
 of common stock outstanding 13,805 13,805
 LARIZZA INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED BALANCE SHEETS
 (Dollars in thousands)
 March 31, Dec. 31,
 1992 1991
 ASSETS:
 Cash $ 137 $ 4,099
 Receivables 13,116 10,789
 Inventories 6,633 6,660
 Net current assets of
 discontinued operations 1,705 1,953
 Other current assets 2,369 1,903
 Total current assets 23,960 25,404
 Net property, plant and equipment 28,547 29,472
 Goodwill and other intangibles 3,226 3,296
 Net noncurrent assets of
 discontinued operations 453 419
 Other assets 1,783 1,755
 $57,969 $60,346
 LIABILITIES AND SHAREHOLDERS' DEFICIT:
 Current installments of long-term debt $ 500 $ 201
 Accounts payable and accrued expenses 21,190 21,154
 Accrual for loss on sale of
 discontinued operations 1,975 2,126
 Total current liabilities 23,665 23,481
 Long-term debt, excluding
 current installments 96,250 99,205
 Deferred gain on debt restructure 8,483 8,821
 Accrued interest 1,144 103
 Other noncurrent liabilities 3,968 3,352
 Shareholders' deficit (75,541) (74,616)
 $57,969 60,346
 -0- 4/10/92
 /CONTACT: Terence C. Seikel, chief financial officer, Larizza Industries, 313-689-5800/
 (LII) CO: Larizza Industries, Inc. ST: Michigan IN: AUT SU: ERN


SB-JG -- DE013 -- 7174 04/10/92 11:12 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 10, 1992
Words:662
Previous Article:BELLSOUTH INAUGURATES PAN-AMERICAN CELLULAR ROAMING
Next Article:GSA AWARDS $750,000 CONTRACT TO GAITHERSBURG, MD., A/E FIRM


Related Articles
LARIZZA INDUSTRIES, INC. REPORTS THIRD-QUARTER RESULTS
LARIZZA INDUSTRIES, INC. REPORTS SECOND-QUARTER EARNINGS
LARIZZA INDUSTRIES, INC. REPORTS THIRD-QUARTER EARNINGS
LARIZZA INDUSTRIES REPORTS 1992 FOURTH-QUARTER AND YEAR-END EARNINGS
LARIZZA INDUSTRIES, INC. REPORTS 1993 FIRST-QUARTER EARNINGS; RECEIVES GENERAL MOTORS Q.S.P. AWARD
LARIZZA INDUSTRIES, INC. REPORTS 1993 SECOND-QUARTER EARNINGS
LARIZZA INDUSTRIES, INC. REPORTS 1993 THIRD-QUARTER EARNINGS
LARIZZA INDUSTRIES, INC. REPORTS 1993 FOURTH QUARTER AND YEAR-END EARNINGS
LARIZZA INDUSTRIES, INC. REPORTS 1994 SECOND QUARTER EARNINGS; RECEIVES GENERAL MOTORS' 'WORLDWIDE SUPPLIER OF THE YEAR AWARD'
LARIZZA INDUSTRIES REPORTS RECORD THIRD QUARTER SALES AND EARNINGS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters