Dura Automotive Systems, Inc. reported third quarter revenues of
$586.8 million and EPS of $0.35 per diluted share before the effects of
facility consolidation and other charges. This result compares to a
consensus estimate of $0.31 per diluted share.
Other highlights for the quarter include the reduction of net debt
by an additional $4.8 million bringing the year-to-date reduction to
more than $100 million and the continuation of a strategic plan designed
to focus on core businesses.
Dura's revenue of $586.8 million for the third quarter of 2002
was slightly ahead of the $568.9 million reported in the third quarter
of 2001 even after adjusting for the divestiture of four non-core
businesses since the prior year period.
Operating income before facility consolidation and other charges
for the quarter was $33.1 million as compared to $27.8 million in the
third quarter of 2001. Facility consolidation and other charges for the
quarter were $4.2 million. These charges consist of severance and asset
write-down costs related to exiting a product line in Europe and costs
related to consolidating two facilities in North America.
Net income before facility consolidation and other charges for the
quarter was $6.6 million, or $0.35 per diluted share, as compared to
$1.4 million, or $0.08 per diluted share, in the third quarter of 2001.
The third quarter and the first nine months of 2001 included
after-tax charges of $5.9 million and $17.9 million, respectively,
related to goodwill amortization expense. For the nine months ended
September 30, 2002, revenues decreased by $26.8 million to $1,870.3
million compared to 2001. This decrease in revenue was primarily a
result of the company's divestiture of non-core businesses, the
company said.
Operating income, excluding facility consolidation and other
charges, for the first nine months of 2002 increased $7.5 million to
$128.8 million compared to the same period of 2001 and net income,
excluding these one-time charges and extraordinary items, increased
$10.5 million to $35.7 million.
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