DE TOMASO INDUSTRIES REPORTS THIRD QUARTER RESULTS
DE TOMASO INDUSTRIES REPORTS THIRD QUARTER RESULTS RED BANK, N.J., Nov. 13 /PRNewswire/ -- De Tomaso Industries, Inc.
(NASDAQ: DTOM) reported results today for the third quarter and first nine months of 1991. The company and its consolidated subsidiaries had a net loss of $4,951,807 or ($2.41) per common share for the three months ended Sept. 30, 1991, on sales of $35,771,888, as compared with a net loss of $8,438,555 or ($4.10) per share on sales of $41,148,594 in the third quarter of 1990. For the nine month period ended Sept. 30, 1991, the Company and its consolidated subsidiaries had a net loss of ($10,198,394) or $4.96 per common share on sales of $155,763,855. This compares with net income of $41,832,932, equal to $13.68 per share on sales of $211,799,197 for the first nine months of 1990.
Alejandro De Tomaso, president of De Tomaso Industries, said, "I expect the lack of demand in all sectors of the automotive market to continue into next year with little prospect of a significant turn-around in the next six months." Mr. De Tomaso stated that the company's annual mmeting is scheduled to be held in New York City on December 26. De Tomaso Industries, through its consolidated Italian subsidiaries, manufactures Moto Guzzi and Benelli motorcycles, Innocenti minicars, Maserati luxury cars, and "Pandas" for Fiat. Through its Maserati Automobiles Incorporated subsidiary, the Company imports Maserati Automobiles into the United States. DE TOMASO INDUSTRIES, INC. Operating Highlights (Unaudited) For the three months ended Sept. 30, 1991 1990 1991 1990 (Expressed in millions (Expressed in of Italian Lire except U.S. Dollars (A) net per share) Net Sales Lit 44,536 Lit 51,230 $35,771,888 $41,148,594 Cost and expenses including minority interests Lit 50,701 61,736 $ 40,723,695 $49,587,149 Net Income (loss) Lit (6,165) (10,506) $ (4,951,807) $(8,438,555) Net Income (loss) per share(B) Lit (2,996) (5,106) $ (2.41) $ (4.10) For the nine months ended Sept. 30, Net Sales Lit 193,926 263,690 $155,763,855 $211,799,197 Cost and Expenses including minority interests, net of gain on sale of stock of subsidiary Lit 206,623 211,608 $165,962,249 $169,966,265 Net Income (loss) Lit (12,697) 52,082 $(10,198,394) $ 41,832,932 Net Income (loss) per share(B) Lit (6,171) 17,034 $ (4.96) $ 13.68 (A) Translated in U.S. dollar equivalents at the exchange rate prevailing at Sept. 30, 1991. 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 income per share for the nine months ended Sept. 30, 1990 is computed on the number of shares of common stock and common stock equivalent outstanding at all times during such period. Net loss per share for the nine months ended Sept. 30, 1991 and the three months ended Sept. 30, 1991 and Sept 30, 1990 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- 11/13/91 /CONTACT: Howard E. Chase, De Tomaso Industries, Inc., 212-735-8600, or Charles W. Kouns, 804-254-1607, for De Tomaso/ (DTOM) CO: De Tomaso Industries, Inc. ST: New Jersey IN: AUT SU: ERN DF0000 -- CH004 -- 3951 11/13/91 12:37 EST
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|Date:||Nov 13, 1991|
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