ROCHESTER, N.Y., Jan. 3, 1996 -- Goulds Pumps, Inc.
(Nasdaq-NNM: GULD) announced today that it will take a fourth
quarter after-tax restructuring charge of approximately $11.5
million (E.P.S. $.54) to reflect the transfer of Environamics
Corporation to that subsidiary's current management and a wind down
of its Venezuelan manufacturing operation.
The Company's Environamics subsidiary which had been expected to
break-even in 1994 and 1995 posted a pre-tax loss of approximately
$3 million in each year, primarily due to a later than expected
product introduction in 1994 and lower than expected sales in 1995.
The Company anticipated that these lower sales levels would have
continued and that additional significant investment would have been
required. The after-tax restructuring charge for Environamics will
be approximately $9 million.
The Company has sustained several years of losses from its
Venezuelan operation, including a 1995 pre-tax loss of approximately
$3 million. Further losses had been projected for 1996, if the
operation were to have continued. These losses coupled with the
uncertain economic climate in Venezuela led to the decision to close
the Venezuelan manufacturing operation and significantly downsize
the facility to a PRO Shop (Pump Repair and Overhaul Shop) in order
to focus on customer sales, service and repairs in the Venezuelan
market.
Thomas C. McDermott, Chairman, Chief Executive Officer and
President, said, "We are disappointed that our significant
investments in Environamics and Venezuelan manufacturing did not
work out as anticipated. At the same time, we feel strongly that
this restructuring decision is an important step to increase
shareholder value and profitability for the Company in 1996 and
beyond."
"Exclusive of the restructuring charge we expect to complete
1995 with earnings, including savings resulting from tax strategies
implemented in the fourth quarter (approximately $.07 E.P.S.), that
will be in the range of expectations. We remain optimistic about
significantly improved profitability in 1996," concluded McDermott.
/CONTACT: John Murphy, vice president & chief financial officer, or
Diana Kurty, corporate controller, both of Goulds Pumps, 716-387-
6600/
FORT LEE, N.J., Jan. 3, 1996 -- Gaming Venture
Corp.,
U.S.A. is pleased to announce the availability of our 2nd issue of
"The Gaming Sector ... Yesterday, Today and Tomorrow." This issue
is commonly called the "Successful Investors Guide to the Gaming
Industry." This report is published at the end of every year and
gives a complete summary of the key events that occurred in the past
in the gaming industry plus some predictions for the future. The
report covers every state in the United States where gambling is
legal plus those states which have a chance of legalization in the
future.
Last years' report accurately predicted the demise of casinos in
New Orleans and even mentioned the possibility of bankruptcy in the
future for Harrahs Jazz. The
report also accurately predicted the
resurgence of the Mississippi gaming market while others were
writing it off.
"The Gaming Sector ... Yesterday, Today and Tomorrow" also gives
descriptions of gaming companies which can benefit or be hurt by
events that can occur in the future. Last year's report accurately
predicted the rise in the stocks of Grand Casinos and Mirage Resorts
while introducing investors to an unknown company called Game
Financial Corp. who wound up being one of the top performing gaming
stocks of 1995.
Gaming Venture Corp., U.S.A. is the publisher of The Gaming
Industry Weekly Report and The Gaming Industry Daily Report
newsletters. The Gaming Industry Weekly Report is in its fourth
year of publication while the Daily Report is in its infancy. For
subscription information or information on how to receive "The
Gaming Sector ... Yesterday, Today and Tomorrow", call: 1-800-990-
1902.
/CONTACT: Alan R. Woinski of Gaming Venture Corp., U.S.A.,
201-947-4642/
ST. LOUIS, Jan. 3, 1995 -- Edison
Brothers Stores, Inc.,
(NYSE: EBS) today said that it received court approval of proposed
bidding procedures to enable the company to sell the assets of its
Edison Brothers Mall Entertainment and Horizon Entertainment
divisions, which operate approximately 128 game rooms and larger
entertainment centers. At the same time, the court approved a
letter of intent executed by Edison Brothers and Sun Capital
Partners, Inc., of West Palm Beach, Florida, outlining the terms of
Sun Capitals proposed purchase of the assets of Edison's
entertainment divisions.
Parties interested in filing competing bids must do so by
January 12, 1996. Complete details on the bidding procedures are
available from Alan A. Sachs, General Counsel, Edison Brothers
Stores, Inc., 501 N. Broadway, St. Louis, MO 63102.
Edison Brothers Stores, Inc., filed for voluntary reorganization
under Chapter 11 on November 3, 1995. The company operates
approximately 2,700 apparel, footwear and entertainment specialty
stores and is in the process of closing approximately 500 of its
apparel and footwear stores by January 31, 1996.
/CONTACT: David B. Cooper, Jr., CFO, 314-331-6531, or Amy Calvin,
Communications, 314-331-7996, both of Edison Brothers Stores/