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DOUGLAS & LOMASON REPORTS THIRD-QUARTER RESULTS

 DOUGLAS & LOMASON REPORTS THIRD-QUARTER RESULTS
 FARMINGTON HILLS, Mich., Oct. 26 /PRNewswire/ -- Douglas & Lomason


Company (NASDAQ-NMS: DOUG), a major automotive parts manufacturer headquartered in Farmington Hills, reported third-quarter 1992 sales decreased approximately 2 percent over the sales level of the third quarter of 1991.
 The nine-month 1992 sales improved approximately 4 percent and net earnings improved 73 percent compared to the same period in 1991, which was negatively impacted by the events in the Persian Gulf. Nine-month 1992 sales of $280.6 million compare to $270.1 million for the same period of 1991. Nine-month 1992 earnings of $5.7 million or $1.52 per share compare to net earnings of $3.3 million or $1.05 per share in 1991.
 The net earnings improvement in the first nine months is directly related to the increased sales level, improved operating margins, reduced interest expense and certain tax credits. Interest expense in 1992 was reduced as a result of 16 percent lower inventories and 43 percent lower debt. The effect of the public offering of 932,294 additional shares of common stock in April of 1992 clearly strengthened the balance sheet and positioned the company for significant future growth. The total debt of $32.3 million at Sept. 30, 1992, is the lowest in five years and provides a debt/equity ratio of .4 to 1. The current ratio is 2.5 to 1.
 Sales of $90.8 million for the three months ended Sept. 30, 1992, compare to $92.5 million for the same period of 1991. Net earnings of $1.7 million or $.40 per share for the third quarter of 1992 compare to $2.3 million or $.74 per share for the same period of 1991. Per-share data and outstanding shares 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
 Sept. 30
 1992 Pct. 1991 Pct.
 of Sales of Sales
 Net sales $90,825,666 100.0 $92,487,944 100.0
 Cost of sales 83,873,623 92.4 84,249,010 91.1
 Gross profit 6,952,043 7.6 8,238,934 8.9
 Selling, general and
 administrative expense 4,052,704 4.4 3,574,098 3.9
 Operating income 2,899,339 3.2 4,664,836 5.0
 Other income (expenses):
 Interest expense (748,784) (0.8) (1,308,244) (1.4)
 Interest income and other 404,618 0.4 97,363 0.1
 (344,166) (0.4) (1,210,881) (1.3)
 Earnings before
 income taxes 2,555,173 2.8 3,453,955 3.7
 Income tax expenses 895,000 1.0 1,110,000 1.2
 Net earnings $1,660,173 1.8 $2,343,955 2.5
 Net earnings per share $.40 $.74
 Weighted average
 number of shares 4,193,445 3,147,918
 Nine Months Ended
 Sept. 30
 1992 Pct. 1991 Pct.
 of Sales of Sales
 Net sales $280,632,406 100.0 $270,124,174 100.0
 Cost of sales 256,771,020 91.5 249,310,322 92.3
 Gross profit 23,861,386 8.5 20,813,852 7.7
 Selling, general and
 administrative expense 12,859,554 4.6 11,880,756 4.4
 Operating income 11,001,832 3.9 8,933,096 3.3
 Other income (expenses):
 Interest expense (2,773,510) (1.0) (4,227,573) (1.6)
 Interest income and other 685,024 0.3 417,361 0.2
 (2,088,486) (0.7) (3,810,212) (1.4)
 Earnings before
 income taxes 8,913,346 3.2 5,122,884 1.9
 Income tax expenses 3,180,000 1.1 1,800,000 0.7
 Net earnings $5,733,346 2.1 $3,322,884 1.2
 Net earnings per share $1.52 $1.05
 Weighted average
 number of shares 3,775,010 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, the second quarter of $.77, and the third quarter of $.40 does not equal the nine months' earnings per share of $1.52.
 -0- 10/26/92
 /CONTACT: James J. Hoey, senior vice president and CFO, Douglas & Lomason Company, 313-442-4256/
 (DOUG) CO: Douglas & Lomason Company ST: Michigan IN: AUT SU: ERN


SB-JG -- DE015 -- 4687 10/26/92 10:45 EST
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Date:Oct 26, 1992
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