ROCHESTER HILLS, MI — Dura Automotive Systems has reported revenues of $582.8 million for the fourth quarter, which ended on Dec. 31, 2004. These figures compare to $627.2 million in the prior-year quarter. Including a pretax facility consolidation charge of $3.7 million, net income for the quarter was $1.9 million, or 10 cents per diluted share, compared to a net loss of $2.9 million, or 15 cents per diluted share, in 2003. Dura’s adjusted income from continuing operations for the quarter, which excludes facility consolidation charges, totaled $4.8 million, or 26 cents per diluted share, compared to $9.8 million, or 52 cents per diluted share, in the prior-year quarter. Net debt reduction for the quarter was $5.1 million.
“Industry conditions continued to be challenging in the fourth quarter due to raw material pricing and global automotive production levels,” said Larry Denton, president and CEO of Dura Automotive. “On a positive note, the RV industry had a record year in 2004 and from a longer-term perspective we have made significant progress in accelerating our organic growth.”
For the year ending Dec. 31, 2004, revenue totaled $2.5 billion versus $2.4 billion in 2003. Net income for the year was $11.7 million, or 62 cents per diluted share, compared to $22.3 million, or $1.20 per diluted share, in 2003. Adjusted income from continuing operations for the year, which excludes facility consolidation charges, totaled $29.4 million, or $1.56 per diluted share, compared to $33.6 million, or $1.81 per diluted share, in the prior year. Net debt reduction for the year was $10.3 million.
For more information about Dura, go to: www.duraauto.com.
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