DURA Automotive Systems Inc., parent of RV industry suppliers Atwood Mobile Products and Creation Group, reported a decrease in profits for the full year, ended Dec. 31, citing rising raw material costs and a softening in the auto sector.
“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 chief executive officer of DURA Automotive, Rochester Hills, Mich. “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.”
Revenues for the fourth quarter were $582.8 million compared to $627.2 million in the prior year. Including a pretax facility consolidation charge of $3.7 million, net income for the quarter was $1.9 million compared to a net loss of $2.9 million the previous year.
DURA said the facility consolidation charge relates to the continuation of the previously announced closure of plants in the U.S., France and Germany.
For the year, revenue totaled $2.5 billion versus $2.4 billion in 2003 while net income was $11.7 million compared to $22.3 million the previous year.
Adjusted income from continuing operations for the year, which excludes facility consolidation charges, totaled $29.4 million compared to $33.6 million in the year prior.