NEW YORK--November 21, 1995--SLM
International,
Inc. (Electronic Bulletin Board: "SLMI") announced operating
results
for the third quarter and nine months ended September 30, 1995.
SLM International previously announced that it had filed a
voluntary petition for reorganization under Chapter 11 of the
Federal Bankruptcy Code in the United States Bankruptcy Court for
the District of Delaware on October 24, 1995. The results set forth
below do not reflect any adjustments which may ultimately result
from the Chapter 11 filing.
Net sales from continuing operations for the third quarter ended
September 30, 1995 were $57.7 million, compared to $58.5 million for
the same period in 1994. The loss from continuing operations was
$7.8 million, or $0.41 per share, in 1995, compared to income of
$1.7 million, or $0.09 per share, in 1994. The loss from continuing
operations, which is primarily the Company's sporting goods
business, reflected the unfavorable impact of $5.6 million for
professional fees and higher interest costs related to defaults with
its lenders.
Excluding such items, the Company's third quarter loss from
continuing operations would be approximately $2.2 million. The 1995
loss from continuing operations also reflects the negative impact of
inadequate cash availability resulting in inventory shortages versus
customer orders and the adverse impact of the hockey and baseball
strikes. The net loss for the third quarter of 1995 was $7.8
million, or $0.41 per share, compared to a net loss of $52.0
million, or $2.76 per share, for the prior year. The net loss for
1994 includes a loss from discontinued operations (the Buddy L toy
and fitness businesses) of $53.7 million.
Net sales from continuing operations for the nine months ended
September 30, 1995 were $126.7 million, compared to $128.6 million
for the same period in 1994. The loss from continuing operations
was $27.4 million, or $1.45 per share, in 1995, compared to income
of $2.6 million, or $0.14 per share, in 1994. The loss from
continuing operations reflected the unfavorable impact of a $7.0
million settlement of environmental litigation and $12.8 million of
professional fees and higher interest costs related to defaults with
its lenders. Excluding such items, the Company's loss from
continuing operations for the first nine months of 1995 would be
approximately $7.6 million. The 1995 loss from continuing
operations also reflects the negative impact of inadequate cash
availability resulting in inventory shortages versus customer orders
and the adverse impact of the hockey and baseball strikes. The net
loss for the first nine months of 1995 was $52.9 million, or $2.81
per share, compared to a net loss of $56.8 million, or $3.01 per
share, for the comparable period in 1994. The net loss for 1995
reflects the loss from continuing operations and a loss from
discontinued operations as a result of the completion of the sale of
the Company's discontinued Buddy L toy and fitness businesses in
early July 1995.
SLM International, Inc. designs, develops, manufactures and
markets a broad range of sporting goods products on a worldwide
basis.
SLM INTERNATIONAL, INC.
Consolidated Statements of Operations
(Unaudited)
(In thousands, except share data)
Three Months Ended Nine Months Ended
09/30/95 10/01/94 09/30/95 10/01/94
Restated Restated
Net sales $ 57,714 $ 58,492 $126,665 $128,649
Cost of goods sold 38,600 35,517 82,384 77,295
Gross profit 19,114 22,975 44,281 51,354
Selling, general and
administrative expenses 17,410 20,093 43,428 44,296
Operating income 1,704 2,882 853 7,058
Debt related fees 3,243 --- 8,520 ---
Litigation settlement --- --- 7,000 ---
Other expense(income), net 137 (261) 293 (279)
Interest expense 6,093 1,931 12,403 4,734
(Loss) income from continuing
operations before income
taxes (7,769) 1,212 (27,363) 2,603
Income taxes --- (483) --- 4
(Loss) income from continuing
operations (7,769) 1,695 (27,363) 2,599
(Loss) from discontinued
operations, net of income
tax (expense) benefit of
$(2,988) and $79 for the
three months and nine months
ended October 1, 1994,
respectively --- (53,677) --- (59,373)
(Loss) from disposition of
discontinued operations, net
of income taxes of nil --- --- (25,569) ---
Net (loss) $ (7,769) $(51,982) $(52,932) $(56,774)
(Loss) income per share from
continuing operations $ (0.41) $ 0.09 $ (1.45) $ 0.14
(Loss) per share from
discontinued operations --- (2.85) --- (3.15)
(Loss) per share from
disposition of discontinued
operations --- --- (1.36) ---
Net (loss) per share $ (0.41) $ (2.76) $ (2.81) $ (3.01)
Average shares
outstanding 18,859,679 18,855,000 18,859,679
18,389,000
WILMINGTON, Del., Nov. 21, 1995 -- href="chap11.columbia.html">The Columbia Gas System
Inc. (NYSE: CG) today published the projected interest rates that
could be applicable to the $2 billion of new debentures the company
will issue upon emergence from Chapter 11.
The projected rates are based on the pricing formula contained
in its plan of reorganization and assume that Columbia will emerge
from Chapter 11 on November 28, 1995, the first day following the
expiration of the appeal period for the Bankruptcy Court's November
15 order confirming the plan of reorganization.
The new debt securities have been rated BBB by Standard & Poors
and Fitch Investment Service and Baa3 by Moodys.
The securities, projected interest rates and CUSIP numbers are: