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DE TOMASO INDUSTRIES REPORTS NET INCOME FOR 1991

 DE TOMASO INDUSTRIES REPORTS NET INCOME FOR 1991
 RED BANK, N.J., April 27 /PRNewswire/ -- Alejandro De Tomaso,


chairman of the board and president of De Tomaso Industries, Inc. (NASDAQ: DTOM), said today that the company had a consolidated net loss of Lit. 17,320,000,000 ($15,100,000)(A) on net sales revenues of Lit. 203,785,000,000 ($177,668,000) in the fiscal year ended December 31, 1991, compared with consolidated net income in fiscal 1990 of Lit. 43,396,000,000 ($37,834,000) on net sales revenues of Lit. 77,378,000,000 ($329,013,000). Net loss in 1991 was equal to Lit. 8,418 ($7.34) per share, compared to net income of Lit. 14,194 ($12.37) per share in 1990. Consolidated results for fiscal 1991 and 1990 are not directly comparable because of the gain in fiscal 1990 resulting from the sale to Fiat Auto, S.p.A. of a 49 percent interest in the company's Maserati S.p.A subsidiary.
 The company sustained a consolidated net loss from operations of Lit. 23,579,000,000 ($20,557,000) in fiscal 1991, compared to a consolidated net loss from operations in fiscal 1990 of Lit. 40,287,000,000 ($35,123,000). The decrease in operating losses in fiscal 1991 was the result of the continuing impact of decreased overhead costs, including labor, and other cost saving measures taken in 1990.
 Mr. De Tomaso expressed his satisfaction at the success of the company's efforts to reduce costs in the face of a continuing depressed automobile market. "Car sales continue to suffer worldwide," Mr. De Tomaso said. "The ongoing cost saving measures we have implemented will further reduce operating costs in fiscal 1992 in spite of the termination of the "Panda program.
 "Negotiations between the Company's Maserati subsidiary and Fiat regarding the terminated "Panda" vehicle assembly program are continuing," he said. "I expect that those negotiations will be concluded before the end of the second quarter of fiscal 1992, at which time the results will be announced to the public."
 The company expects to file its 1991 Form 10-K with the Securities and Exchange Commission by May 1, 1992.
 (A) All figures given in dollars are based upon the conversion rate of 1,147 lire to the dollar in effect at December 31, 1991, and are for comparative purposes only.
 DE TOMASO INDUSTRIES, INC.
 Operating Highlights (Unaudited)
 For the year Ended December 31
 1991 1990 1991 1990
 (expressed in millions of (Expressed in
 Italian lire except net thousands of U.S
 per share) dollars)(A)
 Net Sales Lit. 203,785 Lit. 377,378 $177,668 $329,013
 Net Income (loss) Lit.(17,320) Lit. 43,396 $(15,100) $37,834
 Net Income (loss)
 per share (B) Lit. (8,418) Lit. 14,194 $(7.34 ) $12.37
 (A) Translated in U.S. dollar equivalents at the exchange rate prevailing at December 31, 1991.
 (B) Net loss per share for the year ended December 31, 1991 is computed only on the number of shares of common stock outstanding during the year. Net income per share for the year ended December 31, 1990 is computed on the number of shares of common stock and dilutive common stock equivalents outstanding during the year. Dilutive common stock equivalents were not taken into consideration in fiscal 1991, since to do so would have been anti-dilutive.
 -0- 4/27/92
 /CONTACT: Howard E. Chase, De Tomaso Industries, Inc., 212-735-8600, or Charles W. Kouns, Martin Public Relations, 804-254-1607, for De Tomaso Industries, Inc./
 (DTOM) CO: De Tomaso Industries, Inc. ST: New Jersey IN: AUT SU: ERN


DF -- CH004 -- 3158 04/27/92 12:28 EDT
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Publication:PR Newswire
Date:Apr 27, 1992
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