DURAKON ANNOUNCES THIRD QUARTER 1992 OPERATING RESULTS
DURAKON ANNOUNCES THIRD QUARTER 1992 OPERATING RESULTS LAPEER, Mich., Nov. 9 /PRNewswire/ -- Durakon Industries, Inc.
(NASDAQ-NMS: DRKN) today released its sales and earnings results for the third quarter and nine months ended Sept. 30, 1992.
Net income for the third quarter 1992 was $2,774,000 or $0.45 per share compared to $1,452,000 or $0.24 per share for the third quarter 1991. For the nine month period ended Sept. 30, 1992, net income improved to $6,778,000 or $1.10 per share versus a net loss of ($564,000) or ($0.09) per share for the same period last year. Net sales increased 28 percent to $23,042,000 for the third quarter 1992 versus $17,959,000 for the same period in 1991. For the nine months ended Sept. 30, 1992, net sales increased 26 percent to $65,235,000 compared to $51,686,000 for the nine months ended Sept. 30, 1991. Sales increases were realized in both the Durakon pickup accessories and Jerr-Dan vehicle transportation business segments for the third quarter and nine months ended Sept. 30, 1992. Bedliner volume gains continue to be realized in most distribution channels with the OEM and Master Distributor channels showing the largest increases. Average bedliner selling prices decreased slightly from year ago levels due mainly to mix changes in distribution channels. Sales and profits for the third quarter and year-to-date 1992 included the results of the company's East Coast distribution network whose operations were assumed on Feb. 5, 1992. Volume increases were also realized in the Jerr-Dan rollback car carrier and tow truck product lines. Average selling prices at Jerr-Dan showed a slight decrease as compared to last year primarily due to product mix. Manufacturing costs per unit continued to be lower in both business segments in the third quarter as compared to the same period last year. Selling and administrative costs were higher in the third quarter 1992 versus the same quarter of 1991 mainly due to the addition of the company's East Coast distribution network. As a percentage of sales, however, these expenses were significantly lower for the nine months ended Sept. 30, 1992 compared to the same 1991 period. William Webster, president and CEO, stated that "excluding the second quarter of 1990, which included a significant gain related to the sale of a subsidiary, this quarter's earnings were the best in the company's history. In addition, long-term debt has been reduced 27 percent from year ago levels and we ended the third quarter with over eleven million dollars of available cash. Pickup truck sales, a significant market driver, are forecasted to remain strong." Wesbter also noted, "the appointment of Wayne Blizmn as vice president of Corporate Planning and Business Development and Douglas Henry as vice president of Operations further strengthens our management resources." Durakon is the world's leading producer and distributor of pickup truck bedliners and rollback car carriers. Headquartered in Lapeer, it has manufacturing facilities in Lapeer and Greencastle, Pennsylvania. A publicly traded company, it is listed on the NASDAQ National Market System. DURAKON INDUSTRIES, INC. (In thousands, except per share amounts, unaudited) Periods ended Three months Pct. Nine months Pct. Sept. 30 1992 1991 Change 1992 1991 Change Net sales $23,043 $17,959 28 $65,235 $51,686 26 Operating income 4,427 2,758 61 11,099 118(A) -- Other expense 97 115 16 48 115 58 Net income 2,774 1,452 91 6,778 ( 564) -- Net income per share $ 0.45 $ 0.24 88 $ 1.10 $( 0.09) -- Fully diluted net income per share (B) $ 0.43 $ 0.24 79 $ 1.06 $( 0.09) -- Weighted average common shares 6,165 6,172 6,165 6,174 (A) Includes one-time adjustments related to settlement of an employee contract and other reorganization costs recorded in the first quarter. (B) Shares used in fully diluted net income per share calculation were 6,395,000. There was no dilutive effect on 1991 earnings. -0- 11/9/92 /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
AH -- NY050 -- 8659 11/09/92 11:24 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 9, 1992|
|Previous Article:||BALDWIN'S FIRST QUARTER EARNINGS IMPROVE|
|Next Article:||DAMON CORPORATION ANNOUNCES THIRD QUARTER RESULTS|