LEBANON, N.J., May 20 /PRNewswire/ -- Harvard Industries, Inc. (Nasdaq: HAVA) today announced their operating results for the three months ended March 31, 1999. The company reported a net loss of $14.1 million, or $1.71 per share, in the third quarter. Harvard Industries, Inc., designs, develops and manufactures a broad range of components for industrial, aerospace and construction equipment applications worldwide as well as components and assemblies for automotive original equipment manufacturers and the automotive aftermarket. Headquartered in Lebanon, N.J., Harvard's 4,200 employees at 15 facilities in the United States and Canada produce total vehicle sealing systems, a variety of polymer products, electronics, high-strength steel assemblies and a wide array of high-strength aluminum, magnesium and iron products. HARVARD INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, 1999 (Post-Confirmation) and Three Months ended March 31, 1998 (Pre-Confirmation) (In thousands of dollars, except share and per share data) Pre-Confirmation Post-Confirmation Quarter Ended Quarter Ended March 31, 1999 March 31, 1998 Sales $206,339 $ 128,727 Cost of sales 194,091 113,670 Gross profit 12,248 15,057 Selling, general and administrative expense 15,518 10,480 Amortization of intangible assets 396 15,696 Restructuring charges 5,842 0 Interest expense (contractual interest of $13,983 for the three months ended March 31, 1998) 5,079 3,064 Gain on sale of operations (15,604) 0 Other (income) expense, net 963 (89) (Loss) income before reorganization items and income taxes 54 (14,094) Reorganization items 2,959 0 Loss before income taxes (2,905) (14,094) Provision for income taxes 176 23 Net (loss) $(3,081) $(14,117) PIK Preferred Dividends and Accretion (contractual amount for the three months ended March 31, 1998 was $4,763) $0 $0 Net (loss) attributable to common shareholders $(3,081) $(14,117) Basic and diluted earnings per share: Net (loss) per share $(0.44) $(1.71) Weighted average number of common shares outstanding 7,026,437 8,240,295 HARVARD INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Four Months Ended March 31, 1999 (Post-Confirmation), Six Months ended March 31, 1998 and Two Months Ended November 29, 1998 (Pre-Confirmation) (In thousands of dollars, except share and per share data) Pre-Confirmation Post-Confirmation Six Months Two Months Four Months Ended Ended Ended March 31, November 29, March 31, 1998 1998 1999 Sales $403,391 $89,050 $168,893 Cost of sales 385,813 79,628 149,304 Gross profit 17,578 9,422 19,589 Selling, general and administrative expense 25,353 5,151 13,501 Amortization of intangible assets 792 264 20,928 Restructuring charges 10,842 0 0 Interest expense (contractual interest for the six months ended March 31, 1998, and for the two months ended November 29, 1998, was $26,741 and $6,931, respectively) 8,932 1,636 4,055 Gain on sale of operations (26,958) 0 0 Other (income) expense, net 971 (34) (96) (Loss) income before reorganization items and income taxes (2,354) (2,405) (18,799) Reorganization items 5,901 50,384 0 Loss before income taxes and extraordinary item (8,255) (47,979) (18,799) Provision for income taxes 345 584 315 Loss before extraordinary item (8,600) (48,563) (19,114) Extraordinary item--gain on forgiveness of debt 0 (206,363) 0 Net (loss) income ($8,600) $157,800 ($19,114) PIK Preferred Dividends and Accretion (contractual amounts for the six months ended March 31, 1998, for the two months ended November 29, 1998 were $9,526 and $3,219, respectively) $0 $0 $0 Net (loss) income attributable to common shareholders ($8,600) $157,800 ($19,114) Basic and diluted earnings per share: Loss before extraordinary item ($1.22) ($ 6.91) ($ 2.32) Income from extraordinary item 0 29.37 0 Net (loss) income per share ($1.22) $22.46 ($ 2.32) Weighted average number of common shares outstanding 7,026,437 7,026,437 8,240,295 -=-=- 