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LARIZZA INDUSTRIES, INC. REPORTS 1993 THIRD-QUARTER EARNINGS

 TROY, Mich., Oct. 15 /PRNewswire/ -- Larizza Industries, Inc. (AMEX: LII), an original equipment supplier to the automotive industry, today announced net income for the third quarter ended Sept. 30, 1993, of $1,561,000 ($0.11 per share) on sales of $31,144,000 compared to net income of $188,000 ($0.01 per share) on sales of $25,394,000 for the previous year's third quarter.
 For the first nine months of 1993, the company reported net income of $10,484,000 ($0.76 primary earnings per share) on sales of $110,149,000 compared to net income of $853,000 ($0.06) primary earnings per share) on sales of $78,331,000 for the comparable period of 1992.
 The net earnings for each quarter of 1993 and 1992 have been reduced by approximately $1 million reflecting interest expense on the company's $54 million U.S. Loan.
 The company previously announced an agreement in principle under which Andover Industries would be combined with Larizza Industries, Inc. and the company's banks would convert its U.S. Loan of approximately $54 million, including principal and accrued interest, into 41.5 percent of the common stock of the company.
 LARIZZA INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 (Amounts in thousands, except per-share amounts; unaudited)
 Three Months Ended
 Sept. 30,
 1993 1992
 Net sales $31,144 $25,394
 Cost of goods sold 25,377 21,370
 Gross profit 5,767 4,024
 Selling, general & administrative expenses 2,473 2,242
 Amortization of intangibles 15 18
 Operating income 3,279 1,764
 Other income (expense):
 Interest expense, net (1,509) (1,728)
 Other, net (209) 152
 (1,718) (1,576)
 Income before income tax provision 1,561 188
 Income tax provision --- ---
 Net income $1,561 $188
 Net income per common share $.11 $.01
 Weighted average number of shares
 of common stock outstanding 13,805 13,805
 Nine Months Ended
 Sept. 30,
 1993 1992
 Net sales $110,149 $78,331
 Cost of goods sold 86,257 65,583
 Gross profit 23,892 12,748
 Selling, general & administrative expenses 8,225 7,533
 Amortization of intangibles 49 54
 Operating income 15,618 5,161
 Other income (expense):
 Interest expense, net (4,740) (5,221)
 Other, net (394) 202
 (5,134) (5,019)
 Income before income tax provision
 and extraordinary gain 10,484 142
 Income tax provision --- ---
 Income before extraordinary gain 10,484 142
 Extraordinary gain on extinguishment of debt --- 711
 Net income $10,484 $853
 Income per common share:
 Primary:
 Income before extraordinary gain $.76 $.01
 Extraordinary gain --- .05
 Net income per common share .76 .06
 Fully diluted:
 Net income per common share $.62 ---
 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)
 Sept. 30, Dec. 31,
 1993 1992
 ASSETS:
 Cash $1,806 $489
 Receivables 20,499 19,015
 Inventories 7,574 6,219
 Net current assets of
 discontinued operations 1,773 2,046
 Other current assets 879 1,608
 Total current assets 32,531 29,377
 Net property, plant and equipment 26,440 28,125
 Goodwill and other intangibles 2,837 2,959
 Net noncurrent assets of
 discontinued operations 363 415
 Other assets 1,897 1,781
 Total $64,068 $62,657
 LIABILITIES AND SHAREHOLDERS' DEFICIT
 Current installments of long-term debt
 and capitalized lease obligation $206 $342
 Accounts payable and accrued expenses 22,072 21,067
 Accrual for loss on sale of
 discontinued operations 2,118 2,004
 Total current liabilities 24,396 23,413
 Long-term debt and capitalized
 lease obligation, excluding
 current installments 89,546 100,109
 Deferred gain on debt restructure 6,432 7,439
 Accrued interest 7,411 4,289
 Other noncurrent liabilities 2,018 2,589
 Shareholders' deficit:
 Common stock 17,202 17,202
 Additional paid-in capital 5,551 5,551
 Accumulated deficit (85,776) (96,260)
 Foreign currency translation adjustment (2,712) (1,675)
 Total shareholders' deficit (65,735) (75,182)
 Total $64,068 $62,657
 -0- 10/15/93
 /CONTACT: Terence C. Seikel, chief financial officer of Larizza Industries, 313-689-5800/
 (LII)


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

JG-MI -- DE004 -- 2615 10/15/93 09:29 EDT
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Date:Oct 15, 1993
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