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LARIZZA INDUSTRIES REPORTS 1992 FOURTH-QUARTER AND YEAR-END EARNINGS

 TROY, Mich., Feb. 11 /PRNewswire/ -- Larizza Industries, Inc. (AMEX: LII), an original equipment supplier to the automotive industry, today announced net income for the fourth quarter ended Dec. 31, 1992, of $1,339,000 ($0.10 per share) on sales of $32,976,000 compared to a net loss of $7,005,000 ($0.51 per share) on sales of $25,060,000 for the previous year's fourth quarter.
 For the full year of 1992, the company reported net income of $2,192,000 ($0.16 per share) on sales of $111,307,000 compared to a net loss of $16,815,000 ($1.22 per share) on sales of $85,951,000 for 1991.
 The net earnings for 1992 have been reduced by $4,186,000, 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's banks have the option to convert the U.S. loan along with accrued interest into a minority position in the company.
 Sales for 1992 increased 30 percent from 1991 sales, resulting primarily from the launching of new programs. During the fourth quarter of 1991, the company launched its first program with Honda to manufacture door panels for the Honda Civic, built in Alliston, Ontario. During the first quarter of 1992, the company launched a program to manufacture all the interior door panels for Chrysler's Jeep Grand Cherokee. During the third quarter of 1992, the company launched its second program with Honda to produce interior door panels for the Honda Civic manufactured in Marysville, Ohio, and programs to produce interior trim for the new Ford Villager and Nissan Quest minivans as well as interior trim for the Lincoln Mark VIII.
 Ronald T. Larizza, president and chief executive officer of Larizza Industries, Inc., pointed out that these programs successfully launched within the past year should result in new sales in excess of $50 million annually.
 Additionally, Mr. Larizza said, "Our 1992 results clearly indicate the dramatic turnaround which the company has accomplished. I would like to thank all of our employees for their dedication and our customers for their support in accomplishing this turnaround. We are looking forward to even higher sales and earnings in 1993."
 LARIZZA INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 (Amounts in thousands, except per-share amounts)
 Three Months Ended
 Dec. 31,
 1992 1991
 Net sales $32,976 $25,060
 Cost of goods sold 26,453 21,324
 Gross profit 6,523 3,736
 Selling, general and
 administrative expenses 3,331 2,286
 Nonrecurring operating expenses --- 3,538
 Amortization of intangibles 17 30
 Operating income (loss) 3,175 (2,118)
 Other income (expense):
 Interest expense, net (1,742) (2,240)
 Other, net (94) (1,062)
 (1,836) (3,302)
 Income (loss) before income
 tax provision 1,339 (5,420)
 Income tax provision --- 1,585
 Net income (loss) $1,339 ($7,005)
 Net income (loss) per
 common share $.10 ($.51)
 Weighted average no. of shares
 of common stock outstanding 13,805 13,805
 12 Months Ended
 Dec. 31,
 1992 1991
 Net sales $111,307 $85,951
 Cost of goods sold 92,036 73,955
 Gross profit 19,271 11,996
 Selling, general and
 administrative expenses 10,864 8,141
 Nonrecurring operating expenses --- 4,033
 Amortization of intangibles 71 120
 Operating income (loss) 8,336 (298)
 Other income (expense):
 Interest expense, net (6,963) (9,779)
 Other, net 108 (1,244)
 (6,855) (11,023)
 Income (loss) from continuing
 operations before income tax
 provision and extraordinary
 gain 1,481 (11,321)
 Income tax provision --- 1,594
 Income (loss) from continuing
 operations before
 extraordinary gain 1,481 (12,915)
 Discontinued operations:
 Loss on disposal of discontinued
 operations --- (3,900)
 Income (loss) before
 extraordinary gain 1,481 (16,815)
 Extraordinary gain on
 extinguishment of debt 711 ---
 Net income (loss) $2,192 ($16,815)
 Income (loss) per common share:
 Income (loss) from continuing
 operations before
 extraordinary gain $.11 ($.94)
 Loss from discontinued operations
 before extraordinary gain --- (.28)
 Extraordinary gain .05 ---
 Net income (loss) per common
 share $.16 ($1.22)
 Weighted average no. of shares
 of common stock outstanding 13,805 13,805
 LARIZZA INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATED CONDENSED BALANCE SHEETS
 (Dollars in thousands)
 Dec. 31, Dec. 31,
 1992 1991
 Assets:
 Cash $489 $4,099
 Receivables 19,015 10,789
 Inventories 6,219 6,660
 Net current assets of
 discontinued operations 2,029 1,953
 Other current assets 1,607 1,903
 Total current assets 29,359 25,404
 Net property, plant and
 equipment 28,125 29,472
 Goodwill and other intangibles 2,959 3,100
 Net noncurrent assets of
 discontinued operations 430 419
 Other assets 1,782 1,755
 $62,655 $60,150
 Liabilities and Shareholders' Deficit:
 Current installments of long-
 term debt $342 $201
 Accounts payable and accrued
 expenses 21,067 21,154
 Accrual for loss on sale of
 discontinued operations 2,002 2,126
 Total current liabilities 23,411 23,481
 Long-term debt, excluding
 current installments 100,109 99,205
 Deferred gain on debt
 restructure 7,439 8,821
 Accrued interest 4,289 103
 Other noncurrent liabilities 2,589 3,156
 Shareholders' deficit:
 Common stock 17,202 17,202
 Additional paid-in capital 5,551 5,551
 Accumulated deficit (96,260) (98,452)
 Foreign currency translation
 adjustment (1,675) 1,083
 Total shareholders' deficit (75,182) (74,616)
 $62,655 $60,150
 -0- 2/11/93
 /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-ML -- DE026 -- 5762 02/11/93 13:59 EST
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Date:Feb 11, 1993
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