DURA Automotive Reports First Quarter 2006 Results

Business Wire, April 27, 2006

ROCHESTER HILLS, Mich. -- DURA Automotive Systems, Inc. (Nasdaq:DRRA), today reported revenues of $584.4 million for the first quarter ended April 2, 2006 compared to $620.0 million in the prior year quarter. Net loss for the quarter was $7.0 million, or $0.38 per diluted share, compared to a net loss of $4.8 million, or $0.26 per diluted share, in the prior year quarter. DURA's adjusted loss from continuing operations for the quarter, which excludes facility consolidation charges and cumulative effect of accounting changes totaled $6.3 million, or $0.34 per diluted share, compared to a loss of $3.7 million, or $0.20 per diluted share, in the prior year quarter. Adjusted EBITDA for the quarter was $37.3 million compared to $38.8 million in the prior year quarter. A reconciliation of adjusted income from continuing operations and adjusted EBITDA to the most directly comparable GAAP measures is set forth below. E[acute accent]"This was a difficult quarter for DURA," said Larry Denton, Chairman and Chief Executive Officer of DURA Automotive. "As we have said, we are working through a trough period in our revenue due to an unacceptable amount of awards won by the Company in the early 2000s. We have corrected this issue over the last three years by reorganizing our sales group and focusing on organic versus acquisitive growth. We must now focus on the execution of our restructuring plan to better position DURA for improved profitability in anticipation of our future organic growth." E[acute accent]The decrease in first quarter revenue from the prior year was driven primarily by the impact of foreign exchange and negative net new business including the loss of the GMT 800 seat adjuster. Partially offsetting these decreases was the strength of the recreation vehicle industry. First quarter income from continuing operations decreased from the prior year due primarily to the negative net new business. E[acute accent]Denton continued, "We can never be satisfied with a step backward in earnings, but our journey toward our 50 cubed operational restructuring plan goals is moving forward." E[acute accent]The $2.6 million pretax facility consolidation charge for the quarter relates to the previously announced restructuring actions in North America and Europe. The charges relate primarily to non-cash asset impairment charges and employee severance.

E[acute accent]Conference Call

E[acute accent]A conference call to review the first quarter results is scheduled for April 27, 2006 at 11:30 a.m. ET. Interested participants may listen to the live conference call or replay over the Internet by logging onto the investor relations section of the Company's Web site, www.duraauto.com. A recording of this call also will be available until 6 p.m. ET on Thursday, May 4, 2006 by dialing (303) 590-3000, passcode 11058914.

E[acute accent]About DURA Automotive Systems, Inc.

E[acute accent]DURA Automotive Systems, Inc., is a leading independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The Company is also a leading supplier of similar products to the recreation vehicle (RV) and specialty vehicle industries. DURA sells its automotive products to every North American, Japanese and European original equipment manufacturer (OEM) and many leading Tier 1 automotive suppliers. DURA is headquartered in Rochester Hills, Mich. Information about DURA and its products is available on the Internet at www.duraauto.com.

E[acute accent]Use of Non-GAAP Financial Information

E[acute accent]In addition to the results reported in accordance with accounting principles generally accepted in the United States ("GAAP") included throughout this news release, the Company has provided information regarding "adjusted income (loss) from continuing operations" and "adjusted EBITDA" (non-GAAP financial measures). Adjusted income from continuing operations represents income from continuing operations adjusted for facility consolidation and other charges, net, the favorable settlement of certain environmental matters and gain on retirement of debt, net. Adjusted EBITDA represents income from continuing operations adjusted for facility consolidation and other charges, a gain on retirement of debt, the favorable resolution of certain environmental matters, interest, amortization, depreciation and taxes. Management believes that adjusted income from continuing operations and adjusted EBITDA are useful to both management and investors in their analysis of the Company's ability to analyze operational performance. Adjusted income (loss) from continuing operations and adjusted EBITDA should not be considered in isolation or as a substitute for net income or other income statement data prepared in accordance with GAAP, or as a measure of profitability or liquidity. Also, adjusted income (loss) from continuing operations and adjusted EBITDA, as determined and presented by the Company, may not be comparable to related or similarly titled measures reported by other companies.