Printer Friendly

AUTOMOTIVE INDUSTRIES HOLDING, INC. REPORTS INCREASED FOURTH QUARTER AND FULL YEAR SALES AND EARNINGS

 MINNEAPOLIS, Feb. 1 /PRNewswire/ -- Automotive Industries Holding, Inc. (NASDAQ: AIHI) today announced increased sales and operating profit growth for the fourth quarter and year ended December 26, 1992.
 Because of the effects of the May 8, 1992 initial public offering and related refinancing, results below the operating income line are comparable between periods only on a pro forma basis.
 For the fourth quarter, sales of $74.8 million increased from $59.5 million reported in the year-ago period. Operating profits of $10.4 million grew 11 percent compared with $9.4 million reported last year. Net income was $5.2 million, or 33 cents per share, compared with $4.6 million, or 29 cents per share on a pro forma basis, in the comparable 1991 period.
 For the year, sales increased 30 percent to $272.4 million from $209.5 million in the year-ago period. Operating profits increased 33 percent to $36.5 million versus $27.4 million last year. Net income was $17.8 million, or $1.12 per share, compared with $11.9 million, or .75 cents per share, in 1991. The improvement in the fourth quarter 1992 operating results is due to increased production by customers on models served by the Company and the effects of two acquisitions made in 1992. Operating profits grew in the fourth quarter at a lower percentage rate than sales primarily because of lower profit margins associated with acquired businesses in 1992 and non-recurring items recorded in the 1991 quarter. For the year, the increase in sales and operating income resulted principally from an expansion in sales volume due to new business, increased production by customers, the two acquisitions completed in 1992 and improved operating efficiencies. Net proceeds from the second quarter initial public offering totaled $70.6 million and were used to repay and refinance corporate indebtedness. In addition, a second quarter one-time extraordinary charge associated with the offering and related refinancing totaled $8.3 million. Included were the write-off of prior debt issuance costs, a premium to exchange subordinated notes for new senior notes and interest rate swap termination costs. Net income for 1992 before pro forma adjustments for the offering and the extraordinary charge was $15.1 million, or $1.11 per common share based on 13.6 million common shares outstanding compared with 15.8 million on a pro forma basis (pro forma assumes offering was completed at the beginning of the year).
 Automotive Industries Holding, Inc., through its subsidiary Automotive Industries, Inc., is a leading designer and manufacturer of high quality interior trim systems and blow molded plastic parts principally for North American car, mini van and light truck original equipment manufacturers. Principal customers include Ford, Chrysler and General Motors, as well as several Japanese companies manufacturing automobiles in the United States. The company's interior trim products include complete door panel assemblies, arm rests, consoles, and head rests. Blow molded products include seat backs and inserts, windshield washer bottles, gas tank shields and radiator coolant overflow reservoirs. The Company maintains a corporate office in Minneapolis, Minnesota and Automotive Industries, Inc. is headquartered in Strasburg, Virginia.
 AUTOMOTIVE INDUSTRIES HOLDING, INC.
 Condensed Statements of Operations
 (dollars in thousands, except per share data)
 (unaudited)
 For the three months ended
 Actual Pro Forma(1)
 Dec. 26, 1992 Dec. 28, 1991 Dec. 28, 1991
 Revenues $74,751 $59,491 $59,491
 Operating income $10,440 $ 9,386 $ 9,286
 Interest expense 1,762 3,711 1,980
 Provision for
 income taxes 3,516 2,413 2,750
 Income before
 preferred dividends 5,162 3,262 4,556
 Preferred dividends - 650 -
 Net income available to
 common shareholders 5,162 2,612 4,556
 Net income per
 common and common
 equivalent share $ .33 $ .29 $ .29
 Weighted average number
 of common and common
 equivalent shares
 outstanding (2) 15,809 9,079 15,770
 (1) Gives effect to the initial public offering and the related financing, including the conversion of the preferred stock and the retirement of outstanding indebtedness as if they had occurred at the beginning of the period presented.
 (2) Weighted average number of shares outstanding on a pro forma basis was computed as if the offering had occurred at the beginning of the fourth quarter of 1991.
 AUTOMOTIVE INDUSTRIES HOLDING, INC.
 Condensed Statements of Operations
 (dollars in thousands, except per share data)
 (unaudited)
 For the year ended
 Pro Forma (1) Actual
 Dec. 26, 1992 Dec. 28, 1991 Dec. 26, 1992 Dec. 28, 1991
 Revenues $272,396 $209,515 $272,396 $209,515
 Operating income 36,546 27,441 36,546 27,441
 Interest expense 7,082 7,209 9,456 15,142
 Provision for
 income taxes 11,691 8,358 10,962 5,425
 Income before
 preferred dividends
 and extraordinary
 item 17,773 11,874 16,128 6,874
 Preferred dividends - - 988 2,480
 Net income before
 extraordinary
 item 17,773 11,874 15,140 4,394
 Extraordinary
 item(2) - - (8,259) -
 Net income available
 to common
 shareholders $17,773 $11,874 $ 6,881 $ 4,394
 Net income per
 common and common
 equivalent share:
 Before extraordinary
 item $1.12 $.75 $1.11 $.48
 Extraordinary
 item(2) - - (61) -
 Total(3) $ 1.12 $ .75 $ .50 $ .48
 Weighted average number of
 common and common
 equivalent shares
 outstanding(3) 15,804 15,770 13,620 9,079
 (1) Gives effect to the initial public offering and the related financing, including the conversion of the preferred stock and the retirement of outstanding indebtedness as if they had occurred at the beginning of the period presented.
 (2) Represents the costs associated with the write-off of unamortized debt issue costs, the premium associated with the exchange of the subordinated indebtedness and costs associated with the termination of certain interest rate swap arrangements, net of income taxes.
 (3) Weighted average number of shares outstanding on a pro forma basis were computed as if the offering had occurred at the beginning of the fiscal years. On an actual basis, the sum of per share amounts for each of the quarters of 1992 do not equal the total for the year ended December 26, 1992 due to the timing of the offering and the effects on the computation of weighted average number of shares outstanding.
 -0- 2/1/93
 /CONTACT: John Mackay of Padilla Speer Beardsley, 612-871-8877; or Scott Rued of Automotive Industries, 612-332-6828/
 (AIHI)


