NORWALK, Conn.--Sept. 21, 1995--The
Caldor
Corporation (NYSE: CLD) announced today that it has received
approval from the U.S. Bankruptcy Court for interim use of $150
million of its $250 million debtor-in-possession financing
commitment from Chemical Bank.
The court also granted Caldor's request to continue to use cash
receipts from the sale of its current inventory to purchase new
inventory and to meet obligations associated with the operation of
its business.
"The $150 million in DIP financing, together with the proceeds
from the sale of our inventory, provides Caldor with ample working
capital to meet its financial needs during the initial stages of the
Chapter 11 process," said Don Clarke, Chairman and Chief Executive
Officer. "Our vendors, including both domestic and foreign
suppliers, as well as our customers should be assured that we have
the resources to conduct business as usual."
The Company will request court approval for the balance of its
DIP financing commitment in a hearing scheduled for October 11,
1995. Upon approval, Caldor will have access to in excess of $500
million, from the DIP financing and from the sale of inventory, to
fulfill its needs.
The Caldor Corporation is the fourth largest discount department
store chain in the U.S., with annual sales of approximately $2.8
billion. It operates 166 stores in ten East Coast states. With a
strong consumer franchise in high-density urban/suburban markets,
Caldor offers a diverse merchandise selection, including both
softline and hardline products.
CONTACT: The Caldor Corporation, Norwalk,
Investor Relations:
David D. Peterson: 203/849-2334
or
Kekst and Company, New York,
Media: Wendi Kopsick/Jim Fingeroth, 212/593-2655
BOSTON, Mass.--Sept. 21, 1995--MGI Properties,
Inc. ("MGI")
(NYSE: MGI) today reported 1995 third quarter and nine-month
results. Funds from operations were $4,807,000, or $.42 per share,
for the quarter ended August 31, 1995 compared to $4,499,000, or
$.39 per share, earned in the comparable 1994 quarter. Net income
in the third quarter of 1995 was $2,833,000, or $.25 per share. Net
income for the three months ended August 31, 1994 (which included a
gain of $2,700,000, or $.24 per share) was $5,287,000, or $.46 per
share.
For the nine months ended August 31, 1995, funds from operations
were $14,130,000, or $1.23 per share and net income was $9,759,000,
or $.85 per share. For the comparable 1994 period, funds from
operations were $13,233,000, or $1.16 per share, and net income was
$10,564,000, or $.92 per share. Net income for the nine months
ended August 31, 1995 included a gain of $1,400,000, or $.12 per
share, versus a gain of $3,150,000, or $.27 per share, in the
comparable 1994 period.
W. Pearce Coues, Chairman of the Board of Trustees, stated that
earnings were enhanced by initial yields of approximately 13.7% on
newly acquired investments, lower interest rates on properties
refinanced and rising income levels of comparable properties owned
in both periods. The commercial portfolio of 4,170,000 square feet
was 95.5% leased at the close of the 1995 third quarter. The 4.5%
of unleased space includes the 105,000 square-foot building leased
by Bradlees, which the Trust is
treating as vacant and non-rent
paying, pending Bradlees' decision to accept or reject the lease as
permitted in Bradlees' Chapter 11 bankruptcy proceeding filed on
June 23, 1995. The Trust acquired title to this property effective
August 1, 1995. Should Bradlees reject the lease, MGI is entitled,
as a general creditor, to file a claim for rent as permitted in the
bankruptcy proceeding. The Trust remains confident in its ability
to re-lease or sell the building should Bradlees reject the lease.
Dividend Declared
The Trustees declared a quarterly dividend of $.23 per share,
payable October 12, 1995 to shareholders of record October 5, 1995.
MGI PROPERTIES
SELECTED FINANCIAL INFORMATION
For the Three Months Ended August 31,
1995 Per share 1994 Per share
Total Income(A) $11,295,000 --- $11,117,000 ---
Operating results:
Funds from operations(B) $4,807,000 $.42 $4,499,000 $.39
Income before net gains $2,833,000 $.25 $2,587,000 $.22
Net gains --- --- $2,700,000 $.24
Net income $2,833,000 $.25 $5,287,000 $.46
Average shares outstndg. 11,492,396 --- 11,452,895 ---
For the Nine Months Ended May 31,
1995 Per share 1994 Per share
Total Income(A) $33,531,000 --- $32,886,000 ---
Operating results:
Funds from operations(B) $14,130,000 $1.23 $13,233,000 $1.16
Income before net gains $8,359,000 $.73 $7,414,000 $.65
Net gains 1,400,000 $.12 $3,150,000 $.27
Net income $9,759,000 $.85 $10,564,000 $.92
Average shares outstndg. 11,483,927 --- 11,446,962 ---
NOTE: (A) Total income excludes net gains.
