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DURAKON ANNOUNCES FOURTH QUARTER AND YEAR-END 1992 OPERATING RESULTS

 LAPEER, Mich., March 1 /PRNewswire/ -- Durakon Industries, Inc. (NASDAQ-NMS: DRKN) today announced higher sales and record earnings for the year ended Dec. 31, 1992, and improved results for the fourth quarter of 1992.
 Net Income for the year ended Dec. 31, 1992 was a record $7,632,000 or $1.23 per share compared to a loss of ($3,060,000) or ($.50) per share in 1991. Net Income for the fourth quarter 1992 was $854,000 or $.13 per share compared to a loss of ($2,496,000) or ($.41) per share in the fourth quarter of 1991. Earnings for the fourth quarter of 1992 were impacted unfavorably by accruals of $1,250,000 or ($.16) per share for potential litigation claims and prior years tax issues. Net Income for the fourth quarter of 1991 included unfavorable adjustments of $3,043,000 or ($.50) per share reflecting primarily the write-off of a large customer receivable and an investment write-down.
 For the year ended Dec. 31, 1992, net sales were $86,961,000 compared to $68,427,000 in 1991, a 27 percent gain. Sales for the fourth quarter 1992 increased 30 percent to $21,726,000 compared to $16,741,000 for the same period in 1991.
 Sales remained strong in the fourth quarter 1992 in both business segments. Unit sales of pickup truck bedliners increased 15 percent compared to the last quarter of 1991. For the year 1992, unit volume increased 36 percent over the prior year. Average bedliner selling prices were lower for the quarter and the year compared to the same 1991 periods primarily due to higher volume through the OEM channel. At Jerr-Dan, unit sales of car carriers and wheel lifts continued to improve with an increase of over 50 percent in the fourth quarter 1992 compared to the last quarter of 1991. Sales of wheel lift products were particularly strong in the last quarter of 1992. For the year 1992, unit volume was 28 percent greater than for 1991.
 Gross margin for 1992 was 35 percent, a significant improvement from the 28 percent recorded in 1991. In the fourth quarter 1992, gross margin was 34 percent compared to 30 percent for the last quarter of 1991. Reduced selling prices in the OEM channel adversely effected gross margins in the fourth quarter 1992. Increased volume, improved manufacturing methods and cost controls at both operating companies contributed favorably to the margin improvements. Margins at the company's American Dealer Accessories distribution operations also showed moderate improvement.
 Selling and administrative expenses were higher in the fourth quarter 1992 than in the same quarter last year after excluding the accruals and adjustments recorded in each quarter, but were a lower percentage of sales. The increase is attributable to the East Coast distribution locations acquired in February 1992.
 Durakon President and CEO, William Webster, commented that, "1992 was a very fulfilling year. Our primary goal was to return the company to profitability. To achieve record results for our shareholders in the process is a reflection of the significant efforts of all our employees. The economic indicators for our core markets are sending optimistic signals for 1993. In addition, our strong Balance Sheet will allow us to move forward with several alternatives to expand our operations."
 Durakon is the world's leading producer and distributor of pickup truck bedliners and rollback car carriers, a major manufacturer of wheel lift towing vehicles and a leading distributor of light truck accessories. Headquartered in Lapeer, it has manufacturing facilities in Lapeer and Greencastle, Pa. A publicly traded company, it is listed on the NASDAQ National Market System.
 DURAKON INDUSTRIES, INC.
 (In Thousands, Except Per Share Amounts)
 Periods ended Three months 12 months
 Dec. 31, 1992(A) 1991(A) 1992 1991(B)
 Net sales $21,726 $16,741 $86,961 $68,427
 Operating inc./(loss) 2,359 (2,313) 13,458 (2,195)
 Other income/
 (expense) 112 (691) 65 (806)
 Net inc./(loss) 854 (2,496) 7,632 (3,060)
 Net inc./(loss) per
 share $ 0.13 $( 0.41) $ 1.23 $(0.50)
 Fully diluted net
 income per
 share (C) $ 0.13 $( 0.41) $ 1.21 $(0.50)
 Wtd. avg. common
 shares 6,314 6,172 6,203 6,172
 (A) The 1992 fourth quarter includes accruals of $1,250,000 for potential litigation claims and prior years tax issues. The 1991 fourth quarter includes onetime charges of $4,147,000 related to the write-off of trade and notes receivable, an investment write-down and other reserves.
 (B) 1991 also includes onetime charges of $860,000 recorded in the first quarter related to the settlement of an employee contract.
 (C) Shares used in fully diluted net income per share calculation were 6,408 and 6,297 for the quarter and year-to-date 1992, respectively. There was no dilutive effect on 1991 earnings.
 -0- 3/1/93
 /CONTACT: Thomas A. Galas, chief financial officer of Durakon Industries, Inc., 313-664-0850/
 (DRKN)


CO: Durakon Industries, Inc. ST: Michigan IN: AUT SU: ERN

SH -- NY053 -- 1382 03/01/93 11:43 EST
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Date:Mar 1, 1993
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