CO: Automotive Industries, Inc. ST: Minnesota IN: AUT SU: ERN

DS -- MN003 -- 1193 02/01/93 09:08 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 1, 1993
Words:1071
Previous Article:UNITED HEALTHCARE COMPLETES PURCHASE OF WESTERN OHIO HEALTH CARE
Next Article:POLYCOM REPORTS BEST UNIT SALES IN AUDIOCONFERENCING INDUSTRY IN FIRST QUARTER OF PRODUCTION; ADVANCED AUDIO TECHNOLOGY BREAKS OPEN MARKET
Topics:


Related Articles
ARVIN REPORTS INCREASED ORIGINAL EQUIPMENT SALES FOR FOURTH QUARTER AND FULL YEAR 1991
ARVIN REPORTS RECORD SECOND QUARTER SALES
HI/LO AUTOMOTIVE ANNOUNCES INCREASED SALES AND EARNINGS FOR SIX MONTHS
HI/LO AUTOMOTIVE ANNOUNCES STRONG SALES AND EARNINGS INCREASES
COLTEC INDUSTRIES REPORTS FOURTH QUARTER AND 12-MONTH RESULTS
ARVIN REPORTS RECORD SALES FOR FOURTH QUARTER AND FULL YEAR 1992
COLTEC INDUSTRIES REPORTS RESTATED FOURTH QUARTER AND 12 MONTH RESULTS
COLTEC INDUSTRIES REPORTS FIRST QUARTER RESULTS
AUTOMOTIVE INDUSTRIES HOLDING, INC. REPORTS RECORD FOURTH-QUARTER AND FULL-YEAR SALES AND EARNINGS
BORG-WARNER AUTOMOTIVE REPORTS 24 PERCENT INCREASE IN 1994 SALES

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters