DURA Automotive Systems Inc., parent of RV industry supplier firm Atwood Mobile Products, completed a “transition year” in 2002 when the company reported a net loss of $288.7 million, largely because of noncash items, according to Larry Denton, who was appointed president and CEO last month.
The net loss in 2002 was because of the cost of discontinued operations, facility closure charges, the early extinguishment of debt and a change in the way DURA accounts for goodwill.
“Fiscal 2002 was a transition year for DURA,” Denton said. “We successfully shed several noncore businesses and substantially reduced our debt level, positioning the company for improved results.”
DURA reported a net loss of $90.7 million for the three months ended Dec. 31, which compared with a net loss of $7.5 million during the fourth quarter of 2001.
For all of 2001, DURA, a Nasdaq Stock Market-listed company, earned a net profit of $11.2 million.
Despite the net losses, DURA posted an operating profit of $31.5 million during the October-through-December period, a 104% increase over the $15.4 million it earned from operations a year earlier.
DURA’s full-year operating earnings increased 28% to $172.6 million, compared with $134.9 million earned from operations in 2001.
The company’s fourth-quarter sales revenue increased 5% to $576.5 million and its full-year 2002 sales climbed 1% higher to $2.36 billion.