Printer Friendly

DURAKON RELEASES FOURTH QUARTER AND YEAR-END 1991 OPERATING RESULTS

DURAKON RELEASES FOURTH QUARTER AND YEAR-END 1991 OPERATING RESULTS
    LAPEER, Mich., March 3 /PRNewswire/ -- Durakon Industries, Inc. (NASDAQ-NMS: DRKN) today released its sales and earnings results for the fourth quarter and the year ending Dec. 31, 1991.
    The net loss for the fourth quarter of 1991 was ($2,495,000) or ($.41) per share compared to ($1,107,000) or ($.18) per share in the fourth quarter of 1990.  Earnings for the year ended Dec. 31, 1991 was a loss of ($3,060,000) or ($.50) per share compared to 1990 earnings of $3,707,000 or $.60 per share.  Excluding unfavorable onetime adjustments of $4,147,000 recorded in the fourth quarter 1991, earnings for the fourth quarter would have been $.09 per share compared to the ($.18) per share loss in the 1990 fourth quarter.  Earnings for the year 1991 would have been a ($.01) loss per share compared to 1990 total year earnings of $.60 per share.
    Sales for the fourth quarter 1991 were $16,741,000 compared to $17,241,000 for the same period last year.  For the year ended Dec. 31, 1991, net sales were $68,427,000 compared to $112,402,000 for the year 1990.
    Sales and earnings for 1990 include results of company-owned distribution centers and the DFM Corporation, manufacturer of bug and gravel deflector shields, which were sold in 1990.  The year 1990 also includes other income of $1,955,000 associated with the sale of DFM Corporation.  The 1991 earnings reflect onetime charges including the write-off of receivables ($2,881,000) due from the company's East Coast distributor and a write-down of the carrying value of DFM warrants ($900,000).  In the first quarter of 1991, the company recorded accruals for the termination of an employment agreement and reorganization costs. Operating results for the fourth quarter, excluding the onetime charges, continued the favorable trend established in the second and third quarters of the year.  Unit selling prices in both the Durakon pickup truckbed liner and Jerr-Dan car carrier and wheel lift vehicle business segments were down from the same period last year, but unit volume of bedliners showed a gain.  Manufacturing costs and selling and administrative costs continued to be favorable compared to the prior year.
    William Webster, president and CEO, stated that "The targets set ten months ago to reduce debt, establish a positive earnings performance and put in place strategies to rebuild volume in both the Durakon and Jerr- Dan business segments have been accomplished.  We now have a strong Balance Sheet and new management in place to profitably expand both business segments.  In the fourth quarter we charged off amounts owed to the company by its East Coast distributor, and on Feb. 5, 1992 assumed the operation of that distribution network and direct access to the Eastern U.S. market".
    Durakon is a leading manufacturer of pickup truckbed liners and roll-back car carriers and distributor of light truck accessories. Headquartered in Lapeer, it also has manufacturing facilities in Clare, Mich. and Greencastle, Pa., and distribution facilities in the Eastern United States, Texas and California.
                         DURAKON INDUSTRIES, INC.
                 (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                                       Fav/
                                                       (Unfav)   Percent
                                                       Variance  Change
    Three months ended Dec. 31:    1991        1990
    Net sales                   $ 16,741    $ 17,241   ($501)     (2.9)
    Operating income              (2,313)(A)  (1,619)  ( 644)    (39.8)
    Other income/(expense)          (691)(B)       0    (691)       --
    Net income/(loss)             (2,495)     (1,107) (1,388)   (125.4)
    Net income/(loss) per share    ($.41)      ($.18)  ($.23)   (127.8)
                                                       Fav/
                                                       (Unfav)   Percent
                                                       Variance  Change
    Year ended Dec. 31:            1991        1990
    Net sales                   $ 68,427    $112,402  ($43,975)  (39.1)
    Operating income              (2,195)(A)   4,340    (6,535) (150.6)
    Other income/(expense)          (806)(B)   1,955(C) (2,761) (141.2)
    Net income/(loss)             (3,060)      3,707    (6,767) (182.5)
    Net income/(loss) per share    ($.50)       $.60    ($1.10) (183.3)
    Weighted average number of
     common shares outstanding     6,172       6,175
    (A) Includes one time charges of $3,247,000 in the fourth quarter 1991.
    (B) Includes warrant write-down of $900,000 in the fourth quarter 1991.
    (C) Gain on the sale of DFM in June, 1990.
    Results for 1990 include DFM sales and operating income as follows:
    Three months ended Dec. 31:
    Net sales                        $ 0         $ 0        --      --
    Income before interest, other
      income/(expense) and income
      taxes                            0           0         --      --
    Year ended Dec. 31:
    Net sales                        $ 0    $ 13,455         --      --
    Income before interest, other
      income/(expense) and income
      taxes                          $ 0     $ 1,134         --      --
    -0-          3/3/92
    /CONTACT:  Tom Galas of Durakon Industries, 313-664-0850, ext. 226/
    (DRKN) CO:  Durakon Industries Inc. ST:  Michigan IN:  AUT SU:  ERN SH -- NY031 -- 4421 03/03/92 10:39 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 3, 1992
Words:784
Previous Article:GULF SETS FEBRUARY DIVIDEND RATE FOR SERIES 1 PREFERENCE SHARES
Next Article:COMPUTER PRODUCTS, INC. EXPANDS FAMILY OF HIGH DENSITY POWER CONVERTERS; 40 AMP SERIES OFFERS INCREASED POWER RANGES AT LOWER OUTPUT VOLTAGES
Topics:


Related Articles
DURAKON RELEASES THIRD QUARTER OPERATING RESULTS
DURAKON ANNOUNCES THIRD QUARTER 1992 OPERATING RESULTS
DURAKON INDUSTRIES REPORTS PRELIMINARY RESULTS
DURAKON ANNOUNCES FOURTH QUARTER AND YEAR-END 1992 OPERATING RESULTS
DURAKON ANNOUNCES SECOND QUARTER 1993 OPERATING RESULTS
DURAKON ANNOUNCES FOURTH QUARTER AND YEAR-END 1993 OPERATING RESULTS
DURAKON ANNOUNCES FOURTH QUARTER AND YEAR-END 1994 OPERATING RESULTS
Durakon Reports Third Quarter 1996 Results
Durakon Reports Fourth Quarter and Full-Year 1996 Results
Durakon Reports First Quarter 1997 Results

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters