DOBBS FERRY, N.Y.--Jan. 23, 1996--Thomas T.
Harding, president and chief executive officer of href="chap11.fingermatrix.html">Fingermatrix Inc.
(NASDAQ EBB:FINX), Tuesday reported that the company has received
$2,997,476 from the exercise of warrants that were distributed to
stockholders last April when the new management took the company out
of Chapter 11 bankruptcy.
These funds supplement the $2 million private financing arranged
last August.
The A-Warrants, exercisable at $1 per share, expired last
Tuesday, Jan. 16, 1996.
All stockholders who exercised their A-Warrants received, in
addition to new common shares, one B-Warrants for each two A-
Warrants exercised. These are exercisable at $2 per share until
next Sept. 28, Harding said, giving the company possible access to
another $3 million in capital this year. The B-Warrants are
tradeable, he added, while the A-Warrants were not. The NASDAQ
Bulletin Board symbol is FINXW.
Fingermatrix, which invented electronic fingerprinting
technology some 15 years ago, underwent a complete change in
management and board of directors earlier this year. An accelerated
development and marketing program has followed.
CONTACT: Molesworth Associates Inc.,
Gordon Molesworth, 520/625-0035
FORT WORTH, Texas, Jan. 23, 1996 -- Tandycrafts, Inc.
(NYSE: TAC) today reported a net loss after restructuring charge of
$12,379,000 or $1.04 per share for the second quarter of fiscal 1996
compared with net income of $4,097,000 or $0.36 per share in the
second quarter of fiscal 1995.
The results for the second quarter reflect the Company's
adoption of a strategic restructuring and consolidation program
designed to increase its competitive position and to increase value
to Tandycrafts' shareholders. As a result, a pre-tax restructuring
charge totaling $18.8 million, or $12.6 million net of income taxes,
is included in the second quarter loss. Of this amount,
approximately $16.9 million, before income taxes, relates to non-
cash items. Net sales for the second quarter were $74,347,000, a
decrease of 2% from the $75,619,000 in the second quarter of fiscal
1995. For the quarter, total retail sales increased 2% when
compared to the same period in fiscal 1995 while manufacturing sales
were down 4% for the quarter when compared to the same period last
year.
For the six months ended December 31, 1995, the Company reported
a net loss of $12,370,000 or $1.04 per share, compared to net income
of $6,151,000 or $0.54 per share, for the corresponding period of
the prior fiscal year. These results include the effects of the
restructuring charge taken in the current quarter. Net sales for
the six months ended December 31, 1995 decreased 3% to $136,696,000
versus $141,131,000 for fiscal 1995.
In commenting on the proposed restructuring and consolidation
program approved by the Board, Mr. Cox stated that "the program,
which is designed to increase the Company's competitive position and
to increase value to Tandycrafts' shareholders, will allow the
Company to become more focused when completed. Tandycrafts will be
comprised of three specialty retail operations; Tandy Leather,
Joshua's Christian Stores and Sav-On Discount Office Supplies, and
two manufacturing divisions; TWI and Frames and Framed Art. The
primary components of this program include:
TANDYCRAFTS, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
December 31, December 31,
1995 1994
Net sales $ 74,347 $ 75,619
Operating costs and expenses:
Costs of goods sold 47,885 44,572
Selling, general and administrative 23,136 22,583
Depreciation and amortization 1,715 1,207
Restructuring charge 18,818 --
Total operating costs and expenses 91,554 68,362
Operating income (loss) (17,207) 7,257
Interest expense, net 1,244 950
Income (loss) before income taxes (18,451) 6,307
Provision (benefit) for income taxes (6,072) 2,210
Net income (loss) $(12,379) $ 4,097
Net income (loss) per share ($1.04) $0.36
Weighted average common and
common equivalent shares 11,935 11,383
Six Months Ended
December 31, December 31,
1995 1994
Net sales $136,696 $141,131
Operating costs and expenses:
Costs of goods sold 86,698 84,374
Selling, general and administrative 44,049 42,888
Depreciation and amortization 3,240 2,556
Restructuring charge 18,818 --
Total operating costs and expenses 152,805 129,818
Operating income (loss) (16,109) 11,313
Interest expense, net 2,329 1,776
Income (loss) before income taxes (18,438) 9,537
Provision (benefit) for income taxes (6,068) 3,386
Net income (loss) $(12,370) $ 6,151
Net income (loss) per share ($1.04) $0.54
Weighted average common and
common equivalent shares 11,852 11,298
CAMBRIDGE, Mass.--Jan. 23, 1996 -- BBN
Corporation (NYSE:BBN) today reported revenue of $63,200,000 for the
second quarter ended December 31, 1995, a 24 percent increase over
the $51,172,000 for the same quarter in fiscal year 1995.
The increase reflects higher revenue in the company's
internetworking-related businesses.
BBN reported a net loss of $7,890,000, or $.45 per share for the
second quarter, compared to a net loss of $1,925,000, or $.11 per
share, for the same period a year ago. The net loss primarily
reflects BBN's continued significant investments in internetworking-
related activities, and lower than expected software sales at BBN
Domain Corporation. On December 31, 1995, BBN's cash and short-term
investments balance was $88,168,000.
For the six months ended December 31, 1995, BBN reported a 21
percent revenue increase to $124,326,000 and a loss of $16,541,000,
or $.94 per share, compared to revenues of $102,915,000 and a loss
of $3,733,000, or $.22 per share in the same period a year ago.
Separately, BBN today announced a major reorganization that will
move it from operating multiple business units to a business
principally focused on the fast-growing market for Internet services
to businesses and organizations. BBN is taking actions to
substantially complete the reorganization by March 31, 1996. Such
actions, including the merger of BBN Planet into BBN Corporation,
are expected to result in an accounting charge in the third quarter
of this fiscal year.
BBN Chairman and CEO George H. Conrades said, "The Internet
opportunity is enormous, dominating all of the others available to
BBN and justifying our continued investment. With today's
reorganization, we have taken decisive steps to focus our energies
on the Internet."
BBN Planet Corporation reported second-quarter revenues of
$9,092,000, a 278 percent revenue increase over the $2,400,000 for
same quarter in fiscal year 1995. For the quarter, BBN Planet had
an operating loss of $6,341,000, compared to a loss of $1,985,000 in
the second quarter of last year. For the six-month period, BBN
Planet posted a 272 percent revenue increase to $16,497,000 and an
operating loss of $13,580,000, compared to revenues of $4,430,000
and a loss of $2,928,000 for the same period a year ago.
BBN Systems and Technologies Division reported increased
revenues for the second quarter compared to the same quarter of a
year ago, primarily as a result of activities relating to the BBN
contract to provide dial-up network infrastructure to America
Online.
Recent contracts awarded to BBN that illustrate the breadth of
the Company's Internet offerings include:
BBN Domain today announced it has signed an agreement under
which BHP Steel's Sheet and Coil Products Division will become a
partner in BBN Domain's Starfire development program, joining OSRAM
as a BBN partner working on this emerging process optimization
technology.
Headquartered in Cambridge, Massachusetts, BBN Corporation is a
provider of internetworking-related services, products and
application solutions to businesses and organizations. For its
fiscal year ended June 30, 1995, BBN had revenue of $215 million.
For more information, visit BBN's World Wide Web site at
http://www.bbn.com." target=_new>http://www.bbn.com">http://www.bbn.com.
BBN CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended Six Months Ended
December 31 December 31
Dollars in thousands, 1995 1994 1995 1994
except per-share data
Revenue:
Services $ 56,512 $ 41,016 $ 108,172 $
85,392
Products 6,688 10,156 16,154
17,523
---------- ---------- ---------- ----------
63,200 51,172 124,326 102,915
---------- ---------- ---------- ----------
Costs and expenses:
Cost of services 40,489 27,439 77,829
56,002
Cost of products 2,451 4,391 5,731
6,990
Research and 5,423 6,331 11,083
12,219
development expenses
Selling, general and 24,630 18,118 50,551
34,303
administrative expenses
-------- ---------- ---------- ----------
72,993 56,279 145,194 109,514
---------- ---------- ---------- ----------
Loss from operations (9,793) (5,107) (20,868)
(6,599)
Interest income 1,106 593 2,691
1,210
Interest expense (1,125) (1,094) (2,259)
(2,220)
Minority interests (15) 445 (84)
741
Other income
(expense), net 55 3,538 47
3,535
---------- ---------- ---------- ----------
Loss before income taxes (9,772) (1,625) (20,473)
(3,333)
Provision (benefit) (1,882) 300 (3,932)
400
for income taxes
---------- ---------- ---------- ----------
Net loss $ (7,890) $ (1,925) $ (16,541) $
(3,733)
Net loss per share $ (.45) $ (.11) $ (.94) $
(.22)
Shares used in
per-share 17,694,000 16,819,000 17,606,000
16,717,000
calculations
Notes to Consolidated Statements of Operations:
(1) Other income for the three and six months ended December 31,
1994 included amounts arising from contracts which were
substantially
completed in prior years.
(2) Results for the three and six months ended December 31, 1994
included revenue of $4.3 million and $8.4 million, respectively, and
an operating loss of $2.2 million and $3.7 million, respectively, at
LightStream Corporation. LightStream Corporation, an 80%-owned
subsidiary of the Company, sold substantially all of its assets to
Cisco Systems, Inc. on January 11, 1995.
BBN CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
The following is a summary of business segments information for the
three and six months ended December 31, 1995 and 1994. All data are
shown net of intersegment transactions:
Three Months Ended Six Months Ended
December 31 December 31
Dollars in thousands 1995 1994 1995
1994
Revenue:
Internetworking $ 32,428 $ 22,831 $ 60,221 $
46,612
Data analysis software 8,592 8,330 19,537
16,377
Collaborative systems 22,180 20,011 44,568
39,926
and acoustic technologies
------- -------- -------- ---------
$ 63,200 $ 51,172 $124,326 $ 102,915
Income (loss) from operations:
Internetworking $(4,805) $ (2,527) $(10,588) $
(3,367)
Data analysis software (2,943) (1,962) (7,903)
(2,278)
Collaborative systems (1,335) 178 (1,423) 459
and acoustic technologies
Unallocated expenses (710) (796) (954)
(1,413)
--------- --------- --------- ---------
$(9,793) $ (5,107) $(20,868) $ (6,599)
BBN CORPORATION
CONSOLIDATED BALANCE SHEET
December 31 June 30
Dollars in thousands 1995 1995
(unaudited)
Assets:
Cash and cash equivalents (includes
restricted cash of $8,505
at December 31, 1995 and
$12,134 at June 30, 1995) $ 40,887 $ 110,792
Short-term investments 47,281
Accounts receivable, net 56,500 53,933
Other current assets 10,135 3,606
--------- ----------
Total current assets 154,803 168,331
Property, net 34,843 30,075
Goodwill, net 16,992 17,927
Other assets 2,842 3,133
---------- ----------
$ 209,480 $ 219,466
Liabilities and Shareholders' Equity:
Payables and other liabilities $ 35,171 $ 33,803
Accrued restructuring 8,466 9,216
Deferred revenue 19,140 16,914
---------- ----------
Total current liabilities 62,777 59,933
6% convertible subordinated
debentures due 2012 73,484 73,510
Minority interests 1,356 3,471
Redeemable convertible preferred stock 8,000
Shareholders' equity, net of treasury stock 63,863 82,552
---------- ----------
$ 209,480 $ 219,466
CONTACT: Peter W. Thonis,
BBN Corporation
(617) 873-3512
pthonis@bbn.com
BRISTOL-MYERS SQUIBB REPORTS SALES AND EARNINGS
Sales Increased 15%; Earnings Per Share Increased 12% Excluding
Charges
NEW YORK, Jan. 23, 1996 -- Bristol-Myers Squibb
Company
(NYSE: BMY) today reported record sales for the year and fourth
quarter ended December 31, 1995, and announced an additional special
charge related to breast implant liability claims and a provision
for restructuring activities.
Sales for the year increased 15% to $13.8 billion with all four
of the company's core businesses reporting sales increases.
Domestic sales increased 10%, and international sales increased 22%.
Exchange rate fluctuations had a favorable effect of 1% on worldwide
sales and 3% on international sales.
For the fourth quarter, sales increased 11% to $3.6 billion with
both domestic and international sales increasing 11%. Exchange rate
fluctuations had an unfavorable effect of 1% on worldwide sales and
2% on international sales.
Excluding acquisitions made in the last year, sales for the year
and fourth quarter increased 10%.
"I am pleased to report that Bristol-Myers Squibb continues to
experience excellent growth," said Charles A. Heimbold, Jr.,
chairman and chief executive officer. "During 1995, we have laid a
solid foundation through record sales and earnings increases across
all four of our core businesses, thus building a strong platform for
the future. Importantly, our revenue growth is being driven
primarily by unit volume growth, concentrating on our key franchises
and building on the success of a number of our newer products and
recent acquisitions."
Earnings before income taxes, excluding the 1995 and 1994
special charges and the 1995 provision for restructuring, increased
11% to $3,662 million for the year and 9% to $910 million for the
quarter.
Net earnings for the year, excluding the 1995 and 1994 special
charges and the 1995 provision for restructuring, increased 12% to
$2,600 million in 1995 compared to $2,330 million in 1994 and
earnings per share increased 12% to $5.14 from $4.58 in 1994. Net
earnings for the quarter, excluding the charges and provision,
increased 10% to $646 million from $586 million in 1994 and earnings
per share increased 11% to $1.28 per share from $1.15 in 1994.
The company previously reported its agreement to settle pending
and future breast implant product liability claims (related to a
previously discontinued business of a subsidiary) brought against it
and its Medical Engineering Corporation subsidiary. In the fourth
quarter of 1995, as previously announced, the company, with certain
other defendants, entered into a revised class action settlement of
the breast implant product liability litigation. The actual cost to
the company of the breast implant litigation will be dependent upon
a number of factors which will not become known for some time,
including the number of class members that participate in the
revised settlement, the kinds of claims approved, the dollar value
thereof and the disposition of claims of non- participants.
However, based on current estimates, the company has recorded a
special charge to earnings in respect of breast implant litigation
in the fourth quarter of 1995 of $950 million before taxes ($590
million after taxes), or $1.17 per share. The 1995 special charge
is in addition to a charge of $750 million before taxes ($488
million after taxes) recorded in the fourth quarter of 1994 and a
charge of $500 million before taxes ($310 million after taxes)
recorded in the fourth quarter of 1993 ($1.5 billion of liability
offset by expected insurance proceeds of $1.0 billion), related to
breast implant product liability claims.
During the fourth quarter, the company recorded a restructuring
charge of $310 million before taxes, $198 million after taxes, or
$.39 per share. As previously reported, the restructuring charge
relates primarily to the consolidation of plants and facilities, and
related employee termination costs.
