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LARIZZA INDUSTRIES, INC. REPORTS THIRD-QUARTER RESULTS

 LARIZZA INDUSTRIES, INC. REPORTS THIRD-QUARTER RESULTS
 TROY, Mich., Nov. 14 /PRNewswire/ -- Larizza Industries, Inc.


(AMEX: LII), an original equipment supplier to the automotive industry, today announced operating income for the third quarter of 1991 of $833,000 on sales of $21,040,000 compared to an operating loss of $265,000 on sales of $20,443,000 for the third quarter of 1990.
 After interest and other non-operating expenses, the company reported a loss from continuing operations of $2,098,000 ($0.15 per share) compared to a loss from continuing operations of $4,609,000 ($0.33 per share) in the prior year's quarter. During the prior year's quarter, the company recorded a loss from discontinued operations of $473,000 resulting in a net loss of $5,082,000 ($0.37 per share) compared to a net loss of $2,098,000 ($0.15 per share) in the current year's third quarter.
 For the first nine months of 1991, the company reported operating profit of $2,405,000 on sales of $60,891,000 compared to operating profit of $1,146,000 on sales of $79,254,000 for the first nine months of 1990.
 After interest and other non-operating expenses, the company reported a loss from continuing operations of $5,910,000 ($0.43 per share) compared to a loss from continuing operations of $10,298,000 ($0.75 per share) in the first nine months of 1990. After reflecting discontinued operations, the net loss for the nine months ended Sept. 30, 1991, was $9,810,000 ($0.71 per share) compared to a net loss of $10,091,000 ($0.73 per share) for the comparable period of the prior year.
 LARIZZA INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 (In thousands, except per-share amounts; unaudited)
 Three Months Ended
 Sept. 30,
 1991 1990
 Net sales $21,040 $20,443
 Cost of goods sold 18,082 18,390
 Gross profit 2,958 2,053
 Selling, general & administrative expenses 2,125 2,318
 Operating income (loss) 833 (265)
 Other income (expense):
 Interest expense, net (2,469) (2,929)
 Provision for operational restructuring (420) (945)
 Provision for loss on sale of operation --- ---
 Financial restructuring costs (37) (397)
 Other, net 4 (47)
 (2,922) (4,318)
 Loss from continuing operations
 before income taxes (2,089) (4,583)
 Income tax (provision) benefit (9) (26)
 Loss from continuing operations (2,098) (4,609)
 Discontinued operations:
 Loss from discontinued operations --- (473)
 Loss on disposal of
 discontinued operations --- ---
 --- (473)
 Net loss ($2,098) ($5,082)
 Net loss per common share:
 Loss from continuing operations ($.15) ($.33)
 Loss from discontinued operations --- ($.04)
 Net loss ($.15) ($.37)
 Weighted average number of shares
 of common stock outstanding 13,805 13,805
 LARIZZA INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 (In thousands, except per-share amounts; unaudited)
 Nine Months Ended
 Sept. 30,
 1991 1990
 Net sales $60,891 $79,254
 Cost of goods sold 52,631 70,079
 Gross profit 8,260 9,175
 Selling, general & administrative expenses 5,855 8,029
 Operating income 2,405 1,146
 Other income (expense):
 Interest expense, net (7,539) (8,600)
 Provision for operational restructuring (495) (945)
 Provision for loss on sale of operation --- (1,000)
 Financial restructuring costs (141) (1,064)
 Other, net (131) (35)
 (8,306) (11,644)
 Loss from continuing operations
 before income taxes (5,901) (10,498)
 Income tax (provision) benefit (9) 200
 Loss from continuing operations (5,910) (10,298)
 Discontinued operations:
 Income from discontinued operations --- 207
 Loss on disposal of
 discontinued operations (3,900) ---
 (3,900) 207
 Net loss ($9,810) ($10,091)
 Net loss per common share:
 Loss from continuing operations ($.43) ($.75)
 Income (loss) from discontinued operations ($.28) $.02
 Net loss ($.71) ($.73)
 Weighted average number of shares
 of common stock outstanding 13,805 13,805
 LARIZZA INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED BALANCE SHEETS
 (In thousands)
 (Unaudited)
 Sept. 30 Dec. 31
 1991 1990
 Assets:
 Cash $1,247 $3,313
 Receivables 15,665 8,675
 Inventories 7,423 6,960
 Net current assets of discontinued
 operations --- 8,771
 Other current assets 10,540 8,354
 Total current assets 34,875 36,073
 Net property, plant and equipment 29,483 32,013
 Intangibles resulting from acquisitions 3,191 3,236
 Net noncurrent assets of discontinued
 operations 1,250 4,363
 Other assets 912 1,165
 $69,711 $76,850
 Liabilities and shareholders' equity:
 Notes payable $98,533 $94,517
 Current installments of long-term debt 201 532
 Accounts payable and accrued expenses 29,037 28,761
 Accrued interest 7,365 8,443
 Net current liabilities of discontinued
 operations 534 ---
 Total current liabilities 135,670 132,253
 Long-term debt, excluding current
 installments 705 1,864
 Other noncurrent liabilities 568 568
 Shareholders' deficit (67,232) (57,835)
 $69,711 $76,850
 -0- 11/14/91
 /CONTACT: Terence C. Seikel of Larizza Industries, Inc., 313-689-5800/
 (LII) CO: Larizza Industries, Inc. ST: Michigan IN: AUT SU: ERN SM -- DE016 -- 4445 11/14/91 12:41 EST
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Date:Nov 14, 1991
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