DURA Automotive Reports Improved Fourth-Quarter and Full-Year Results

DURA Automotive Systems, Inc. reported revenues of $627.2 million for the fourth quarter ended December 31, 2003, up 9 percent compared to $576.5 million recorded in the prior-year period.

Including a loss of $2.9 million from discontinued operations and a pretax facility consolidation charge of $11.3 million, net loss for the quarter was $2.9 million, or $0.15 per diluted share, compared to a loss of $90.7 million, or $4.97 per diluted share, in the prior-year quarter. DURA's adjusted income from continuing operations for the quarter, which excludes facility consolidation charges and a loss on the early extinguishment of debt, totaled $9.8 million, or $0.52 per diluted share, compared to the company's previously announced guidance of $0.40 per diluted share.

"This was an extremely productive and rewarding first year," said Larry Denton, president and chief executive officer of DURA Automotive. "We have made significant progress in implementing our four point strategy. We have laid a solid foundation in 2003 to improve our organic growth and we have made strategic investments in new technologies and product offerings that will help us expand our business portfolio."

Revenue for the quarter as compared to the prior year was positively impacted by approximately $48.0 million due to the strengthening of foreign currencies versus the U.S. dollar and an additional $34.2 million for the effect of the Creation Group acquisition, which supplies the North American recreation and specialty vehicle markets. As anticipated, based on the company's previously disclosed forecast, revenue and operating income for the quarter were negatively affected by the run-out of the company's conventional window regulator business. Operating income totaled $24.2 million, a 23 percent decrease from $31.5 million in the fourth quarter of 2002.

The facility consolidation charge for the quarter relates to the continuation of the previously announced closure and consolidation of the Fulton, Ky., and Mt. Carroll, Ill., facilities. In addition, DURA is continuing to address its capacity utilization challenges in Europe and has recorded charges relating to actions taken at facilities in France and Spain.

"We will continue to aggressively execute our strategy to improve our asset utilization rates," Denton said. "This includes taking the necessary consolidation actions in order to enhance DURA's competitive position, grow sales and earnings, and improve shareholder value."

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