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AUTOMOTIVE INDUSTRIES HOLDING, INC.

 MINNEAPOLIS, July 15 /PRNewswire/ -- Automotive Industries Holding, Inc. (NASDAQ: AIHI) today announced increased sales and operating profit for the second quarter and six-month period ended July 3, 1993.
 For the second quarter, sales of $92.1 million increased 22 percent from $75.4 million reported in the year-ago period. Operating profits of $13.8 million grew 25 percent compared with $11.0 million reported last year. Net income was $7.0 million, or 43 cents per share, compared with $5.5 million, or 35 cents per share, on a pro forma basis in the 1992 quarter. Because of the effects of the May 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 six-month period, sales increased 26 percent to $170.9 million from $135.4 million in the year-ago period. Operating profits increased 36 percent to $24.1 million versus $17.7 million last year. Net income was $11.9 million, or 74 cents per share, compared with $8.4 million, or 53 cents per share, on a pro forma basis in 1992. The Company said a significant portion of the revenue growth in 1992 has come from ongoing operations resulting from new programs and increased OEM production. The balance of the revenue growth, representing approximately 60 percent of the increase, came from the Company's 1992 acquisitions of Plasta Fiber Industries and Cellasto Plastics and its May 1993 acquisition of ASAA International, Inc. Operating income grew at a greater rate than revenues due to productivity improvements and the effect of increased sales on fixed costs.
 The Company also said that its previously announced plans to acquire Fibercraft/DESCon Engineering, Inc. and its affiliate were on schedule to be completed in the third quarter of 1993. Fibercraft, based in Michigan, is engaged in advanced design, engineering and program management for the North American car, mini van and light truck manufacturers. The acquisition will enable the Company to expand its ability to provide advanced design, engineering and program management services to its customers and integrate such services through the manufacturing process.
 In addition, as previously announced, the Company filed a registration statement with the SEC on July 2, 1993, to sell 2,000,000 shares of Class A Common Stock. The Company's net proceeds from the offering will be utilized to repay its 9.5 percent junior subordinated notes and other indebtedness. In addition, certain shareholders will sell 2,600,000 shares of Class A Common Stock in the offering. Kidder, Peabody & Co. and Lehman Brothers are co-managers of the underwriting group. This does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
 Automotive Industries 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 maintains a corporate office in Minneapolis, Minnesota and operating headquarters in Strasburg, Va.
 AUTOMOTIVE INDUSTRIES
 Condensed Statement of Operations
 (in thousands, except per share data)
 (unaudited)
 For the Three Months Ended
 June 27, 1992
 July 3, 1993 Actual Pro Forma(1)
 Revenues $92,060 $75,397 $75,397
 Operating income 13,823 11,009 11,009
 Interest expense 2,098 2,458 1,850
 Provision for income taxes 4,731 3,475 3,700
 Income before preferred dividends
 and extraordinary item 6,994 5,076 5,459
 Preferred dividends -- 332 --
 Net income before
 extraordinary item 6,994 4,744 5,459
 Extraordinary item(2) -- (8,259) --
 Net income (loss) available to
 common shareholders $ 6,994 $(3,515) $5,459
 Net income per common and
 common equivalent share:
 Before extraordinary item $.43 $.34 $.35
 Extraordinary item(2) -- (.60) --
 Total(3) $.43 $(.26) $.35
 Weighted average number of common
 and common equivalent
 shares outstanding(3) 16,262 13,765 15,807
 (1) Gives effect to the initial public offering and the related refinancing.
 (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 averaged number of shares outstanding on a pro forma basis were computed as if the offering had occurred at the beginning of the respective periods.
 AUTOMOTIVE INDUSTRIES HOLDING, INC.
 Condensed Statement of Operations
 (in thousands, except per share data)
 (unaudited)
 For the Six Months Ended
 June 27, 1992
 July 3, 1993 Actual Pro Forma(1)
 Revenues $170,895 $135,355 $135,355
 Operating income 24,063 17,712 17,712
 Interest expense 4,096 5,926 3,552
 Provision for
 income taxes 8,093 5,025 5,754
 Income before preferred dividends
 and extraordinary item 11,874 6,761 8,406
 Preferred dividends -- 988 --
 Net income before
 extraordinary item 11,874 5,773 8,406
 Extraordinary item(2) -- (8,259) --
 Net income (loss) available to
 common shareholders $ 11,874 $ (2,486) $ 8,406
 Net income per common and
 common equivalent share:
 Before extraordinary item $.74 $.51 $.53
 Extraordinary item(2) -- (.72) --
 Total(3) $.74 $(.21) $.53
 Weighted average number of
 common and common equivalent
 shares outstanding(3) 16,063 11,422 15,789
 (1) Gives effect to the initial public offering and the related refinancing 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 averaged number of shares outstanding on a pro forma basis were computed as if the offering had occurred at the beginning of the respective periods. On an actual basis, the sum of per share amounts for the first two quarters of 1992 do not equal the total for the six months ended June 27, 1992 due to the timing of the offering and the effects on the computation of weighted average number of shares outstanding.
 -0- 7/15/93
 /CONTACT: John Mackay of Padilla Speer Beardsley, 612-871-8877; or Scott Rued of Automotive Industries, Inc., 612-332-6828/
 (AIHI)


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

DS -- MN016 -- 2156 07/15/93 16:08 EDT
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Date:Jul 15, 1993
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