DE TOMASO INDUSTRIES REPORTS FIRST QUARTER RESULTS
DE TOMASO INDUSTRIES REPORTS FIRST QUARTER RESULTS RED BANK, N.J., May 15 /PRNewswire/ -- De Tomaso Industries, Inc.
(NASDAQ: DTOM) and its consolidated subsidiaries, which include Maserati, a leading manufacturer of Italian luxury cars, today reported a net loss of $13,244,552 for the three month period ended March 31, 1992, equal to $6.44 per share, on net sales of $32,357,546. In the first quarter of 1991, the company earned $3,468,119, equal to $1.69 per share, on net sales of $50,949,960. All amounts are translated into U.S. dollars from Italian lire at the exchange rate prevailing on March 31, 1992.
Alejandro De Tomaso, president and chairman of the board, stated that lower than anticipated sales revenues in the first quarter of 1992 were due to a substantial drop in sales generally in the Italian luxury car market where the only demand is for cars fitted with catalytic converters even though legislation requiring such devices comes into effect only in connection with 1993 cars. Additionally, ongoing labor problems at the company's Maserati subsidiary currently are having a significant impact on sales revenues. While it is not possible to predict how long it will take to resolve these labor difficulties, if they can be resolved in the reasonably near future, that fact, coupled with the implementation of a program to fit out Maserati automobiles with catalytic converters, should favorably impact operating results for the third and fourth quarters of the current year. Mr. De Tomaso also stated that negotiatis? relating to the terminated "Panda" program and with GEPI, an agency of the Italian government relating to certain debt are proceeding and should be concluded before the end of the third quarter of this year. DE TOMASO INDUSTRIES, INC. Operating Highlights For the Quarter Ended March 31 1992 1991 1992 1991 (Expressed in millions of (Expressed in thousands Italian Lire except net of U.S. Dollars)(A) per share) Net Sales Lit. 40,091 Lit. 63,627 $32,358 $50,950 Cost of Products sold 45,824 58,930 36,985 47,563 (5,733) 4,197 (4,627) 3,387 Selling, General & Administrative Expenses 5,722 6,818 4,618 5,503 (11,455) (2,621) (9,245) (2,116) Interest and Other Expenses (6,490) (6,994) (5,239) (5,644) Interest and Other Income 1,535 3,301 1,239 2,664 Income (Loss) Before Minority Interests (16,410) (6,314) (13,245) (5,096) Minority Interests Share of Loss -- 2,017 -- 1,628 Net Income (Loss) Lit.(16,410) (4,297) ($13,245) (3,468) Net Income (Loss) per share(B) Lit. (7,976) (2,089) ($6.44) $1.69) (A) Translated in U.S. dollar equivalents at the exchange rate prevailing at March 31, 1992. The U.S. dollar equivalent amounts are included solely for the convenience of the Shareholders of De Tomaso Industries, Inc. It should not be construed that the assets and liabilities, expressed in U.S. dollar equivalents, can actually be realized in or extinguished by U.S. dollars at the exchange rates used in the accompanying translation because of fluctuations in the rate of exchange. (B) Net loss per share for the three months ended March 31, 1992 and March 31, 1991 is computed on the number of shares of common stock outstanding, and without regard to the preferred stock outstanding because to do so would be anti-dilutive. -0- 5/12/92 /CONTACT: Howard E. Chase of De Tomaso Industries, Inc., 212-735-8600, or Charles W. Kouns of Martin PR, 804-254-1607, for De Tomaso Industries/ (DTOM) CO: De Tomaso Industries, Inc. ST: New Jersey IN: AUT SU: ERN
CM-JZ -- CH011 -- 0923 05/15/92 16:27 EDT
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|Date:||May 15, 1992|
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