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AUTOMOTIVE INDUSTRIES HOLDING, INC. REPORTS INCREASED THIRD QUARTER SALES AND EARNINGS

 AUTOMOTIVE INDUSTRIES HOLDING, INC. REPORTS
 INCREASED THIRD QUARTER SALES AND EARNINGS
 MINNEAPOLIS, Oct. 12 /PRNewswire/ -- Automotive Industries Holding, Inc. (NASDAQ: AIHI) today announced increased sales and operating profit growth for the third quarter and nine-month periods ended Sept. 26, 1992.
 Because of the effects of the May 8 initial public offering and related refinancing, results below the operating income line are comparable between periods only on a pro forma basis.
 For the third quarter, sales of $62.3 million increased 10 percent from $56.8 million reported in the year-ago period. Operating profits of $8.4 million grew 22 percent compared with $6.9 million reported last year. Net income was $4.2 million, or 27 cents per share, compared with $3.1 million, or 19 cents per share on a pro forma basis, in the comparable 1991 period.
 For the nine-month period, sales increased 32 percent to $197.6 million from $150.0 million in the year-ago period. Operating profits increased 44 percent to $26.1 million versus $18.1 million last year. Net income was $12.6 million, or 80 cents per share, compared with $7.3 million, or 46 cents per share, in 1991.
 The company said that the improvement in the third quarter 1992 operating results is primarily due to increased sales volume associated with new business and improved operating efficiencies. Sales increased despite weakened OEM production schedules from second quarter levels and a later than expected launch of the redesigned Ford Ranger.
 Net proceeds from the second quarter 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 the year-to-date period before pro forma adjustments for the offering and the extraordinary charge was $10.0 million, or 77 cents per common share based on 12.9 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, and Automotive Industries, Inc. is headquartered in Strasburg, Va.
 AUTOMOTIVE INDUSTRIES HOLDING, INC.
 Condensed Statement of Operations
 (dollars in thousands, except per share data)
 (Unaudited)
 Three Months Ended
 Actual Pro Forma(a)
 9/26/92 9/28/91 9/28/91
 Revenues $62,290 $56,840 $56,840
 Operating income 8,394 6,826 6,851
 Interest expense 1,768 3,616 1,711
 Provision for income taxes 2,421 1,384 2,070
 Income before
 preferred dividends 4,205 1,826 3,070
 Preferred dividends -- 630 --
 Net income (loss) available
 to common shareholders $4,205 $1,196 $3,070
 Net income per common and
 common equivalent share $.27 $.13 $.19
 Weighted average number of
 common and common equivalent
 shares outstanding (b) 15,827 9,079 15,770
 (a) 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.
 (b) Weighted average number of shares outstanding on a pro forma basis were computed as if the offering had occurred at the beginning of the third quarter in 1991. On an actual basis, the sum of per share amounts for the first three quarters of 1992 do not equal the total for the nine months ended Sept. 26, 1992 due to the timing of the offering and the effects on the computation of weighted average number of shares outstanding.
 AUTOMOTIVE INDUSTRIES HOLDING, INC.
 Condensed Statements of Operations
 (dollars in thousands, except per share data)
 (Unaudited)
 Nine Months Ended
 Pro Forma (a) Actual
 9/26/92 9/28/91 9/26/92 9/28/91
 Revenues $197,645 $150,024 $197,645 $150,024
 Operating income 26,106 18,130 26,106 18,055
 Interest expense 5,320 5,204 7,694 11,431
 Provision for
 income taxes 8,175 5,608 7,446 3,012
 Income before preferred
 dividends and
 extraordinary item 12,611 7,318 10,966 3,612
 Preferred dividends -- -- 988 1,830
 Net income before
 extraordinary item $12,611 $7,318 $9,978 $1,782
 Extraordinary item (b) -- -- (8,259) --
 Net income available to
 common shareholders $12,611 $7,318 $1,719 $1,782
 Net income per common
 and common equivalent
 share:
 Before extraordinary
 item $.80 $.46 $.77 $.20
 Extraordinary item (b) -- -- (.64) --
 Total (c) $.80 $.46 $.13 $.20
 Weighted average number
 of common and common
 equivalent shares
 outstanding (c) 15,802 15,770 12,890 9,079
 (a) Gives effect to the initial public offering and the related financing, including the 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.
 (b) 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.
 (c) 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 the first three quarters of 1992 do not equal the total for the nine months ended Sept. 26, 1992 due to the timing of the offering and the effects on the computation of weighted average number of shares outstanding.
 -0- 10/12/92
 /CONTACT: Scott Rued of Automotive Industries Holding, 612-332-6828; or John Mackay of Padilla Speer Beardsley, 612-871-8877, for Automotive Industries/
 (AIHI) CO: Automotive Industries Holding, Inc. ST: Minnesota IN: AUT SU: ERN


KH-AL -- MN004 -- 8734 10/12/92 09:04 EDT
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Date:Oct 12, 1992
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