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AUTOMOTIVE INDUSTRIES HOLDING REPORTS FIRST QUARTER RESULTS

 AUTOMOTIVE INDUSTRIES HOLDING REPORTS FIRST QUARTER RESULTS
 MINNEAPOLIS, May 14 /PRNewswire/ -- Automotive Industries Holding, Inc., (NASDAQ: AIHI) announced results for the first quarter ended March 28, 1992. First Quarter Results
 Automotive Industries reported first quarter sales of $60.0 million for the quarter ended March 31, 1992, up 54.7 percent from the $38.7 million for the same period in 1991. The increase in 1992 first quarter revenues resulted principally from new business commenced with the 1992 model year and an overall improvement in unit production on models that the company serves, as well as $7.0 million in incremental revenues from two acquisitions. Net income available to common stockholders before the pro forma effects of the stock offering discussed below increased to $1.0 million in 1992 from a net loss of $.5 million in 1991. The improvement in operating results relates directly to the increase in sales.
 In May 1992 the company completed an initial public offering of common stock whereby 5,380,784 shares were issued (including shares issued by the company pursuant to the underwriters' over-allotment option) at a price of $14
per share (the "offering"). Net proceeds from the offering of $70,165,000 were used to repay existing indebtedness and pay related refinancing costs. Had the offering and related refinancing been completed at the beginning of the respective periods, pro forma net income would have been $2.9 million or $.19 a share in 1992 compared to $1.2 million or $.07 a share in 1991. Pro forma per share data and outstanding shares have been adjusted to reflect the recapitalization of the company's common stock that occurred in connection with the offering and the issuance of the 5,380,784 shares of common stock.
 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.
 EARNINGS REPORT
 (In thousands, except per share data)
 March 29, 1992 March 28, 1991
 Actual Pro Forma Actual Pro Forma
 Revenues $59,958 $59,958 $38,746 $38,746
 Depreciation and
 amortization 2,782 2,782 2,679 2,654
 Operating income 6,703 6,703 4,061 4,086
 Interest expense 3,468 1,702 3,627 1,664
 Net income 1,685 2,947 58 1,161
 Preferred dividends 656 -- 590 --
 Net income (loss) available
 to common stockholders 1,029 2,947 (532) 1,161
 Net income (loss) per
 common and common
 equivalent share $.11 $.19(b) $(.06)(a) $.11
 (a) Gives effect to the recapitalization of the company's common stock which occurred upon the consummation of the offering.
 (b) Gives effect to the recapitalization of the company's common stock which occurred upon the consummation of the offering and to the issuance of 5,380,784 shares of Class A Common Stock sold by the company in the offering.
 -0- 5/14/92
 /CONTACT: Scott Rued, 612-332-2335, or Robert Hibbs, 612-332-2335, both of Automotive Industries Holding; or John Mackay of Padilla Speer Beardsley, 612-871-8877, for Automotive Industries Holding/
 (AIHI) CO: Automotive Industries Holding, Inc. ST: Minnesota IN: AUT SU: ERN


KH -- MN018 -- 0433 05/14/92 16:34 EDT
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Date:May 14, 1992
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