Harvard Industries, Inc. Reports Second Quarter Results
LEBANON, N.J., May 15 /PRNewswire/ -- Harvard Industries, Inc., (Debtor-In-Possession "DIP"), a major producer of OEM automotive parts and accessories today reported results for the second quarter. For the quarter ending March 31, 1998, consolidated net sales amounted to $206,339,000, compared with $209,226,000 for the second quarter in 1997.
After deducting accrued dividends and accretions related to the Company's 14-1/4% PIK Preferred Stock of $0 and $4,224,000 for the quarters ended March 31, 1998 and 1997, respectively, the net loss for the quarter ended March 31, 1998 attributable to common shareholders was $3,081,000 or a net loss of $0.44 per common share, compared with a net loss of $172,378,000 or a net loss of $24.57 per common share, for the quarter ended March 31, 1997.
Consolidated net sales for the six months ended March 31, 1998 amounted to $403,391,000, compared with $396,487,000 for the six months ended March 31, 1997.
After deducting accrued dividends and accretions related to the Company's 14-1/4% PIK Preferred Stock $0 and $8,448,000 for the six months ended March 31, 1998 and 1997, respectively, the net loss for the six months ended March 31, 1998 attributable to common shareholders was $8,600,000 or a net loss of $1.22 per common share, compared with a net loss of 206,770,000 or a net loss of $29.47, for the six months ended March 31, 1997.
During the six months ended March 31, 1998, several businesses were divested. Currently, a number of businesses are for sale.
Harvard Industries, Inc., through its subsidiaries, designs, develops and manufactures a broad range of components for original equipment manufacturers, producing cars and light trucks in North America and abroad. |