Net earnings for the year, including all the charges and
provision, were $1,812 million, or $3.58 per share, in 1995 and
$1,842 million, or $3.62 per share in 1994. For the quarter, a net
loss of $142 million, or $.28 per share, was recorded in 1995
compared to net earnings of $98 million, or $.19 per share, in 1994.
Pharmaceutical product sales for the year increased 12% as a
result of growth in both the U.S. and international markets. Strong
sales growth is due to established products and products introduced
in 1995. CAPOTEN sales remained at prior year levels due to
increased competition in the ACE inhibitor market in the U.S., and
the loss of exclusivity in some markets. TAXOL (paclitaxel), the
company's leading anti-cancer agent, continued to experience strong
growth, increasing 68% over the prior year. Sales also increased
for PRAVACHOL, a cholesterol-lowering agent, MONOPRIL, a second
generation ACE inhibitor, PARAPLATIN, a chemotherapeutic agent used
in the treatment of ovarian cancer, BUSPAR, the company's novel anti-
anxiety agent, and ZERIT, an antiretroviral drug. GLUCOPHAGE, an
oral medication for non-insulin dependent diabetes, launched in 1995
in the U.S., performed exceptionally well. Also contributing to
sales growth were, SERZONE, an antidepressant treatment which offers
a low incidence of side effects, launched in the U.S. in 1995, and
MAXIPIME, a fourth generation injectable cephalosporin, launched in
1995 in international markets.
In the medical devices segment, annual sales increased 13% in
part due to the acquisition of Calgon Vestal Laboratories, as well
as continued growth of ostomy, DUODERM wound care and arthroscopy
products. Knee replacement sales also increased, led by the NEXGEN
Complete Knee Solution, the company's advanced knee replacement
system introduced in 1995.
Sales of the company's nutritional products increased 13% for
the year, led by ENFAMIL, the company's largest selling infant
formula, and the strong growth, particularly in the U.S., of
PROSOBEE, NUTRAMIGEN and LACTOFREE special infant formulas. The
recent success in winning several major sole source contracts under
the Women, Infants and Children (WIC) Program was an important
contributor to the results of the nutritional business as were
strong gains in the non-WIC segments. Two consumer nutritional
beverages launched in 1995, BOOST and SUSTACAL, performed well.
For the year, consumer products sales increased 28%, due in part
to 1994 acquisitions, as well as increased growth in analgesics,
haircoloring and hair care products. Sales of analgesics increased
primarily due to the strong performance of EXCEDRIN, the company's
leading analgesic in the U.S., strong sales of BUFFERIN in Japan and
sales of EFFERALGAN, DAFALGAN and ASPIRINE UPSA in Europe. Sales of
haircoloring products were higher, reflecting worldwide growth of
NICE 'N EASY and the continued success of NATURAL INSTINCTS. Hair
care product sales also increased due to sales of SYSTEME BIOLAGE,
INFUSIUM 23, VAVOOM!, and MATRIX ESSENTIALS and the introduction of
the HERBAL ESSENCES complete line of shampoos and conditioners.
Bristol-Myers Squibb is a diversified worldwide health and
personal care company whose principal businesses are
pharmaceuticals, consumer products, nutritionals and medical
devices. It is a leading maker of innovative therapies for
cardiovascular, metabolic and infectious diseases, central nervous
system and dermatological disorders, and cancer. The company is
also a leader in consumer medicines, orthopaedic devices, ostomy
care, wound management, nutritional supplements, infant formulas,
and hair and skin care products.
BRISTOL-MYERS SQUIBB COMPANY
Condensed Consolidated Statement of Earnings
(Unaudited, in millions of dollars except per share amounts)
Three Months Ended
December 31,
1995 1994
Net Sales $3,608 $3,248
Expenses:
Cost of products sold 921 875
Marketing, selling,
administrative and other 990 843
Advertising and product promotion 464 395
Research and development 323 303
Special charge 950 750
Provision for restructuring 310 --
3,958 3,166
(Loss)/Earnings Before Income Taxes (a) (350) 82
Benefit from income taxes (208) (16)
Net(Loss)/Earnings(a) $ (142) $ 98
(Loss)/Earnings Per Common Share(a) $(.28) $ .19
Average Common Shares Outstanding
(in millions) 505 509
(a) For the fourth quarter, excluding the 1995 and 1994 special
charges and the 1995 provision for restructuring, earnings before
income taxes increased 9% to $910 million from $832 million in 1994,
net earnings increased 10% to $646 million from $586 million in 1994
and earnings per share increased 11% to $1.28 from $1.15 in 1994.
BRISTOL-MYERS SQUIBB COMPANY
Condensed Consolidated Statement of Earnings
(Unaudited, in millions of dollars except per share amounts)
Twelve Months Ended
December 31,
1995 1994
Net Sales $13,767 $11,984
Expenses:
Cost of products sold 3,637 3,122
Marketing, selling,
administrative and other 3,623 3,082
Advertising and product promotion 1,646 1,367
Research and development 1,199 1,108
Special charge 950 750
Provision for restructuring 310 --
11,365 9,429
Earnings Before Income Taxes(b) 2,402 2,555
Provision for income taxes 590 713
Net Earnings(b) $ 1,812 $ 1,842
Earnings Per Common Share(b) $3.58 $3.62
Average Common Shares Outstanding
(in millions) 506 509
(b) For the year, excluding the 1995 and 1994 special charges
and the 1995 provision for restructuring, earnings before income
taxes increased 11% to $3,662 million from $3,305 million in 1994,
net earnings increased 12% to $2,600 million from $2,330 million in
1994 and earnings per share increased 12% to $5.14 from $4.58 in
1994.
/CONTACT: Anthony Carter, 212-546-4339, or Jane Kramer,
609-252-5185, both of Bristol-Myers Squibb Company/
WALTER INDUSTRIES COMPLETES $550 MILLION
FINANCING; REDEEMS HIGH
COST SENIOR NOTES
TAMPA, Fla., Jan. 23, 1996 -- href="chap11.walter.html">Walter Industries (Nasdaq:
WLTR) announced it has completed a planned $550 million bank
financing and redeemed $490 million of Senior Notes Due 2000.
In a move to substantially lower interest costs, the company
replaced the 12.19% Senior Notes and a $150 million working capital
facility with bank credit facilities currently carrying a blended
interest rate of approximately 7%.
G. Robert Durham, Walter Industries' chairman and chief
executive officer, said, "With elimination of the high cost senior
debt, we have accomplished a primary objective of our management and
board since the company's emergence from Chapter 11 last March. The
new facilities will significantly enhance future bottom line
results." Annual interest savings will exceed $20 million, or $.25
per share, Durham said.
The financing, led by NationsBank, consisted of a $365 million
revolving credit facility, a six-year $125 million term loan and a
seven- year $60 million term loan.
/CONTACT: David L. Townsend, Walter Industries, Inc.,
813-871-4448/
ANACOMP RELEASES FIRST QUARTER RESULTS
ATLANTA, Jan. 23, 1996 -- Anacomp,
Inc. today released
first quarter financial results for the period ended December 31,
1995.
For the three months ended December 31, 1995, Anacomp reported a
net income of $513,000, or a gain of one cent per share, on revenues
of $130.3 million. That compares to a loss of $259,000, or a loss
of one cent per share, on revenues of $151.8 million in same period
the previous year. The current period's results reflect Anacomp's
existing capital structure, including interest expense of $18.3
million, prior to its anticipated debt reduction. Included in the
results are a $6.2 million gain on the sale of the company's Image
Conversion Services (ICS) division and a $2.8 million charge for
financial restructuring fees. The decline in revenues was expected
and was a result of discontinued or downsized product lines, as well
as reduced COM systems sales.
Anacomp's operating income - which is income before the ICS
gain, special and restructuring charges, interest, other income, and
income taxes - was $16.2 million for the first quarter of fiscal
1996, a reversal from the fourth quarter's loss of $0.5 million and
the highest amount since the company posted operating income of
$17.9 million in the first quarter of fiscal 1995. Operating
profits as a percentage of revenue increased to 12.5%, an increase
from 11.8% the previous year. This improvement was primarily due to
reductions in Anacomp's selling, general, and administrative costs,
which decreased $7.0 million from the same period a year ago.
"We're on track with our new five-year business plan, and that's
to the credit of all of our employees," said P. Lang Lowrey,
Anacomp's new president and chief executive officer. "In addition,
our first quarter operating income of $16.2 million is the largest
amount we've generated in four quarters."
"This is the first period where we can begin to see results from
our operational restructuring," continued Lowrey. "Not only have we
successfully exited or reduced certain non-core, low-margin
businesses, but we've also significantly cut our costs as a
percentage of revenue. And I'm especially pleased by the
improvements in managing the company's assets."
The sale of Anacomp's ICS division, which was effective November
1, 1995, was part of the company's five-year plan. The division
generated revenues of approximately $20 million in fiscal 1995, but
the profit margins were relatively low and the division's services
were not considered key to Anacomp's future. The sale generated
proceeds of approximately $13.5 million, most of which was used to
reduce the company's debt.
As previously reported, on January 5, 1996, Anacomp filed a pre-
negotiated plan of reorganization under Chapter 11 of the U.S.
Bankruptcy Code in order to accomplish a financial restructuring.
During this process, the company's business operations are
continuing as normal.
"With our operational restructuring now beginning to show
results, our financial restructuring will provide us with the
framework to complete our turnaround," added Lowrey. "Make no
mistake, we still have a lot of work to do. But, so far, we're on
track with everything we set out to do."
Anacomp is a leading provider of multiple-media data management
solutions, delivering cost-effective strategies that incorporate
micrographic, digital, and magnetic output media.
CONSOLIDATED BALANCE SHEETS
Anacomp, Inc. and Subsidiaries
(Dollars in thousands, Dec. 31, Sept. 30,
except per share amounts) 1995 1995
ASSETS
Current assets:
Cash and cash equivalents $27,209 $ 19,415
Accounts and notes receivable,
less allowances for doubtful
accounts of $7,331 and
$7,367, respectively 78,102 90,091
Current portion of
long-term receivables 5,529 6,386
Inventories 46,765 53,995
Prepaid expenses and other 6,825 5,306
Total current assets 164,430 175,193
Property and equipment,
at cost less accumulated
depreciation and
amortization 38,719 44,983
Long-term receivables,
net of current portion 10,039 12,322
Excess of purchase price
over net assets of businesses
acquired and other intangibles,
net 157,884 160,315
Other assets 27,047 28,216
Total $398,119 $421,029
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current portion of
long-term debt $376,371 $389,900
Accounts payable 49,242 57,368
Accrued compensation,
benefits and
withholdings 14,507 20,891
Accrued income taxes 10,618 9,365
Accrued interest 52,569 40,746
Other accrued liabilities 53,292 60,587
Total current liabilities 556,599 578,857
Noncurrent liabilities 5,448 5,841
Redeemable preferred stock, $.01 par value,
500,000 issued, 485,750 and
500,000 outstanding, respectively
(aggregate preference value of $24,288
and $25,000, respectively) 23,897 24,574
Stockholders' equity (deficit):
Common stock, $.01 par
value, authorized
100,000,000
shares, 46,287,660 and
46,187,625 issued,
respectively 463 462
Capital in excess of par value 183,425 182,725
Cumulative translation adjustment 533 1,329
Accumulated deficit (372,246) (372,759)
Total stockholders' equity (deficit) (187,825) (188,243)
Total $398,119 $421,029
CONSOLIDATED STATEMENTS OF OPERATIONS
Anacomp, Inc. and Subsidiaries
Three months ended
(Dollars in thousands, Dec. 31,
(except per share amounts) 1995 1994
Revenues:
Services provided $ 50,928 $ 54,880
Equipment and supply sales 79,337 96,932
Total 130,265 151,812
Operating costs and expenses:
Costs of services provided 27,838 29,437
Costs of equipment and supplies
sold 61,761 73,022
Selling, general and
administrative expenses 24,447 31,460
Total 114,046 133,919
Income from operations before interest,
other income, financial restructuring
costs, and income taxes 16,219 17,893
Interest income 501 475
Interest expense and fee amortization (18,286) (17,949)
Financial restructuring costs (2,801) ---
Other income 6,620 162
Total (13,966) (17,312)
Income before income taxes 2,253 581
Provision for income taxes 1,200 300
Net income 1,053 281
Preferred stock dividends and discount
accretion 540 540
Net income (loss) available to common
stockholders $ 513 $ (259)
Earnings (loss) per common and common equivalent share:
Net income (loss) available to
common $ .01 $ (.01)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Anacomp, Inc. and Subsidiaries
Three months ended
Dec. 31,
(Dollars in thousands) 1995 1994
Cash flows from operating activities:
Net income $ 1,053 $ 281
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation and amortization 8,017 11,515
Loss on disposition of other assets 56 72
Gain on sale of ICS Division (6,202) ---
Change in assets and liabilities, net
of acquisitions:
Decrease (increase) in accounts and
long-term receivables 10,868 (912)
Decrease (increase) in
inventories and prepaid
expenses 5,057 (5,294)
Increase in other assets (810) (3,588)
Decrease in accounts payable
and accrued expenses (8,727) (9,828)
Decrease in other noncurrent
liabilities (70) (906)
Net cash provided by (used in) operating
activities 9,242 (8,660)
Cash flows from investing activities:
Proceeds from sale of ICS Division 13,554 ---
Proceeds from sale of other assets --- 14,519
Purchases of property, plant
and equipment (1,161) (3,236)
Payments to acquire companies and
customer rights --- (542)
Net cash provided by investing
activities 12,393 10,741
Cash flows from financing activities:
Proceeds from issuance of common stock --- 238
Proceeds from revolving line
of credit and long-term
borrowings --- 20,000
Principal payments on
long-term debt (13,705) (36,209)
Preferred dividends paid --- (516)
Net cash used in financing
activities (13,705) (16,487)
Effect of exchange rate changes
on cash (136) (128)
Increase (decrease) in cash and cash
equivalents 7,794 (14,534)
Cash and cash equivalents at
beginning of period 19,415 19,871
Cash and cash equivalents at
end of period $ 27,209 $ 5,337
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest $ 3,486 $ 22,294
Income taxes $ 606 $ 2,508
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(Unaudited)
Anacomp, Inc. and Subsidiaries
Three months ended December 31, 1995
(Dollars in thousands)
Capital in Cumulative Retained
Common excess of Translation earnings
Stock par value Adjustment (deficit) Total
BALANCE AT 9/30/95 $462 $182,725 $ 1,329 $(372,759)$(188,243)
Preferred stock
conversion 1 700 --- --- 701
Preferred stock
dividends --- --- --- (516) (516)
Accretion of redeemable
pref. stock
discount --- --- --- (24) (24)
Translation adjustments
for period --- --- (796) --- (796)
Net income for
the period --- --- --- 1,053 1,053
BALANCE AT 12/31/95 $463 $183,425 $ 533 $ (372,246)$(187,825)
Three months ended December 31, 1994
(Dollars in thousands)
Capital in Cumulative Retained
Common excess of Translation earnings
Stock par value Adjustment (deficit) Total
BALANCE AT 9/30/94 457 $181,843 $ (269) $(132,275)$49,756
Exercise of stock
options --- 14 --- --- 14
Shares issued for
purchases under the
Employee Stock
Purchase Plan 1 223 --- --- 224
Preferred stock
dividends --- --- --- (516) (516)
Accretion of redeemable
preferred stock
discount --- --- --- (24) (24)
Translation adjustments
for period --- --- (972) --- (972)
Graham Stock Issuance 1 143 --- --- 144
Net income for the
period --- --- --- 281 281
BALANCE AT 12/31/94 $ 459 $182,223 $ (1,241) $(132,534)$48,907
/CONTACT: Jeff Withem, Corporate Communications, 404-876-3361, ext.
8527; or Nancy Vandeventer, Investor Relations, 800-350-3044, both
of
Anacomp/
Celtrix Reports Third Quarter
Financial Results - Operating Expenses Down Over 50%; SomatoKine
Nearing Clinical Study
SANTA CLARA, Calif.--Jan. 23, 1996--For the
third quarter ended December 31, 1995, Celtrix Pharmaceuticals, Inc.
(Nasdaq: CTRX) reported revenues of $309,000 and a net loss of
$509,000, or $0.04 per share. These results compare with revenues
of $173,000 and a net loss of $6,140,000, or $0.45 per share, for
the third quarter ended December 31, 1994.
Operating expenses decreased by over 50 percent, to $3,258,000
for the third quarter ended December 31, 1995, from $6,537,000 for
the same period in 1994. This was due primarily to the company's
restructuring and cost-reduction program implemented in the second
half of fiscal 1995.
The company reported a $2.3 million gain on investment from
selling part of the Metra Biosystems securities held by Celtrix
since 1990. In addition, during December 1995, Celtrix exercised
its option under an agreement with Genzyme Corporation, receiving
$4.4 million in exchange for equity. At December 31, 1995, Celtrix
had $19.5 million in cash, cash equivalents and short-term
investments.
For the nine-month period ended December 31, 1995, revenues were
$1,016,000, and the net loss was $5,909,000, or $0.43 per share.
For the same period last year, revenues were $1,565,000, which
included an initial licensing fee from The Green Cross Corporation,
and the net loss was $15,629,000, or $1.19 per share.
"We are pleased with our performance this past quarter," said
Andreas Sommer, Ph.D., Celtrix's president and chief executive
officer. "In addition to achieving good financial results, we
continued to make important progress on the development of
SomatoKine, our lead product candidate."
"Formal toxicology studies on SomatoKine have been completed and
indicate that IGF-I bound to its binding protein BP3 can be safely
administered at doses far above what appears possible with free IGF-
I," Dr. Sommer said. "Along with promising preclinical efficacy
data, these results support our belief that SomatoKine offers
significant potential as a hormone replacement therapy for acute
nutritional deficiencies due to severe trauma, and for muscle and
bone wasting due to chronic illness or aging. Three key patents
received in 1995 further increase our enthusiasm for the commercial
prospects of this novel IGF-BP3 complex.
"We have now begun preparing our Investigational New Drug
application to initiate Phase I human clinical testing this spring,"
Dr. Sommer said. "In addition, we are gearing up the production of
SomatoKine to support Phase II trials, which are expected to begin
this fall."
Celtrix is a biopharmaceutical company focused on developing
novel therapeutics for the treatment of seriously debilitating,
degenerative conditions primarily associated with severe trauma,
chronic diseases or aging. Company programs target the treatment of
acute nutritional deficiencies and muscle wasting. Corporate
partner programs extend these opportunities to include osteoporosis,
tissue repair and multiple sclerosis.
Celtrix Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
December 31, March 31,
1995 1995
(unaudited)
ASSETS
Current assets:
Cash, cash equivalents
and short-term investments $19,511 $19,929
Receivables and other current assets 524 307
Total current assets 20,035 20,236
Property and equipment, net 10,480 12,203
Intangible and other assets, net 2,120 2,585
------- -------
$32,635 $35,024
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $915 $1,480
Current portion of long-term obligations 707 639
Accrued restructuring costs 137 1,306
Total current liabilities 1,759 3,425
Deferred rent 1,224 1,335
Long-term obligations 277 828
Stockholders' equity 29,375 29,436
------- -------
$32,635 $35,024
Celtrix Pharmaceuticals, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
1995 1994 1995 1994
Revenues:
Product sales $28 $88 $88 $296
Related party revenue - - 420 -
Other revenues 281 85 508 1,269
--- --- ----- -----
309 173 1,016 1,565
Costs and expenses:
Cost of sales 11 46 18 135
Research and development 2,727 5,395 8,065 14,832
General and administrative 520 1,096 1,608 2,890
----- ----- ----- ------
3,258 6,537 9,691 17,857
Operating loss (2,949) (6,364) (8,675) (16,292)
Interest income, net 122 224 448 663
Gain on investment 2,318 - 2,318 -
Net loss $(509) $(6,140) $(5,909) $(15,629)
Net loss per share $(0.04) $(0.45) $(0.43) $(1.19)
Shares used in computing
net loss per share 13,991 13,669 13,810 13,100
CONTACT: Celtrix Pharmaceuticals, Inc.,
Mary Anne Ribi,
Vice President and Chief Financial Officer
408/988-2500
CLAIRE'S STORES, INC. ACQUIRES 85-STORE CHAIN IN NATIONWIDE PRIME
RETAIL LOCATIONS
PEMBROKE PINES, Fla., Jan. 23, 1996 -- Claire's
Stores,
Inc. (NYSE: CLE) reported today it had purchased 85 stores formerly
operated by The Icing, Inc. The
price of the all-cash transaction
was not reported.
The Icing, which had filed bankruptcy proceedings, operated the
stores as upscale women's accessory and ready to wear locations.
Rowland Schaefer, Chairman and Chief Executive of Claire's
Stores, said Claire's will continue to use The Icing name in mall
locations where Claire's already has stores. He said in malls where
Claire's does not yet have stores, The Icing stores will be renamed
Claire's, Etc. The stores will feature the value priced accessories
of other Claire's stores, but with an expanded inventory line.
"These new stores will increase the total number of our stores
in North America, the Caribbean and Japan to more than 1,400," Mr.
Schaefer said. "We're also especially pleased to acquire these new
stores because they are in prime retail locations across the
country. We'll have 55 to 60 of them open and operating by May 1,
the start of our second quarter, and we expect them to contribute
significantly to another record year in Fiscal 1997."
Claire's Stores, Inc., the nation's premier retailer
specializing in one-stop shopping for women's fashion accessories,
currently owns and operates 1,329 stores in 49 states, the
Caribbean, Canada and Japan, primarily under the names "Claire's,"
"Claire's Boutiques," "Topkapi" "Dara Michelle," and "Claire's
Accessories."
/CONTACT: Glenn Canary, Director of Investor Relations,
Claire's Stores, 954-433-3900/
HAYES QUARTERLY OPERATING PROFITS UP 274%; EXCEED REORGANIZATION
FORECASTS BY 21%
ATLANTA, Jan. 23, 1996 --- Hayes
Microcomputer Products,
Inc. announced today its Q1 FY 96 financial results, reporting an
operating profit in excess of $5.8 million on $72.4 million in sales
for the quarter. Compared with the same quarter in FY 95 in which
the company recorded approximately $69 million in sales and a $1.6
million operating profit, operating profits increased 274% while
gross margins increased from 28% to 31.8%. Further, Hayes Q1 FY 96
results exceeded the company's operating profit forecasts by nearly
21%.
"Our operating results clearly demonstrate that the company's
turnaround continues to meet or exceed our reorganization plan and
forecasts," said Dennis C. Hayes, Chairman and President of Hayes.
"Despite the ongoing distractions of our confirmation hearings,
various hostile acquisition attempts, and the enormous demands and
costs associated with the reorganization process, the employees of
Hayes have stayed focused on the business."
Noting the operational difficulties that led to the Chapter 11
filing, Gary Franza, Vice President of Sales for Hayes said, "Our
turnaround has for the first time in several years put Hayes in the
position of shipping products to customers from finished goods
inventory. Whereas before we could not meet customer demand for
product, we now have our operations under control and are in a
better position to fulfill the sizable demand we continue to
experience and to get more aggressive in expanding our customer
base."
Hayes filed for voluntary Chapter 11 protection under the U.S.
Bankruptcy Code on November 15, 1994. The Hayes Plan of
Reorganization, which will pay creditors' claims in full plus
interest, was filed on May 15, 1995 and the company's Disclosure
Statement was approved by the Bankruptcy Court on July 10, 1995.
The Confirmation Hearing for the Hayes Plan of Reorganization began
on Dec. 18, 1995 and is expected to continue through the end of
January.
Best known as the inventor of the PC modem, Hayes is recognized
around the globe as a leader in technical innovations, computer
communications standards, functional and feature-rich products, and
superior support and service. Founded in 1977, Hayes develops,
manufactures, and markets value-based computer communications
solutions for software, business, network and consumer market
segments. The company maintains an extensive global network of
authorized distributors, dealers, mass merchants, VARs, system
integrators and original equipment manufacturers. Hayes customers
include Fortune 1000 corporations, mid-size companies and corporate
branch offices, small and home office businesses, online and
telecommunications network providers, and millions of individual PC
users around the globe.
Hayes is a trademark of Hayes Microcomputer Products, Inc.
Other trademarks mentioned are trademarks of their respective
companies.
/CONTACT: Andrew W. Dod, Director of Corporate Communications,
Hayes Microcomputer Products, Inc., 770-840-6808, Fax, 770-441-1238,
Email, adodhayes.com, or Web: http://www.hayes.com/
SEAGULL ENERGY CORPORATION REPORTS RESULTS
HOUSTON, Jan. 23, 1996 -- Seagull Energy
Corporation
(NYSE: SGO) today reported 1995 net income of $0.6 million, or 2
cents per share, on revenues of $336.3 million. The company had an
operating loss for the year of $14.5 million, while net cash
provided by operating activities before changes in operating assets
and liabilities was $97.4 million.
In 1995's fourth quarter, Seagull posted revenues of $91.8
million, operating profit of $17.0 million and net income of $4.8
million, or 13 cents per share.
For all of 1994, the company had revenues of $408.1 million, an
operating profit of $62.1 million, net cash provided by operating
activities before changes in operating assets and liabilities of
$166.8 million and net earnings of $3.2 million, or 9 cents per
share. In the last quarter of 1994, Seagull's revenues were $100.4
million and its operating profit was $6.6 million, but it recorded a
net loss of $6.0 million, or 16 cents per share.
Results for 1995 include a pre-tax gain of $82 million from the
sale of certain gas gathering and gas processing assets, $8 million
in pre- tax charges for severance and relocation costs incurred in a
restructuring program and a non-cash, pre-tax charge of $44.4
million related to the company's adoption of a provision regarding
accounting for the impairment of long-lived assets. Ignoring that
gain and both of the charges, Seagull would have recorded a 1995 net
loss of $18.9 million, or about 52 cents per share.
Results for 1994 included a pre-tax charge of $2.0 million for
costs incurred to obtain authority to issue a new class of Seagull
common stock targeted to the company's utility operations in Alaska.
The stock has not been issued, nor are there current plans to do so.
Seagull Chairman Barry J. Galt attributed the disappointing
results for 1995 principally to weak natural gas prices and
resulting voluntary production curtailments. "Although prices did
strengthen in November and December, full-year average realizations
were well below '94, so throughout much of the year we were
continuing our long-standing practice of curtailing gas production
when prices are unsatisfactory," he explained.
For all of 1995, Seagull produced an average of 273.3 million
cubic feet of natural gas per day (MMcf/d) in the United States at
an average price of $1.64 per thousand cubic feet (Mcf), and 60.5
MMcf/d in Canada at an average price of $1.02 per Mcf. For 1995's
fourth quarter, U.S. gas production averaged 270.2 MMcf/d at an
average realization of $1.80 per Mcf and Canadian production
averaged 64.2 MMcf/d at an average price of $1.15 per Mcf.
In the previous year, Seagull produced an average of 301.1
MMcf/d of natural gas in the United States at an average price of
$1.88 per Mcf, and 54.1 MMcf/d in Canada at a price of $1.55 per
Mcf. In 1994's fourth quarter, U.S. production averaged 281.5
MMcf/d at an average realization of $1.59 per Mcf and Canadian
production averaged 59.2 MMcf/d at an average price of $1.33 per
Mcf.
"While industry-wide factors caused results for 1995 to fall
short of our expectations, it was a year that saw us make
significant progress in strengthening our balance sheet and lowering
interest and operating costs," Galt added. "That progress, together
with our previously announced plans to significantly step up our
exploration, exploitation and acquisition activities this year and
today's somewhat better natural gas price environment, give us
reason to be optimistic about improving our performance in 1996."
Houston-based Seagull is engaged in natural gas and oil
exploration and production and the transportation, distribution and
marketing of natural gas, liquids products and petrochemicals.
BUSINESS SEGMENT INFORMATION (Unaudited)
Three Months Ended 12 Months Ended
December 31, December 31,
1995 1994 1995 1994
FINANCIAL DATA
(In Thousands of Dollars)
Operating Profit (Loss):
Exploration and Production 7,007 (5,443) (46,756) 28,266
Pipeline and Marketing 654 2,273 9,165 11,936
Alaska Transmission
and Distribution 9,306 9,744 23,141 21,865
Depreciation, Depletion and
Amortization:
Exploration and Production 26,487 30,956 115,110 132,047
Pipeline and Marketing 226 1,257 1,883 4,898
Alaska Transmission and
Distribution 1,860 1,934 7,797 7,752
OPERATING DATA
Exploration and Production
Net Daily U.S. Production:
Natural Gas (MMcf) 270.2 281.5 273.3 301.1
Oil and Condensate (Bbl) 2,318 2,887 2,488 3,298
Natural Gas Liquids (Bbl) 1,058 539 688 595
Average U.S. Sales Prices:
Natural Gas ($ per Mcf) 1.80 1.59 1.64 1.88
Oil and Condensate ($ per Bbl) 16.82 16.73 17.07 15.98
Natural Gas Liquids ($ per Bbl) 8.98 10.28 9.48 9.45
Net Daily Canadian Production:
Natural Gas (MMcf) 64.2 59.2 60.5 54.1
Oil and Condensate (Bbl) 683 1,065 794 888
Natural Gas Liquids (Bbl) 212 275 298 282
Average Canadian Sales Prices:
Natural Gas (U.S. $ per Mcf) 1.15 1.33 1.02 1.55
Oil and Condensate
(U.S. $ per Bbl) 14.54 12.24 14.79 12.67
Natural Gas Liquids
(U.S. $ per Bbl) 15.34 10.34 8.29 8.12
Pipeline & Marketing (a)
Average Daily Pipeline
Volumes (MMcf):
Gas Gathering N/A 259 200(b) 277
Gas Marketing 606 521 560 552
Partnership Systems (net) N/A 112 104(b) 112
Gas Processing:
Average Daily Inlet
Volumes (MMcf) N/A 274 255(b) 278
Average Daily Net
Production (Bbl) N/A 4,856 2,982(b) 4,140
Average NGL Sales Price
(cents per gallon) N/A 24.8 23.1(b) 23.6
Alaska Transmission and
Distribution
Degree Days 3,580 3,978 9,997 10,291
Volume of Gas Delivered (MMcf) 13,406 13,987 44,340 44,084
(a) Gas gathering and processing operations sold in September 1995.
(b) Operating data represents activity from Jan. 1, 1995 through
Sept. 25, 1995, the date of the sale of gas gathering and gas
processing operations
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in Thousands Except Per Share Amounts)
(Unaudited)
Three Months Ended 12 Months Ended
December 31, December 31,
1995 1994 1995 1994
Revenues:
Exploration and
production $ 57,240 $ 54,321 $ 209,328 $ 262,543
Pipeline and marketing 3,044 9,979 29,175 39,963
Alaska transmission and
distribution 31,565 36,138 97,770 105,598
Total 91,849 100,438 336,273 408,104
Costs of Operations:
Alaska transmission and
distribution cost of gas
sold 15,061 19,058 46,328 54,465
Operations and
maintenance 23,445 31,167 105,674 119,987
Exploration charges 7,803 9,492 29,555 26,888
Depreciation, depletion
and amortization 28,573 34,147 124,790 144,697
Impairment of gas and
oil properties -- -- 44,376 --
Total 74,882 93,864 350,723 346,037
Operating Profit (Loss) 16,967 6,574 (14,450) 62,067
Other (Income) Expense:
General and
administrative 3,790 1,498 19,167 10,252
Interest expense 11,315 13,760 52,814 51,550
Gain on sale of property,
plant and equipment (1,226) (53) (83,591) (413)
Interest income and other (972) 762 (1,160) (254)
Total 12,907 15,967 (12,770) 61,135
Earnings (Loss) Before
Income Taxes 4,060 (9,393) (1,680) 932
Income Tax Benefit (697) (3,434) (2,312) (2,314)
Net Earnings (Loss) $ 4,757 $ (5,959) $ 632 $ 3,246
Earnings (Loss)
Per Share $ 0.13 $ (0.16) $ 0.02 $ 0.09
Weighted Average Number
of Common Shares
Outstanding
(in thousands) 36,819,730 36,928,290 36,717,188 36,904,482
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
December 31,
1995 1994
ASSETS
Current Assets:
Cash and cash equivalents $ 11,205 $ 6,432
Accounts receivable, net 119,898 101,346
Inventories 4,947 4,530
Prepaid expenses and other 11,331 7,055
Total Current Assets 147,381 119,363
Property, Plant and Equipment - at cost
(successful efforts method for gas and
oil properties) 1,581,002 1,592,152
Accumulated Depreciation, Depletion
and Amortization 569,587 467,845
Total 1,011,415 1,124,307
Other Assets 40,000 55,880
Total Assets $1,198,796 $1,299,550
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 83,111 $ 97,315
Accrued expenses 33,080 31,598
Prepaid gas and oil sales -- 2,732
Current maturities of long-term debt 1,214 1,549
Total Current Liabilities 117,405 133,194
Long-Term Debt 545,343 620,805
Other Noncurrent Liabilities 52,276 57,737
Deferred Income Taxes 36,104 46,713
Shareholders' Equity:
Common Stock, $.10 par value; authorized
100,000,000 shares; issued 36,561,290
(1995) and 36,432,514 shares (1994) 3,656 3,643
Additional paid-in capital 326,918 324,820
Retained earnings 124,591 123,959
Foreign currency translation adjustment 389 (2,684)
Less - note receivable from employee stock
ownership plan (4,922) (5,502)
Less - 308,812 shares (1995) and
326,812 shares (1994) of Common Stock
held in Treasury, at cost (2,964) (3,135)
Total Shareholders' Equity 447,668 441,101
Commitments and Contingencies
Total Liabilities and Shareholders'
Equity $1,198,796 $1,299,550
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
Year Ended December 31,
1995 1994
Operating Activities
Net earnings $ 632 $ 3,246
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation, depletion and amortization 129,141 147,713
Impairment of gas and oil properties 44,376 --
Amortization of deferred financing costs 3,429 3,841
Deferred income taxes (12,355) (5,689)
Dry hole expense 16,147 15,931
Gain on sale of property, plant and
equipment, net (83,591) (413)
Other (395) 2,136
Total 97,384 166,765
Changes in operating assets and liabilities,
net of acquisitions:
Decrease (Increase) in accounts receivable (19,094) 8,204
Increase in inventories, prepaid
expenses and other 2,104 5,217
Increase (Decrease) in accounts payable (13,399) 5,360
Decrease in prepaid gas and oil sales (2,732) (7,591)
Decrease in accrued expenses and other (980) (7,030)
Net Cash Provided by Operating Activities 63,283 170,925
Investing Activities
Capital expenditures (85,347) (150,252)
Acquisitions, net of cash acquired -- (193,859)
Proceeds from sales of property,
plant and equipment 107,514 762
Net Cash Provided by (Used In)
Investing Activities 22,167 (343,349)
Financing Activities
Proceeds from revolving lines of credit and
other borrowings 610,373 753,138
Principal payments on revolving lines of
credit and other borrowings (733,812)(582,827)
Proceeds from monetary production
payment liability 46,242 --
Principal payments of monetary production
payment liability (2,386) --
Fees paid to acquire financing (273) (52)
Proceeds from sales of common stock 1,583 473
Other (2,356) 911
Net Cash Provided by (Used In)
Financing Activities (80,629) 171,643
Effect of exchange rate changes on cash (48) 1,641
Increase in Cash and Cash Equivalents 4,773 860
Cash and Cash Equivalents at Beginning of Period 6,432 5,572
Cash and Cash Equivalents at End of Period $ 11,205 $ 6,432
/CONTACT: Alan Payne, Seagull Energy, 713-951-4700/
BUSINESS EXPRESS BANKRUPTCY
STERLING, Va., Jan. 23, 1996 -- At 2:00 p.m. on
January
22, 1996, Saab Aircraft of America, Inc., Fairbrook Leasing, Inc.
and Saab Aircraft Credit AB (the "Saab Entities") filed an
Involuntary Petition in the United States Bankruptcy Court for the
District of New Hampshire placing href="chap11.busexp.html">Business Express, Inc. into
Chapter 11 bankruptcy proceedings. After several years of operating
losses by Business Express, accompanied by large debts and unpaid
rentals, the Saab Entities were left with no practical alternative
but to seek the relief afforded by the Bankruptcy Court.
The Saab Entities believe that Business Express has a going
concern value which is why they elected to pursue Chapter 11 in
order to assist the airline in protecting all the jobs it provides
and its code-sharing agreements with Delta Air Lines and Northwest
Airlines, the two major carriers with whom Business Express shares
passengers.
