Each of the exports specified via dll-exports ensure first that LispWorks has finished initializing. If initialization has not yet started, they start the initialization process themselves. This is true regardless of the value of automatic-init (see below).
A LispWorks dynamic library is initialized automatically on loading, or not, according to the value of automatic-init in the call to deliver or save-image.
LispWorks User Guide and Reference Manual - 21 Dec 2011