NEW YORK, March 8, 1996 - Riddell Sports Inc. (Nasdaq:
RIDL) announced that it has entered into a letter of intent to
settle the claims asserted against it in two separate fraudulent
transfer actions, BRUCE LEVITT, BANKRUPTCY TRUSTEE FOR MACGREGOR
SPORTING GOODS, INC. NOW KNOWN AS M. HOLDINGS, INC., PAUL SWANSON,
BANKRUPTCY TRUSTEE FOR MGS ACQUISITION, INC. V. RIDDELL SPORTS INC.,
ET AL. No. 95-2261 (Bankr. D.N.J.) and INNOVATIVE PROMOTIONS, INC.,
ET AL. V. RIDDELL SPORTS INC. ET AL. IN RE. MACGREGOR SPORTING
GOODS, INC.), (Adv. Proc. No. 94-2656 (RG)).
In the Levitt action, the bankruptcy trustees of href="chap11.macgregor.html">MacGregor
Sporting Goods, Inc. and MGS Acquisition, Inc. alleged that
Riddell
failed to pay fair consideration for its 1988 and 1989 acquisitions
of substantially all the assets and businesses of two former second-
tier subsidiaries of MacGregor Sporting Goods, Inc. at a time when
MacGregor was insolvent or undercapitalized. The businesses
acquired included Riddell's core football equipment business, the
"MacGregor" trademark licensing business and the non-football uses
of the Riddell trademark. The trustees sought rescission of the
purchases or unspecified damages and voiding of the liens of
Riddell's principal lender in the property at issue. Similar claims
were asserted by certain purported unsecured creditors of MacGregor
Sporting Goods Inc. in the Innovative action, in which action the
trustees had intervened. The purported unsecured creditors sought
rescission or damages of at least $22 million plus interest, and
voiding of the lender's liens.
Under the proposed agreement Riddell will pay the trustees
approximately $1.4 million in the aggregate in exchange for the full
settlement, compromise and release of all claims against the
Company, its principal lenders and others arising out of or in
connection with the 1988 and 1989 transactions. The proposed
agreement further provides for an injunction requiring the Trustees
to satisfy any and all valid and enforceable claims arising out of
or related to the 1988 and 1989 transactions out of the settlement
proceeds. Riddell indicated that it would take a pre-tax charge of
$1.9 million against 1995 earnings to reflect amounts payable under
the proposed settlement and related expenses including anticipated
costs of finalizing the settlement agreement and obtaining
bankruptcy court approval.
Riddell indicated, however, that there can be no assurance that
the signing of the letter of intent will lead to a final settlement
because the settlement is subject to execution of a definitive
settlement agreement and must be approved by two bankruptcy courts.
Riddell understands that the creditors' committee for MacGregor has
retained new counsel which intends to oppose the settlement.
David Mauer, Riddell's CEO, commented, "While we are confident
that ultimately we would have prevailed on the merits of the case,
the expense and management time devoted to it is counter to our
desire to focus our resources on the new strategies recently
launched by the company."
Mr. Mauer continued, "The settlement is costly, but the expense
of defending ourselves, even in what we view as a meritless case
against the Company, is also high. Accordingly, we believe this
settlement is in the best interests of the Company and its
shareholders."
Riddell Sports Inc. is the world's leading manufacturer and
reconditioner of football equipment. The Company sells football
helmets (including helmets made for display purposes for
collectors), shoulder pads and other sports protective equipment
under the Riddell brand, and provides reconditioning services under
the Riddell/All American name. The Company also licenses the Riddell
and MacGregor trademarks for use on athletic footwear, leisure
apparel and sports equipment.
CONTACT: Lisa Marroni of Riddell Sports Inc., 212-826-4300
BEVERLY HILLS, Calif., March 8, 1996 - GIANT GROUP, LTD.
(NYSE: GPO) today reported a net loss of $11,508,000 or $2.28 per
share for the fourth quarter ended December 31, 1995 and a net loss
for the year of $22,332,000 or $4.37 per share.
The fourth quarter and year end results include GIANT's non-cash
losses of its 48% owned affiliate, Rally's Hamburgers Inc., in the
amount of $11,585,000 for the quarter and $22,074,000 for the year.
Rally's loss of $24,900,000 or $1.59 per share for the fourth
quarter and a loss of $46,900,000 or $3.00 per share for the year
1995 included non-cash charges of $13.7 million for the early
adoption of Statement of Financial Accounting Standards No. 121
(SFAS 121) and $4.4 million primarily for the planned disposal of
certain excess properties. Non-cash charges were $18.1 million in
the fourth quarter and $31.0 million for the year.
Rally's announced that it is experiencing improvement in same
store sales as the attached chart shows, and believes this
improvement is a result of the operational, organizational and
marketing changes the company has made over the last year. Rally's
actions have resulted in company owned same store sales being up by
approximately 3.5% year over year through the first two months of
1996.
During 1995 and early 1996, GIANT purchased under a previously
announced stock repurchase program 702,000 shares of its common
stock. The Board of Directors continues to feel that the current
market price of GIANT's stock represents an excellent investment
opportunity for the Company.
Mr. Burt Sugarman, Chairman and Chief Executive Officer, stated
"We are pleased to report that a series of actions taken by both
Rally's and GIANT leads us to be optimistic about 1996. The
reorganization of Rally's, although only now coming into place, is
already showing results, GIANT has demonstrated its confidence in
Rally's with the announcement of a proposed exchange offer to
acquire additional stock of Rally's in return for preferred stock of
GIANT. In addition, GIANT has sold $22,000,000 face amount of
Rally's bonds to Rally's for a total price of $15,200,000 resulting
in a reduction of Rally's bonds outstanding to approximately
$63,000,000. This transaction will also save Rally's approximately
$2 million annually in interest expense.
"I have demonstrated my feelings about the future of GIANT GROUP
by exercising options to acquire 300,000 shares of stock for
$2,025,000."
GIANT GROUP, LTD.
FINANCIAL HIGHLIGHTS
Three-Months Ended Twelve-Months Ended
December 31, December 31,
(Dollars in thousands)
1995 1994 1995 1994
Total revenue $1,212 $1,234 $4,096
$1,716
Equity in loss of affiliate (11,585) (5,713) (22,074)
(8,898)
Write-down in carrying value
of investment in affiliate --- (19,396) --- (19,396)
Loss before income taxes (11,794) (27,505) (22,618)
(38,011)
Credit for income taxes (286) (89) (286)
(3,661)
Loss from continuing
operations (11,508) (27,416) (22,332) (34,350)
Income from discontinued
operations, net of income
taxes --- 1 --- 6,598
Gain on sale of discontinued
operations, net of income
taxes --- 48,223 --- 48,223
Net income (loss) ($11,508) $20,808 ($22,332)
$20,471
Earnings per common share:
Loss from continuing
operations ($2.28) ($4.22) ($4.37) ($5.26)
Income from discontinued
operations, net --- --- --- 1.02
Gain on sale of discontinued
operations, net --- 7.46 --- 7.46
Net income (loss) ($2.28) $3.24 ($4.37)
$3.22
(Shares in thousands)
Weighted average common
shares, including common
stock equivalents in 1994 5,039 6,463 5,110 6,463
SAME STORE SALES -- YEAR TO YEAR % CHANGE
1995 1996
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Jan/Feb
Western Region -20% -20% -14% -1%
9%
Northern Region -4% 3% 7% 1%
-2%
Eastern Region -11% -9% -5% -1%
5%
East Central Region -1% 1% -1% -3%
6%
Southern Region -13% -8% -10% -5%
1%
West Central Region -4% 3% 1% 1%
4%
Total Company Stores -8.1% -3.3% -2.5% -1.1%
3.5%
Franchisee Stores -10.0% -5.6% -3.1% -4.5%
-0.6%
Notes: 1. New advertising campaign instituted in most markets
during the last week of February, 1996.
2. Closed stores are removed from same store computations at
date of closure.
LOUISVILLE, Ky., March 8, 1996 - Rally's Hamburgers, Inc.
(Nasdaq: RLLY) announced a loss of $24.9 million or $1.59 per share
for the fourth quarter and a loss of $46.9 million or $3.00 per
share for the year of 1995. The Company recorded non-cash charges
totaling $18.1 million during the fourth quarter and $31.0 million
for the year. The fourth quarter non-cash charges include $13.7
million for the early adoption of Statement of Financial Accounting
Standards No. 121 (SFAS 121) and $4.4 million primarily for the
planned disposal of certain excess properties. Exclusive of these
charges, the Company's 1995 fourth quarter loss would have been $6.7
million or $.43 per share and the loss for the year would have been
$15.9 million or $1.02 per share.
The implementation of SFAS 121, "Accounting for the Impairment
of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of,"
has no cash impact. This new accounting requirement changes the way
a company must identify and measure impairment for long-lived
assets. The new standard requires companies to test at a lower
level of the business for such impairment, where circumstances
indicate that impairment may exist.
Total revenues increased 1% in the fourth quarter to $46.7
million from $46.1 million in the comparable period of 1994.
Company-owned same store sales declined by 1% during the fourth
quarter. Systemwide same store sales declined by 3% during the
quarter. For the year, total revenues increased 1% to $188.9
million from $186.3 million in 1994. Company-owned same store sales
declined by 4% during the year. Systemwide same store sales declined
by 5% for the year. A chart outlining same store sales trends since
the first quarter of 1995 has been included in this release.
Michael E. Foss, Senior Vice President and Chief Financial
Officer stated, "In the third quarter earnings release we
articulated the four basic steps the Company is taking to stem the
losses it has been incurring and return the Company to
profitability. We are making progress down this path: First, we
have attacked the decline in same store sales with new marketing,
promotional and advertising strategies. Our actions to date have
resulted in Company-owned same store sales being up by approximately
3.5% year over year through the first two months of 1996. Rally's
newest advertising campaign focusing on the taste of its products,
which is targeted directly toward our core user, was introduced in
most markets during the last week of February. Second, as of March
7, 1996 the Company has closed 16 under performing restaurants that
had been previously targeted for closure and we have divested 15
surplus properties which have generated $2.4 million in cash that
was received during the first quarter of 1996. Third, the Company
has reorganized itself around 6 regional divisions. This
decentralization will allow decision making in the Company much
closer to the guests we serve. Fourth, we instituted significant
reductions in both our field and corporate overhead structures late
in the fourth quarter."
During January 1996, two significant announcements were made.
First, the Company announced that its largest shareholder, GIANT
GROUP, LTD. was going to initiate an exchange offer that should
result in GIANT significantly increasing its percentage ownership of
the Company from its current level of 48%. Additionally, the
Company bought back $22 million face value of its outstanding 9 7/8%
Senior Notes. These notes were purchased for a combination of $11.1
million in cash and $4.1 million in a short term note. As a result
of this repurchase, $15.2 million of the Senior Notes have been
classified as a current liability in the year-end balance sheet.
This repurchase will save the Company approximately $2 million
annually in interest expense.
The Company was pleased to note that the February 1, 1996
edition of the well known Restaurants & Institutions magazine
reported a first place ranking for Rally's, in the hamburger
category, in overall value, significantly beating out its three
largest competitors: McDonald's, Burger King and Wendy's.
The Company ended the fourth quarter with approximately $14.4
million in cash and investments. Asset sales provided $.6 million
in cash during the quarter. Total debt was approximately $91.8
million at the end of the fourth quarter, down $.3 million from the
end of the third quarter. Total debt as of the end of February,
1996 was reduced to approximately $75.3 million due principally to
the repurchase of the Senior Notes in January. The face value
amount of the Senior Notes that remained outstanding as of the end
of February was approximately $63 million.
The Company opened no units and closed 16 units during the
fourth quarter. Franchise operators opened 4 units and closed 5
units during the quarter. As of March 7, 1996 there were 481
Rally's Hamburgers restaurants operating in 19 states.
Same Store Sales - Year to Year % Change
1995 1996
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Jan/Feb
Western Region -20% -20% -14% -1% 9%
Northern Region -4% 3% 7% 1% -2%
Eastern Region -11% -9% -5% -1% 5%
East Central Region -1% 1% -1% -3% 6%
Southern Region -13% -8% -10% -5% 1%
West Central Region -4% 3% 1% 1% 4%
Total Company Stores -8.1% -3.3% -2.5% -1.1% 3.5%
Franchisee Stores -10.0% -5.6% -3.1% -4.5% -0.6%
Notes: 1. New advertising campaign instituted in most markets
during the last week of February, 1996.
2. Closed stores are removed from same store computations at
date of closure.
RALLY'S HAMBURGERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except shares and per share amounts)
Three Months Ended Twelve Months Ended
Dec. 31, Jan. 1, Dec. 31, Jan. 1,
1995 1995 1995 1995
REVENUES
Restaurant sales 45,267 44,242 181,778
178,476
Royalty fees 1,438 1,743 6,855
7,294
Franchise fees (30) 90 106
328
Area development fees 20 15 120
220
Total revenues 46,695 46,090 188,859 186,318
COSTS AND EXPENSES
Restaurant costs
of sales 17,196 15,430 64,813 62,518
Restaurant operating expenses
exclusive of depreciation
and amortization and other
operating expenses shown
separately below 21,929 19,232 83,671 77,292
General & Administrative
expenses 5,106 4,726 19,606 18,848
Advertising and promotion
expenses 3,529 2,817 13,188 10,898
Depreciation and
amortization 2,708 3,420 13,006 14,139
Provision for restructuring
program, other restaurant
closures, and
other charges 18,106 11,384 31,045 17,259
Total costs
and expenses 68,574 57,009 225,329 200,954
Loss from operations (21,879) (10,919) (36,470)
(14,636)
OTHER INCOME (EXPENSE)
Interest expense (2,654) (2,395) (10,682)
(9,742)
Interest income 57 130 538
477
Other 46 (403) 234
(354)
Total other (2,551) (2,668) (9,910) (9,619)
Loss before
income taxes (24,430) (13,587) (46,380) (24,255)
PROVISION (BENEFIT) FOR
INCOME TAXES 420 (1,602) 539 (4,982)
Net loss (24,850) (11,985) (46,919)
(19,273)
Loss per common and
common equivalent share (1.59) (0.79) (3.00) (1.42)
Weighted average
shares outstanding 15,649 15,095 15,620 13,564
ASSETS December 31, January 1,
1995 1995
Current assets:
Cash and cash equivalents $9,494 $2,707
Investments 4,933 4,085
Royalties receivable, including
$227 and $483 from related parties
at January 1, 1995 and December 31,
1995, respectively, net of a reserve
for doubtful accounts of $402 and
$922 at January 1, 1995 and December 31,
1995, respectively 818 1,016
Accounts and other receivables, net
of a reserve for doubtful accounts
of $176 and $453 at January 1, 1995
and December 31, 1995, respectively 2,131 3,893
Inventory, at lower of cost or market 1,056 943
Current portion of notes receivable,
including $108 and $10 from related
parties at January 1, 1995 and
December 31, 1995, respectively,
net of a reserve for doubtful accounts
of $109 at December 31, 1995 113 250
Prepaid expenses and other current
assets 1,131 1,382
Assets held for sale 2,506 ---
Total current assets 22,182 14,276
Assets held for sale 3,517 10,930
Net property and equipment, at
historical cost 78,683 113,009
Notes receivable, less current
portion, including $197 and $165
from related parties at January 1,
1995 and December 31, 1995,
respectively, net of a reserve for
doubtful accounts of $433 at
December 31, 1995 676 441
Intangible and other assets, less
accumulated amortization of $4,743
and $6,888 at January 1, 1995 and
December 31, 1995, respectively 32,334 30,760
Total assets $137,392 $169,416
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $8,773 $8,263
Accrued liabilities 15,959 10,319
Current maturities of long-term debt
and obligations under capital leases 17,544 2,494
Total current liabilities 42,276 21,076
Senior notes, net of discount of
$897 and $768 at January 1, 1995
and December 31, 1995, respectively 69,034 84,103
Long-term debt, less current maturities 5,749 2,105
Obligations under capital leases,
less current maturities 5,631 5,439
Other liabilities 8,030 3,206
Total liabilities 130,720 115,929
Shareholders' equity:
Common stock, $.10 par value,
50,000,000 shares authorized,
15,837,000 and 15,927,000 shares
issued at January 1, 1995 and
December 31, 1995, respectively 1,593 1,584
Additional paid-in capital 60,804 60,610
Less: Treasury shares,
239,000 and 273,000 shares
at January 1, 1995 and
December 31, 1995, respectively (2,108) (2,009)
Retained deficit (53,617) (6,698)
Total shareholders' equity 6,672 53,487
Total liabilities
and shareholders' equity $137,392 $169,416
MINNEAPOLIS, March 8, 1996 - Minnesota Brewing Company
announced today that one of its principal customers, href="chap11.winter.html">Winterbrook
Corporation, filed a petition for bankruptcy under Chapter 11
of the
United States Bankruptcy Code in Seattle, Wash. on Monday, March 4,
1996. Richard A. McMahon, the President of Minnesota Brewing,
stated that as of March 1, 1996, Minnesota Brewing had unpaid
receivables in the aggregate amount of approximately $800,000 from
Winterbrook Corporation, however this includes charges for over
$400,000 of Winterbrook product still in its warehouse.
Since July of 1993, Minnesota Brewing has produced La Croix
water for Winterbrook Corporation at Minnesota Brewing's Saint Paul
brewery. McMahon stated that the Company intended to work to try to
minimize the impact on the Company from the bankruptcy filing, by
agreeing with Winterbrook to affirm the contract and working with
them to continue production during its bankruptcy proceeding,
exploring alternatives for producing water under a Minnesota Brewing
label, or entering into an arrangement with other water bottlers.
McMahon stated the Company is unable at this time to predict an
effect on earnings, but does not anticipate that it would create any
liquidity problem.
CONTACT: Richard A. McMahon, President of Minnesota Brewing,
612-228-9173
YORK, Pa. -- March 8, 1996 -- The Bon-Ton Stores,
Inc. (Nasdaq:BONT) today reported results for the fourth quarter
ended February 3, 1996.
For the fourteen weeks ended February 3, 1996, the Company
reported a net loss of $1.7 million or $0.16 per share. This
compares to net income of $13.9 million or $1.25 per share in the
fourth quarter of fiscal 1994. The Company recorded a one-time
charge to earnings in the fourth quarter of approximately $6.0
million, or $0.54 per share, reflecting the costs associated with
its previously reported restructuring. Excluding the one-time
charges, net income for the quarter was $4.2 million, or $0.38 per
share. Sales for the fourteen week period totaled $213.9 million, a
decrease of 5.1% from the $225.3 million reported in the 13 week
period in fiscal year 1994. Comparable store sales for the thirteen
weeks ended January 27, 1996 decreased 7.5%.
For the fifty-three weeks ended February 3, 1996, the Company
reported a net loss of $9.2 million or $0.83 per share, compared to
net income of $13.6 million or $1.23 per share reported in the 52
week period of the prior fiscal year. Fiscal 1995 results were
negatively impacted by the fourth quarter restructuring charges and
the $3.5 million in other nonrecurring expenses that were previously
reported on October 25, 1996. Excluding the one-time restructuring
and non-recurring charges, net income for the fifty-three week
period was $0.2 million, or $0.02 per share. The earnings decline
is attributable to a difficult retail environment, new competition,
poor performance of some acquired stores and severe weather
conditions. Year-to-date sales for the fifty-three weeks ended
February 3, 1996, increased 22.7% to $607.4 million from $494.9
million reported in the 52 week period in fiscal 1994. Comparable
store sales for the fifty-two weeks ended January 27, 1996 increased
0.2%.
Commenting on the results, Michael L. Gleim, Vice Chairman and
Chief Operating Officer, stated, "While 1995 results were severely
impacted by the high level of restructuring charges and other
nonrecurring expenses, we feel these charges and the related
workforce reductions will allow the Company to move into fiscal 1996
with a productive, streamlined business that should generate
improved earnings."
Mr. Gleim continued, "We are pleased with the early Spring
results we have seen due to our strategic merchandise changes and
inventory intensification efforts we have implemented to date. The
company announced yesterday that fiscal February month comparable
store sales increased 8.4%."
The Bon-Ton operates 68 department stores in middle and
secondary markets in Pennsylvania, New York, Maryland, West
Virginia, and New Jersey. The stores carry broad assortments of
brand-name fashions and accessories for women, men and children, as
well as home furnishings.
THE BON-TON STORES, INC.
FOURTH QUARTER AND YEAR-TO-DATE EARNINGS STATEMENT
(Amounts in thousands, except per share data)
Fourteen Thirteen Fifty-Three Fifty-Two
Weeks Ended Weeks Ended Weeks Ended Weeks Ended
2/3/96 1/28/95 2/3/96 1/28/95
Net Sales $213,915 $225,347 $607,357
$494,908
Other Income 1,021 1,086 2,266
2,581
214,936 226,433 609,623 497,489
Costs and Expenses:
Costs of
merchandise sold 146,159(1) 137,936 387,947(1)
299,914
Selling, general
and administrative 59,404 62,186 204,867
162,442
Depreciation and
amortization 3,947 2,581 11,895
8,465
Non-recurring expenses 0(1) 0 5,471(1)
0
Restructuring charges 5,690(1) 0 5,690(1)
0
215,200 202,703 615,870 470,821
Income (loss) from
operations (264) 23,730 (6,247)
26,668
Interest expense, net 3,021 2,110 8,722
5,475
Income (loss) before
income taxes (3,285) 21,620 (14,969)
21,193
Income tax provision
(benefit) (1,561) 7,717 (5,766)
7,563
Net income (loss) $(1,724) $13,903 $(9,203)
$13,630
Per Share Amounts
Net income (loss) $(0.16) $1.25 $(0.83)
$1.23
Weighted Average Shares
Outstanding 11,059 11,152 11,044
11,051
(1) Non-recurring expenses are $3.5 million or $0.32 per share on an
after-tax basis. Restructuring charges, which include a $3.5
million (pre-tax) charge recorded as a component of cost of
sales, amounts to $6.0 million or $0.54 per share on an after-tax basis.
GREENWICH, Conn., March 8, 1996 - Resurgence Properties
Inc. (Nasdaq SmallCap: RPIA) announced today that its consolidated
net loss for the quarter ended and the year ended December 31, 1995
was $4,162,000 ($.41 per share) and $7,156,000 ($.72 per share),
respectively. The net loss for the quarter ended December 31, 1994
and the period April 7, 1994 (commencement of operations) through
December 31, 1994 was $10,081,000 ($1.01 per share) and $12,239,000
($1.22 per share), respectively. The 1995 twelve month results
include an extraordinary gain of $839,000 (of which $79,000 occurred
in the fourth quarter) in connection with the purchase of an
interest in the Company's Senior Debt at prices below face amount.
In addition, in accordance with current generally accepted
accounting principles which require the Company to carry its assets
at the lower of depreciated cost or fair value, the twelve month
1995 results reflect write-downs for impairment of $9 million (of
which approximately $5 million was recorded in the fourth quarter),
primarily relating to the impairment of certain assets held for
sale, mortgage loans and operating properties. Such write-downs
were taken only on those assets transferred from Liberte Investors
on April 7, 1994 in connection with the consummation of Liberte's
Chapter 11 reorganization. The 1994 results include write-downs for
impairment of $8.5 million which were recorded in the fourth
quarter. The income before write-down for impairment of value and
extraordinary gain was $1,010,000 for the year ended December 31,
1995 versus a $3,779,000 loss for the prior year. For the year
ended December 31, 1995 the Company received approximately $7.6
million in net proceeds from asset dispositions. At December 31,
1995, the book value of the Company's real estate portfolio was
approximately $144 million and shareholders' equity was
approximately $82 million.
In January and February 1996 the Company sold two operating
properties, an earning mortgage and a number of land assets
resulting in net proceeds of approximately $10.9 million and a gain
of approximately $102,000. In addition, the Company has entered into
contracts for the sale of two operating properties for approximately
$9.6 million. Both contracts are subject to customary closing
conditions and are expected to close in March or April 1996.
Resurgence is engaged in diversified real estate activities
including the ownership, operation and management of retail, office,
industrial/ warehouse and multi-family real estate located
throughout the United States, and investments in mortgage loans.
Resurgence was formed as a result of the consummation of the Chapter
11 reorganization of Liberte Investors (f/k/a Lomas and Nettleton
Mortgage Investors) on April 7, 1994. Pursuant to the
reorganization, Liberte transferred most of its assets to
Resurgence. Resurgence is managed and administered by Wexford
Management LLC.
RESURGENCE PROPERTIES INC.
Financial Highlights
(in thousands, except per share amounts)
Balance Sheet Data
(unaudited)
December 31,
Assets: 1995 1994
Operating Real Estate Assets
(net of accumulated depreciation
and amortization of $4,337 and $1,945) $95,070 $105,356
Mortgage Loans on Real Estate (net of
allowance for loan losses of
$5,295 and $10,830) 16,919 30,026
Assets Held for Sale 31,707 19,090
Total Real Estate Assets 143,696 154,472
Cash and Cash Equivalents 8,818 26,877
Other Assets 3,349 1,898
Total Assets $155,863 $183,247
Liabilities and Shareholders' Equity:
Total Debt $66,032 $85,316
Other Liabilities 7,830 8,746
Total Liabilities 73,862 94,062
Redeemable Preferred Stock 300 300
Shareholders' Equity 81,701 88,885
Total Liabilities and Shareholders'
Equity $155,863 $183,247
Net Book Value Per Share
(10,000,000 shares outstanding): $8.17 $8.89
RESURGENCE PROPERTIES INC.
Financial Highlights
(in thousands, except per share amouts)
Operating Data
(unaudited)
For the Period
April 7, 1994
For the For the For the (commencement
Quarter Quarter Year of operations)
Ended Ended Ended Through
Dec. 3l, Dec. 31, Dec. 31, Dec. 31,
1995 1994 1995 1994
Total Revenues $5,974 $5,516 $23,857 $14,995
Operating Expenses 3,032 4,842 13,087 12,227
Interest Expense 1,421 1,600 6,438 4,546
Depreciation and
Amortization 777 695 3,322 2,001
Total Expenses 5,230 7,137 22,847 18,774
Income (Loss) Before
Write-down for
Impairment of Value
and Extraordinary
Gain 744 (1,621) 1,010 (3,779)
Write-down for
Impairment of Value 4,985 8,460 9,005 8,460
Loss Before Extra-
ordinary Gain (4,241) (10,081) (7,995) (12,239)
Extraordinary Gain 79 -- 839 --
Net Loss $(4,162) $(10,081) $(7,156) $(12,239)
Net Loss Per Common
Share (10,000,000
shares outstanding):
Loss Before Extra-
ordinary Gain $(0.42) $(1.01) $(0.80) $(1.22)
Extraordinary Gain 0.01 -- 0.08 --
Net Loss $(0.41) $(1.01) $(0.72) $(1.22)