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DOUGLAS & LOMASON REPORTS SECOND-QUARTER RESULTS

 DOUGLAS & LOMASON REPORTS SECOND-QUARTER RESULTS
 FARMINGTON HILLS, Mich., July 30 /PRNewswire/ -- Douglas & Lomason


Company (NASDAQ-NMS: DOUG), a major automotive parts manufacturer headquartered in Farmington Hills, reported slightly lower sales and earnings for the second quarter of 1992 compared to the same period of 1991. Sales in the second quarter of 1992 declined 3.5 percent compared to the same quarter of 1991 but improved 9 percent over the sales level of the first quarter of 1992.
 The first six months of 1992 show improved sales of 6.9 percent and improved net earnings of over 300 percent compared to the same period of 1991, which was negatively impacted by the events in the Persian Gulf. The net earnings improvement in the first six months is directly related to the increased sales level, reduced interest expense and certain tax credits. Interest expense was reduced as a result of 28 percent lower inventories and 43 percent lower debt in 1992. Net earnings for the second quarter of 1992 were similar to the same quarter of 1991, but the additional shares outstanding reduced the net earnings per share.
 The effect of the public offering of 932,294 additional shares of common stock in April 1992 clearly strengthened the balance sheet and positioned the company for significant future growth. Total debt of $33.6 million is the lowest it has been in five years and provides a debt/equity ratio of .4 to .1. The current ratio is 2.4 to 1.
 Sales of $99.0 million for the three months ended June 30, 1992, compare to $102.6 million for the same period of 1991 or a decrease of 3.5 percent. Net earnings of $3.0 million or $.77 per share for the second quarter of 1992 compare to $3.0 million or $.95 per share for the same period of 1991. Six-month sales of $189.8 million compare to $177.6 million for the same period of 1991 or an increase of 6.9 percent. Six-month earnings of $4.1 million or $1.14 per share compare to net earnings of $979,000 or $.31 per share in 1991.
 Per-share data and outstanding shares for 1991 have been adjusted retroactively to reflect the 1992 3-for-1-stock split distributed April 2, 1992.
 DOUGLAS & LOMASON COMPANY
 CONSOLIDATED BALANCE SHEETS
 ASSETS
 June 30,
 1992 1991
 Current assets:
 Cash $2,158,525 $926,424
 Accounts receivable 57,412,153 57,953,860
 Marketable securities 14,523,262 ---
 Inventories 16,417,156 22,745,552
 Prepaid expenses and sundry 2,470,647 2,326,770
 92,981,743 83,952,606
 Plant and equipment, less depreciation 60,673,063 61,247,412
 Other assets, principally deferred
 tooling 1,177,036 3,818,700
 Investments in affiliated companies 2,944,159 1,774,504
 $157,776,001 $150,793,222
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Current installments on long-term debt $5,284,878 $3,455,489
 Accounts payable, accrued expenses
 and reserves 31,090,576 33,869,344
 Income taxes 1,848,389 809,458
 38,223,843 38,134,291
 Long-term debt, less current
 installments:
 Bank loans 25,625,000 45,250,000
 Lease purchase contracts 2,707,016 9,866,893
 28,332,016 55,116,893
 Other liabilities and deferred
 credits 9,209,439 9,180,985
 Shareholders' equity:
 Preferred stock
 No par value; authorized 500,000
 shares; none issued
 Common stock
 $2 par, shares:
 1992: 4,193,445 8,386,890 ---
 1991: 3,147,918 --- 6,295,836
 Other capital 27,373,863 5,300,866
 Retained earnings 46,249,950 36,764,351
 82,010,703 48,361,053
 $157,776,001 $150,793,222
 Shares outstanding for 1991 have been adjusted retroactively to reflect the 1992 3-for-2 stock split distributed April 2, 1992.
 DOUGLAS & LOMASON COMPANY
 STATEMENTS OF CONSOLIDATED EARNINGS
 Three Months Ended
 June 30
 1992 Pct. 1991 Pct.
 of Sales of Sales
 Net sales $98,991,866 100.0 $102,554,688 100.0
 Cost of sales 89,313,218 90.2 91,945,128 89.7
 Gross profit 9,678,648 9.8 10,609,560 10.3
 Selling, general and
 administrative expense 4,320,339 4.4 4,428,514 4.3
 Operating income 5,358,309 5.4 6,181,046 6.0
 Interest expense, net 748,554 0.8 1,165,541 1.1
 Earnings before provision
 for income taxes 4,609,755 4.6 5,015,505 4.9
 Income tax expenses 1,580,000 1.6 2,020,000 2.0
 Net earnings $3,029,755 3.0 $2,995,505 2.9
 Net earnings per share $.77 $.95
 Weighted average
 number of shares 3,924,804 3,147,918
 Six Months Ended
 June 30
 1992 Pct. 1991 Pct.
 of Sales of Sales
 Net sales $189,806,740 100.0 $177,636,230 100.0
 Cost of sales 172,987,228 91.1 165,061,312 92.9
 Gross profit 16,819,512 8.9 12,574,918 7.1
 Selling, general and
 administrative expense 8,806,850 4.6 8,306,658 4.7
 Operating income 8,012,662 4.3 4,268,260 2.4
 Interest expense, net 1,654,488 0.9 2,599,331 1.5
 Earnings before provision
 for income taxes 6,358,174 3.4 1,668,929 0.9
 Income tax expenses 2,285,000 1.2 690,000 0.4
 Net earnings $4,073,174 2.2 $978,929 0.5
 Net earnings per share $1.14 $.31
 Weighted average
 number of shares 3,563,494 3,147,918
 Per-share data and weighted average number of shares for 1991 have been adjusted retroactively to reflect the 1992 3-for-2 stock split distributed April 2, 1992.
 Earnings per share for the first quarter of $.33 and second quarter of $.77 does not equal the six months' earnings per share of $1.14.
 -0- 7/30/92
 /CONTACT: James J. Hoey of Douglas & Lomason Company, 313-442-4256/
 (DOUG) CO: Douglas & Lomason Company ST: Michigan IN: AUT SU: ERN


KR-JG -- DE020 -- 5258 07/30/92 16:11 EDT
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Date:Jul 30, 1992
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