Including a loss of $0.7 million from discontinued operations and a pretax facility consolidation charge of $1.4 million, net income for the quarter was $9.2 million, or $0.48 per diluted share, compared to $9.2 million, or $0.50 per diluted share, in the prior-year quarter. DURA's adjusted income from continuing operations for the quarter, which excludes facility consolidation charges, totaled $10.9 million, or $0.57 per diluted share, higher than the analysts' mean estimate as reported on First Call of $0.56 per diluted share.
"We are pleased with the first-quarter results," said Larry Denton, president and chief executive officer of DURA Automotive. "We are exceeding our objectives in manufacturing efficiencies, quality, new business awards and rationalizations. We continue to be optimistic about the growth opportunities before us."
Revenue for the quarter as compared to the prior year increased by $41.9 million due to the strengthening of foreign currencies versus the U.S. dollar and an additional $33.9 million for the effect of the Creation Group acquisition, which supplies the North American recreation and specialty vehicle markets.
The facility consolidation charge for the quarter relates to the continuation of the previously announced closure and consolidation of the Fulton, Ky., facility and recently announced closure of the Brookfield, Mo., and Pikeville, Tenn., facilities. In addition, DURA is continuing to address its capacity utilization challenges in Europe and has recorded charges relating to actions taken at two facilities in France.
DURA Automotive Reports First Quarter 2004 Results
April 22, 2004--DURA Automotive Systems, Inc. reported revenues of $634.6 million for the first quarter ended March 31, 2004 compared to $592.8 million recorded in the prior-year period.