Printer Friendly

LARIZZA INDUSTRIES, INC. REPORTS 1993 SECOND-QUARTER EARNINGS

 TROY, Mich., July 13 /PRNewswire/ -- Larizza Industries, Inc. (AMEX: LII), an original equipment supplier to the automotive industry, today announced net income for the second quarter ended June 30, 1993, of $4,749,000 ($0.34 primary earnings per share) on sales of $39,390,000 compared to net income of $501,000 ($0.04 primary earnings per share) on sales of $28,669,000 for the previous year's second quarter.
 Sales for the second quarter increased 37 percent over the 1992 second quarter due to increased volume resulting primarily from various new interior trim programs launched over the last 12 months. These new programs were launched for the Original Equipment Manufacturers (OEMs) including Honda of America, Ford Motor Company and General Motors.
 Net income for the second quarter rose more than 845 percent from the 1992 second quarter due to the volume increases mentioned above as well as cost reductions and improved efficiencies at several of Larizza's manufacturing locations.
 For the first six months of 1993, the company reported net income of $8,923,000 ($0.65 primary earnings per share) on sales of $79,005,000 compared to net income of $665,000 ($0.05 primary earnings per share) on sales of $52,937,000 for th previous year's first six months.
 The company recently announced that it has signed a non-binding letter of intent with its banks under which the banks would convert approximately $54 million of principal and accrued interest into 41.5 percent of the common stock of Larizza Industries.
 he company also previously announced an agreement in principle under which Andover Industries would be combined with Larizza Industries, Inc. The consideration to be paid by Larizza for the combination would be 3 million shares of Larizza common stock.
 According to Ronald T. Larizza, chief executive officer of Larizza Industries, Inc., "The return of the company to strong operating and financial results, along with the acquisition of Andover's technologies and product lines, stands to enhance our future growth potential. I am excited about some of the new products we are developing and look forward to getting them into the marketplace."
 LARIZZA INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 (Amounts in thousands, except per-share amounts, unaudited)
 Three Months Ended
 June 30,
 1993 1992
 Net sales $39,390 $28,669
 Cost of goods sold 30,207 23,557
 Gross profit 9,183 5,112
 Selling, general and
 administrative expenses 2,921 2,720
 Amortization of intangibles 17 18
 Operating income 6,245 2,374
 Other income (expense):
 Interest expense, net (1,570) (1,785)
 Other, net 74 (88)
 (1,496) (1,873)
 Income before income tax provision 4,749 501
 Income tax provision --- ---
 Net income $4,749 $501
 Net income per common share:
 Primary $.34 $.04
 Fully diluted $.26 ---
 Weighted average number of shares
 of common stock outstanding:
 Primary 13,805 13,805
 Fully diluted 22,088 ---
 LARIZZA INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 (Amounts in thousands, except per-share amounts, unaudited)
 Six Months Ended
 June 30,
 1993 1992
 Net sales $79,005 $52,937
 Cost of goods sold 60,880 44,213
 Gross profit 18,125 8,724
 Selling, general and
 administrative expenses 5,752 5,291
 Amortization of intangibles 34 36
 Operating income 12,339 3,397
 Other income (expense):
 Interest expense, net (3,231) (3,493)
 Other, net (185) 50
 (3,416) (3,443)
 Income (loss) before income tax
 provision and extraordinary gain 8,923 (46)
 Income tax provision --- ---
 Income (loss) before
 extraordinary gain 8,923 (46)
 Extraordinary gain on
 extinguishment of debt --- 711
 Net income $8,923 $665
 Income per common share:
 Primary
 Income before extraordinary gain $.65 ---
 Extraordinary gain --- .05
 Net income per common share $.65 $.05
 Fully diluted:
 Income before extraordinary gain $.50 ---
 Extraordinary gain --- ---
 Net income per common share $.50 ---
 Weighted average number of shares
 of common stock outstanding:
 Primary 13,805 13,805
 Fully diluted 22,088 ---
 LARIZZA INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED BALANCE SHEETS
 (Amounts in thousands, unaudited)
 June 30, Dec. 31,
 1993 1992
 ASSETS:
 Cash $3,812 $489
 Receivables 22,681 19,015
 Inventories 6,932 6,219
 Net current assets of
 discontinued operations 1,920 2,046
 Other current assets 814 1,608
 Total current assets 36,159 29,377
 Net property, plant and equipment 26,606 28,125
 Goodwill and other intangibles 2,914 2,959
 Net noncurrent assets of
 discontinued operations 370 415
 Other assets 1,858 1,781
 $67,907 $62,657
 LIABILITIES AND SHAREHOLDERS' DEFICIT:
 Current installments of
 long-term debt and capitalized
 lease obligation $209 $342
 Accounts payable and
 accrued expenses 23,805 21,067
 Accrual for loss on sale of
 discontinued operations 2,143 2,004
 Total current liabilities 26,157 23,413
 Long-term debt and capitalized
 lease obligation, excluding
 current installments 92,971 100,109
 Deferred gain on debt restructure 6,768 7,439
 Accrued interest 6,360 4,289
 Other noncurrent liabilities 2,061 2,589
 Shareholders' deficit:
 Common stock 17,202 17,202
 Additional paid-in capital 5,551 5,551
 Accumulated deficit (87,337) (96,260)
 Foreign currency
 translation adjustment (1,826) (1,675)
 Total shareholders' deficit (66,410) (75,182)
 $67,907 $62,657
 -0- 7/13/93
 /CONTACT: Terence C. Seikel, chief financial officer, Larizza Industries, Inc., 313-689-5800/
 (LII)


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

JG-MS -- DE018 -- 1040 07/13/93 16:35 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 13, 1993
Words:897
Previous Article:SIGNET BANKING CORP. REPORTS 51 PERCENT INCREASE IN SECOND QUARTER EARNINGS
Next Article:APL CORPORATION TO CONVERT INVOLUNTARY BANKRUPTCY PETITION TO CHAPTER 11 CASE
Topics:


Related Articles
LARIZZA INDUSTRIES, INC. REPORTS THIRD-QUARTER RESULTS
LARIZZA INDUSTRIES, INC. REPORTS YEAR-END RESULTS
LARIZZA INDUSTRIES, INC. REPORTS SECOND-QUARTER EARNINGS
LARIZZA INDUSTRIES, INC. REPORTS THIRD-QUARTER EARNINGS
LARIZZA INDUSTRIES REPORTS 1992 FOURTH-QUARTER AND YEAR-END EARNINGS
LARIZZA INDUSTRIES, INC. ANNOUNCES BANK NEGOTIATIONS
LARIZZA INDUSTRIES, INC. REPORTS 1993 FIRST-QUARTER EARNINGS; RECEIVES GENERAL MOTORS Q.S.P. AWARD
LARIZZA INDUSTRIES, INC. REPORTS 1993 FOURTH QUARTER AND YEAR-END EARNINGS
LARIZZA INDUSTRIES, INC. REPORTS 1995 SECOND QUARTER EARNINGS
LARIZZA INDUSTRIES, INC. REPORTS SALES AND EARNINGS FOR THE THIRD QUARTER OF 1995

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