ROCKEFELLER CENTER PROPERTIES RESTATES RESULTS OF OPERATIONS FOR THE
FIRST QUARTER ENDED MARCH 31, 1995
NEW YORK, New York--May 23, 1995 -- Rockefeller Center
Properties Inc. (RCPI) announced today that due to the May 11, 1995
Chapter 11 filing by the Borrower (two partnerships, HREF="chap11.rcp.html">Rockefeller
Center Properties and RCP Associates), under the mortgage loan
receivable which is RCPI's principal asset, the Company has limited
recognition of income on the mortgage loan for the first quarter of
1995 to the cash actually received from the Borrower during this
period. As a result of the change to the cash basis of income
recognition the Company has restated the results of operations for the
first quarter resulting in an increase of $6,758,000 from the net loss
previously reported on April 25, 1995.
The restated results in the first quarter of 1995 are a net loss of
$7,478,000, or $.20 per share, as compared to net income of
$6,667,000, or $.17 per share, for the same period in 1994. In
addition to revenue recognition of loan interest income on a cash
basis, the loss for the first quarter of 1995 is attributable in part
to a charge to earnings of $4,434,000, or $.12 per share, representing
a current non cash adjustment for the stock appreciation rights which
were issued in December 1994.
Quarter to March 31 1995 1994
Revenues $20,446,000 $27,270,000
Interest expense $21,365,000 $19,272,000
General and administrative $ 1,276,000 $ 1,155,000
Amortization of deferred
debt issuance costs $ 849,000 $ 176,000
Stock appreciation rights $ 4,434,000 ---
Net (loss) income ($7,478,000) $ 6,667,000
Net (loss) income per share ($0.20) $0.17
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The Company's common stock is listed on the New York Stock Exchange
under the symbol RCP. As of May 19, 1995 there were 38,260,704
shares outstanding.
CONTACT: Rockefeller Center Properties Inc. | Stephanie Leggett
Young, 212/698-1440, 800/555-6444
DELRAY BEACH, Fla., May 22, 1995 --
Empire of
Carolina, Inc. (AMEX: EMP), today announced that its bid to purchase
substantially all of the assets of Buddy L
Inc., a subsidiary of SLM International (Nasdaq: SLMIE), was approved by the
Bankruptcy Court for the District of Delaware at a court hearing held on May 19, 1995.
Empire believes that the transaction, which is expected to close by
June 30, 1995, will have a positive impact on its earnings beginning
in 1996.
It is estimated that in 1994, Buddy L had revenues in excess of
$120 million.
As previously announced, upon closing of the transaction Empire
will pay the creditors of Buddy L a combination of common stock, cash
and an earnout with a minimum consideration equal to $15 million. As
part of the transaction, Empire will also purchase certain accounts
receivable and inventories of Buddy L, subject to certain terms.
"We are very excited about the addition of the Buddy L toy lines to
our own. The synergies between our two companies will allow us to
significantly increase revenues, leverage our recent expansions of
infrastructure and increase profitability," noted Steven Geller,
Chairman and Chief Executive Officer of Empire of Carolina. "Now that
the bulk of the Court proceedings are behind us, we can work towards
closing the transaction and integrating our businesses."
Empire of Carolina designs, develops, manufactures and markets a broad
range of basic plastic children's toys. Its Holiday Products Division
produces and markets decorative seasonal items including Christmas,
Halloween and Easter illuminated products. The Company's full line of
basic toys include the Big Wheel line of ride-on toys, Grand Champion
collectible horse figures, the MR-1 line of race car sets as well as
T.V. advertised and licensed products sold under the Mighty Morphin
Power Ranger name.
/CONTACT: Investor Relations: Naomi Rosenfeld or Howard Zar, or Press,
Lisa Bradlow of Morgen-Walke Associates, 212-850-5600/ (EMP SLMIE)