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LARIZZA INDUSTRIES, INC. REPORTS 1993 FIRST-QUARTER EARNINGS; RECEIVES GENERAL MOTORS Q.S.P. AWARD

 TROY, Mich., April 13 /PRNewswire/ -- Larizza Industries, Inc. (AMEX: LII), an original equipment supplier to the automotive industry, today announced net income for the first quarter ended March 31, 1993, of $4,174,000 ($0.30 primary earnings per share) on sales of $39,615,000, compared to net income of $164,000 ($0.01 primary earnings per share) on sales of $24,268,000 for the previous year's first quarter. The company's operating profit for the current quarter was $6,094,000 compared to $1,023,000 in the prior year's first quarter.
 The net earnings for each first quarter have been reduced by approximately $1 million, reflecting interest expense on the company's $47.0 million U.S. loan. This loan and the accrued interest thereon are not payable until 1998. The company and its banks are currently negotiating to convert the U.S. loan along with accrued interest into common shares in the company.
 Sales for the current first quarter increased 63 percent from the 1992 first quarter, resulting primarily from increased volumes related to the company's primary products as well as the launching of new programs to supply door panels for the Honda Civic manufactured in Marysville, Ohio, and air outlets and trim plates for the Mercury Villager.
 Separately, the company announced that its subsidiary Manchester Plastics, Ltd. received General Motors' 1992 "Worldwide Supplier of the Year" award. According to Ronald T. Larizza, president and chief executive officer of Larizza Industries, Inc., "This prestigious award recognizes the company for excellence in quality, service and price, the three key competitive success factors used in GM's sourcing strategy and reflects the company's commitment to be a 'world class' supplier to its customers."
 LARIZZA INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 (Amounts in thousands, except per-share amounts; unaudited)
 Three Months Ended
 March 31,
 1993 1992
 Net sales $39,615 $24,268
 Cost of goods sold 30,673 20,656
 Gross profit 8,942 3,612
 Selling, general &
 administrative expenses 2,831 2,571
 Amortization of intangibles 17 18
 Operating income 6,094 1,023
 Other income (expense):
 Interest expense, net (1,661) (1,708)
 Other, net (259) 138
 (1,920) (1,570)
 Income (loss) before income tax
 provision and extraordinary gain 4,174 (547)
 Income tax provision --- ---
 Income (loss) before extraordinary gain 4,174 (547)
 Extraordinary gain on
 extinguishment of debt --- 711
 Net income $4,174 $164
 Primary earnings per common share:
 Income (loss) before extraordinary gain $.30 ($.04)
 Extraordinary gain --- .05
 Net primary earnings per common share $.30 $.01
 Weighted average number of primary shares
 of common stock outstanding 13,805 13,805
 LARIZZA INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED BALANCE SHEETS
 (Amounts in thousands; unaudited)
 March 31, Dec. 31,
 1993 1992
 Assets:
 Cash $1,238 $489
 Receivables 22,862 19,015
 Inventories 7,139 6,219
 Net current assets of discontinued
 operations 2,179 2,046
 Other current assets 781 1,608
 Total current assets 34,199 29,377
 Net property, plant and equipment 27,504 28,125
 Goodwill and other intangibles 2,959 2,959
 Net noncurrent assets of discontinued
 operations 392 415
 Other assets 1,819 1,781
 $66,873 $62,657
 Liabilities and Shareholders' Deficit:
 Current installments of long-term
 debt and capitalized lease obligation $1,207 $342
 Accounts payable and accrued expenses 24,540 21,067
 Accrual for loss on sale of
 discontinued operations 2,117 2,004
 Total current liabilities 27,864 23,413
 Long-term debt and capitalized lease
 obligation, excluding current
 installments 94,741 100,109
 Deferred gain on debt restructure 7,103 7,439
 Accrued interest 5,318 4,289
 Other noncurrent liabilities 2,462 2,589
 Shareholders' deficit:
 Common stock 17,202 17,202
 Additional paid-in capital 5,551 5,551
 Accumulated deficit (92,086) (96,260)
 Foreign currency translation adjustment (1,282) (1,675)
 (70,615) (75,182)
 $66,873 $62,657
 -0- 4/13/93
 /CONTACT: Terence C. Seikel, chief financial officer, Larizza Industries, Inc., 313-689-5800/
 (LII)


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

DH-JG -- DE009 -- 5153 04/13/93 10:43 EDT
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Date:Apr 13, 1993
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