Daniel W. Sklar, of Peabody & Brown in Manchester, New
Hampshire, counsel to the Saab Entities, stated, "The automatic stay
provisions of the Bankruptcy Code provide the management of Business
Express the opportunity to continue the airline's safe and
dependable operations while formulating and implementing a permanent
financial plan on a reasonable schedule."
/CONTACT: Ron Sherman of Saab Aircraft of America, 703-406-7226/
Maxtor reports third quarter fiscal `96
SAN JOSE, Calif.--Jan. 23, 1996--Maxtor Corp.
today announced revenues of $356.7 million and a net loss of $24.6
million or $0.46 loss per share for the third quarter of fiscal 1996
ended Dec. 30, 1995.
Third quarter revenues were up 26.8 percent from $281.4 million
reported in the second quarter ended September 30, 1995, and up 49.8
percent from revenues of $238.2 million in the third quarter of
fiscal 1995. This compares with the net loss of $44.5 million or
$0.84 loss per share for the second quarter of fiscal 1996 and a net
loss of $16.4 million or $0.32 loss per share for the third quarter
of fiscal 1995.
The third quarter results for fiscal 1996, include a one-time
charge of $4.5 million related to transaction costs with respect to
the Hyundai Electronics America (HEA) acquisition of Maxtor
Corporation which was completed on Jan. 11, 1996.
Revenues for the first nine months of fiscal 1996 totaled $954.0
million, an increase of 51.2 percent from revenues of $630.9 million
for the same period of the prior year. Net loss for the nine month
period ended Dec. 30, 1995 totaled $82.9 million or $1.57 loss per
share, compared to a net loss of $83.3 million or $1.66 loss per
share in the same period of fiscal 1995.
In December, Maxtor established a $100 million bridge financing
facility with HEA to finance its working capital requirements.
Maxtor intends to replace this bridge loan with long-term financing
this year.
The bridge loan, in conjunction with MaxtorUs existing $100
million unsecured revolving credit facility, provides the company
with $200 million of credit facilities, of which $99 million was
utilized at the end of the December quarter.
The HEA acquisition of Maxtor Corporation was completed Jan. 11,
and Maxtor's stock was delisted from NASDAQ, effective Jan. 12.
Maxtor's 5.75 percent convertible debentures, due 2012 were not
included in the tender offer. The bonds will remain outstanding and
will continue to be listed on NASDAQ under the symbol MXTRG.
Therefore, Maxtor will continue financial reporting as required by
the Securities and Exchange Commission.
Maxtor Corp. develops, manufactures and markets hard disk drives
for desktop and mobile computer systems and had sales of $906.8
million in the fiscal year ended March 1995. A wholly owned,
independently operated subsidiary of Hyundai Electronics America,
Inc.
Maxtor has headquarters in San Jose and employs approximately
8,300 people worldwide.
MAXTOR CORPORATION
CONSOLIDATED STATEMENTS OF LOSS
(In Thousands, Except per Share Amounts)
Unaudited
Three Months Ended
Dec. 30, 1995 Sept. 30, 1995 Dec. 24, 1994
Revenue $ 356,740 $ 281,406 $ 238,174
Cost of revenue 326,000 281,359 216,846
Gross margin 30,740 47 21,328
Research and development 24,778 21,847 15,791
Selling, general 22,070 19,486 20,078
& administrative
Other 4,529
-- --
Loss from operations (20,637) (41,286) (14,541)
Interest expense (3,320) (2,404) (1,294)
Loss before income tax (23,957) (43,690) (15,835)
Provision for income taxes 676 798 600
Net loss $ (24,633) $ (44,488) $ (16,435)
Net loss per share $ (0.46) $ (0.84) $ (0.32)
Shares used in computing
net loss per share 53,110 52,866 50,668
MAXTOR CORPORATION
CONSOLIDATED BALANCE SHEET DATA
(In Thousands)
Dec. 30, 1995 Sept. 30, 1995 March 25, 1995
(Unaudited) (Unaudited) (Unaudited)(a)
ASSETS
Cash and short-term
investments $ 41,366 $ 19,377 $ 108,516
Accounts receivable,
net 125,920 141,436 111,530
Inventories 131,139 143,157 89,680
Other current assets 13,147 13,409 8,695
Total current assets 311,572 317,379 318,421
Property, plant and
equipment, net 78,172 74,751 56,144
Other assets 7,508 5,627 7,282
Total assets $ 397,252 $ 397,757 $ 381,847
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Short-term borrowings $ 99,000 $ 72,000 $ 30,000
Accounts payable 152,376 161,419 136,746
Accrued compensation,
expenses & warranty 68,075 62,542 58,832
Accrued special
and restructuring 220 295 635
Current portion
long-term debt 2,491 2,778 2,957
Income taxes payable 7,683 7,287 6,807
Total current
liabilities 329,845 306,321 235,977
Long-term debt 100,219 100,664 101,967
Stockholders' equity
(deficit) (32,812) (9,228) 43,903
Total liabilities and stockholders'
equity (deficit) $ 397,252 $ 397,757 $ 381,847
(a) Amounts have been derived from the Company's audited fiscal year
financial statements.
MAXTOR CORPORATION
CONSOLIDATED STATEMENTS OF LOSS
(In Thousands, Except per Share Amounts)
Unaudited
Nine Months Ended
Dec. 30, 1995 Dec. 24, 1994
Revenue $ 954,040 $ 630,852
Cost of revenue 893,392 602,196
Gross margin 60,648 28,656
Research and development 69,416 44,416
Selling, general & administrative 60,532 62,560
Other 4,529 --
Loss from operations (73,829) (78,320)
Interest expense (6,992) (3,221)
Loss before income taxes (80,821) (81,541)
Provision for income taxes 2,127 1,800
Net loss $ (82,948) $ (83,341)
Net loss per share $ (1.57) $ (1.66)
Shares used in computing
net loss per share 52,687 50,283
CONTACT: Maxtor Corp., San Jose;
Carol Cassara, 408/432-4567;
Rosanne Ramirez, 408/432-4483;
http://www.maxtor.com
(BUSINESS-EXPRESS) Business Express placed
into Chapter 11
bankruptcy proceedings
PORTSMOUTH, N.H.--Jan. 23, 1996--href="chap11.busexp.html">Business
Express learned today that Saab Aircraft of America, and two
affiliated companies yesterday filed an Involuntary Petition in the
United States Bankruptcy Court for the District of New Hampshire
placing Business Express Inc. into Chapter 11 bankruptcy
proceedings.
Business Express is continuing regular operations and is working
cooperatively with all interested parties. The airline's two
marketing partners Delta Air Lines and Northwest Airlines have
expressed their support for the Business Express code-sharing
relationship.
Robert E. Martens, chairman and CEO, stated, "We are very
pleased that our partners have indicated their support of their code-
sharing relationship with Business Express. It is our intention to
fully justify their confidence by continuing to provide the highest
level of service to the traveling public." Martens went on to say,
"All BEX employees join in that service commitment. Travel agents
and the general public can continue to book travel on Business
Express without concern."
Business Express operates over 400 daily departures to thirty-
two cities in the Northeast and Canada from its hubs at Boston's
Logan International Airport and New York's John F. Kennedy and
Laguardia Airports. The airline operates a fleet of pure jet and
prop-jet equipment including 37 Saab 340s, 2 Avro RJ-70s and 16
Beech 1900s. The carrier employs approximately 1500 associates and
is headquartered in Portsmouth, N.H.
CONTACT: Business Express,
Warren R. Wilkinson, 603/334-4022