NOTE: (B) MGI defines funds from operations as net income
(computed in accordance with generally accepted accounting
principles), excluding gains (or losses) from debt restructuring,
sales of property and similar non-cash items, plus depreciation and
amortization.
/CONTACT: Phillip C. Vitali, Executive Vice President and
Treasurer of MGI, 617-330-5335/
MEMPHIS, Tenn., Sept. 21, 1995 -- J.R. Hyde III,
chairman
and chief executive of AutoZone, Inc. (NYSE: AZO), announced
AutoZone's net income for the 16 weeks ended August 26, 1995,
increased 21% to $54.9 million from $45.2 million for the fiscal
fourth quarter of 1994. Earnings per share increased 23% to 37 cents
from 30 cents. Sales rose 20% to $628.8 million from $523.8 million
a year earlier. Comparable store sales, or sales at stores opened
prior to the start of fiscal 1994, rose 5%.
For fiscal 1995, net income increased 19% to $138.8 million from
$116.4 million for fiscal 1994. Earnings per share increased 19% to
93 cents from 78 cents. Sales increased 20% to $1.81 billion from
$1.51 billion. Comparable store sales rose 6%.
During the fourth quarter, AutoZone opened 84 new stores and 11
replacement stores. For fiscal 1995, AutoZone opened 210 new stores
and 29 replacement stores. AutoZone increased total store square
footage by 26% in fiscal 1995, compared to 23% in fiscal 1994.
"This marks the fifth consecutive year that we've accelerated
our rate of growth in total store square footage," Mr. Hyde said.
"We expect to accelerate our store openings again this year to 250
new stores, representing about a 26% increase in square footage."
AutoZone also plans to open a second call center next month in
Houston, Texas, Mr. Hyde said. The center will handle customer
calls to high-volume stores that aren't currently serviced by
AutoZone's call center in Memphis.
AutoZone's projected store openings for fiscal 1996 would
increase to 285, or a 28% increase in square footage, if its
previously announced offer to buy one store and assume 44 leases
from Nationwise Automotive
Inc. is approved. AutoZone would convert
the 45 locations into AutoZone stores, and would cancel plans for 10
stores in the same trade areas. The transaction is subject to
federal bankruptcy court approval because Nationwise filed under
Chapter 11 of the federal Bankruptcy Code. Approval is uncertain
because Nationwise received a competing offer at a court hearing
today.
Separately, AutoZone announced that it filed a registration
statement with the Securities and Exchange Commission for an
offering of 19 million common shares (21.85 million shares if
underwriters' overallotment options are fully exercised) of AutoZone
stock by three limited partnerships that are affiliates of Kohlberg
Kravis Roberts & Co., L.P. The offering will reduce the
partnerships' stake in AutoZone to about 30% (28% if overallotment
options are fully exercised) from 43% prior to the offering.
The offering will be lead-managed by Goldman, Sachs & Co.; and
co- managed by Lehman Brothers Inc.; Donaldson, Lufkin & Jenrette
Securities Corp.; Furman Selz Inc.; Merrill Lynch & Co.; and Smith
Barney Inc.
AutoZone and its management aren't selling any shares in the
offering, so the company won't receive any of the proceeds from the
sale. "KKR has had a substantial ownership position in AutoZone
since 1984," Mr. Hyde said. "This offering reflects its long-term
strategy to realize gains in AutoZone stock and to reduce its
ownership position over time."
AutoZone sells auto parts, chemicals and accessories, primarily
to "do-it-yourself" customers, through its chain of 1,143 retail
stores in 26 states.
AUTOZONE FISCAL 4TH QUARTER FINANCIAL HIGHLIGHTS
(in thousands, except per-share data)
16 Weeks Ended 16 Weeks Ended
August 26, 1995 August 27, 1994
Net sales $628,824 $523,821
Gross profit $266,109 $220,215
Operating profit $ 89,935 $ 74,197
Income before income taxes $ 89,935 $ 74,823
Net income $ 54,897 $ 45,223
Net income per share $ 0.37 $ 0.30
Average shares outstanding
including common stock
equivalents 149,421 148,775
52 Weeks Ended 52 Weeks Ended
August 26, 1995 August 27, 1994
Net sales $1,808,131 $1,508,029
Gross profit $ 751,098 $ 621,961
Operating profit $ 227,658 $ 190,742
Income before income taxes $ 228,281 $ 192,986
Net income $ 138,781 $ 116,386
Net income per share $ 0.93 $ 0.78
Average shares outstanding
including common stock
equivalents 149,302 148,726