DE TOMASO INDUSTRIES REPORTS SECOND QUARTER RESULTS
DE TOMASO INDUSTRIES REPORTS SECOND QUARTER RESULTS RED BANK, N.J., Aug. 14 /PRNewswire/ -- De Tomaso Industries, Inc.
(NASDAQ: DTOM) reported results today for the second quarter and first half of 1992. The company and its consolidated subsidiaries had a net loss of $19,160,451 or ($9.31) per common share for the three months ended June 30, 1992, on sales of $37,260,191, as compared with a net loss of $1,938,421 or ($0.94) per share on sales of $74,816,132 in the second quarter of 1991. For the six month period ended June 30, 1992, the company and its consolidated subsidiaries had net loss of $33,392,888 or ($16.23) per common share on sales of $72,031,223. This compares with a net loss of ($5,665,221), equal to ($2.75) per share on sales of $129,566,349 for the first half of 1991.
Alejandro De Tomaso, President of De Tomaso Industries commenting on 1992's results, stated, "The labor problems being experienced by our Maserati subsidiary which resulted in curtailed production and lost sales opportunities during the first half of the year, coupled with continuing generally depressed sales of luxury cars world-wide, produced very significant losses from operations. Maserati has appealed from the decision of an Italian court preventing the firing of five hundred workers. A decision by the Italian appeals court is expected shortly. "Discussions with Fiat Auto S.p.A. on account of Fiat's decision to terminate the "Panda" production program at Maserati are proceeding and are expected to be concluded before the end of this year's third quarter. "Unless production is again suspended in the third or fourth quarters because of our labor problems, sales revenues should be significantly improved over the first six months of the year. "The continuing depressed state of the luxury car sector of the auto market makes it imperative that Maserati make every effort to reduce costs to levels compatible with reduced sales revenues." De Tomaso Industries, through its consolidated Italian subsidiaries, manufactures Moto Guzzi motorcycles, Innocenti minicars and Maserati luxury cars. DE TOMASO INDUSTRIES, INC. Operating Highlights For the three months ended June 30, 1992 1991 1992 1991 (Expressed in Millions (Expressed in of Italian Lire except U.S. Dollars)(A) net per share) Net Sales Lit. 42,961 Lit. 86,263 $ 37,260,191 $74,816,132 Cost and Expen- ses including minority interests Lit. 65,053 Lit. 88,498 $ 56,420,642 $76,754,553 Net Income (loss) Lit. (22,092) Lit. (2,235) $(19,160,451 $(1,938,421) Net Income(loss) per share(B) Lit. (10,738) Lit. (1,086) $ (9.31) $ (.94) For the six months ended June 30 Net Sales Lit. 83,052 Lit. 149,390 $72,031,223 $129,566,349 Cost and Expenses including minority interests Lit. 121,554 Lit. 155,922 $105,424,111 $135,231,570 Net Income (loss) Lit. (38,502) Lit. (6,532) $(33,392,888)$ (5,665,221) Net Income(loss) per share(B) Lit. (18,713) Lit. (3,175) $ (16.23)$ (2.75) (A) Translated in U.S. dollar equivalents at the exchange rate prevailing at June 30, 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 six months ended June 30, 1992 and June 30, 1991 and the three months ended June 30, 1992 and June 30, 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- 8/14/92 /CONTACT: Howard Chase of De Tomaso Industries, Inc., 212-735-8679, or Charlie Kouns of Martin PR, 804-344-3862, for De Tomaso Industries/ (DTOM) CO: De Tomaso Industries, Inc. ST: New Jersey IN: AUT SU: ERN
JZ -- CH007 -- 0081 08/14/92 14:12 EDT
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|Date:||Aug 14, 1992|
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