SAN DIEGO, CA -- March 29, 1996 -- Genta Incorporated
(NASDAQ:GNTA) announced today its operating results for the fourth
quarter and year ended December 31, 1995. The company reported a
net loss of $25.4 million (before preferred stock dividends of $2.6
million) or $1.43 per common share for the year ended December 31,
1995 including $4.8 million in charges (primarily non-cash) incurred
in the first and second quarters of 1995 associated with the
expansion of Genta Jago, the company's drug delivery joint venture
with Jagotec AG. The net loss for 1995 also included approximately
$1 million in non-recurring costs and expenses primarily
attributable to the company's rest ructuring efforts and related
workforce reductions. The net loss for 1995 compares to a net loss
of $23.4 million (before preferred stock dividends of $2.6 million)
or $1.90 per common share for the year ended December 31, 1994,
which amount included $1.85 million in charges related to the
expansion of Genta Jago. For the fourth quarter ended December 31,
1995, the company's net loss totaled $5.1 million (before preferred
stock dividends of $638,000) or 25 cents per common share compared
to a net loss of $7.2 million (before preferred stock dividends of
$638,000) or 56 cents per share for the fourth quarter of 1994. The
net loss for the fourth quarter of 1995 included approximately
$400,000 of the aforementioned non-recurring costs and expenses
while the net loss for the fourth quarter of 1994 was impacted by
$850,000 in charges associated with the expansion of Genta Jago.
Charges associated with the expansion of Genta Jago relate to
rights acquired during 1995 which may allow Genta Jago to develop
and commercialize an additional 35 controlled-release products.
With these expanded product rights, Genta Jago now maintains the
rights to develop controlled-release formulations of approximately
60 products using Jagotec's GEOMATRIX technology. Genta Jago has
several potential products in various stages of development, the
majority of which are inte nded to be generic versions of successful
brand-name drugs currently marketed by others in a controlled-
release format. One of these potential products is being developed
through a collaboration formed earlier in March 1996 with Apothecon,
Inc., the multisource subsidiary of Bristol-Myers Squibb, while
another product is being developed through a collaboration with
Gensia, Inc. and its collaborative partner, Boehringer Mannheim
Pharmaceuticals Corporation.
Exclusive of the charges associated with the expansion of Genta
Jago, the company reported reductions in net losses during the
fourth quarter and year ended December 31, 1995 relative to 1994,
primarily due to lower operating costs largely attributable to
Genta's restructuring and related cost savings measures implemented
in the first half of 1995. These reductions in research and
development and selling, general and administrative expenses during
the fourth quarter and year ended December 31, 1995 relative to 1994
were, however, partially offset by the aforementioned non-recurring
charges recorded during these periods and by reductions in the level
of collaborative research funding and interest income during 1995.
Earlier this month, the company raised gross proceeds of $6
million in a private placement of preferred stock sold to
institutional investors. Reflecting the net proceeds from this
financing, the company's cash and cash equivalents are anticipated
to be sufficient to finance its presently planned operations into
the third quarter of 1996. Since the company does not presently
have sufficient cash to finance its operations through December 31,
1996, Genta's auditors have included an emphasis paragraph in their
opinion on the 1995 financial statements with respect to the
company's ability to continue as a going concern.
The company is, however, negotiating with potential corporate
partners regarding collaborative agreements and is actively seeking
additional equity and ot her financing arrangements which, if
successfully completed, would provide additional financial support
for its drug development programs.
Except for the historical information contained herein, the
matters discussed in this press release are forward-looking
statements that involve risks and uncertainties, including
unexpected changes in the company's capital needs, the ability of
the company to obtain sufficient financing to maintain the company's
operations and the other risks detailed from time to time in Genta's
Securities and Exchange Commission (SEC) reports and filings,
including the company's annual report on Form 10-K for the year
ended December 31, 1995 and its Registration Statements on Form S-3.
Actual results may differ materially from those projected. These
forward-looking statements represent Genta's judgment as of the date
of this release. Genta disclaims, however, any intent or obligation
to update these forward-looking statements.
Genta Incorporated is an emerging integrated biopharmaceutical
company developing a diversified product portfolio. The products
furthest along in the pipeline are GEOMATRIX oral controlled-release
drugs being developed by the joint venture between Genta and Jagotec
AG. Genta's long-term research focuses on the development of its
proprietary Anticode technology intended to block or regulate
diseases at their genetic source.
GENTA INCORPORATED
SELECTED CONSOLIDATED FINANCIAL DATA
(In thousands, except per share data)
Three months ended Years ended
December 31, December 31,
1995 1994 1995 1994
Consolidated Statements of Operations Data:
Revenues:
Product sales $ 970 $ 741 $ 3,782 $ 3,574
Collaborative
research and
development --- 448 1,125 3,141
----- ----- ------ ------
970 1,189 4,907 6,715
Costs and expenses:
Cost of products sold 490 370 1,899 1,710
Research and
development 2,064 3,529 11,277 13,533
Charge for acquired
in-process research
and development --- 850 4,762 1,850
Selling, general and
administrative 1,372 1,769 5,439 6,376
------ ------ ------ ------
3,926 6,518 23,377 23,469
Loss from operations (2,956) (5,329) (18,470) (16,754)
Equity in net loss
of joint venture (2,157) (1,923) (6,913) (7,425)
Other income, net (30) 88 17 731
Net loss $(5,143) $(7,164) $(25,366) $(23,448)
Dividends on
preferred stock (638) (638) (2,551) (2,550)
Net loss applicable
to common shares $(5,781) $(7,802) $(27,917) $(25,998)
Net loss per
common share $(.25) $(.56) $(1.43) $(1.90)
Shares used in
computing net loss
per common share 23,082 13,875 19,519 13,710
December 31,
1995 1994
(1)
Consolidated Balance Sheets Data:
Cash, cash equivalents and
short-term investments $ 272 $ 11,103
Working capital (deficit) (3,153) 5,597
Total assets 15,631 23,908
Notes payable and capital lease
obligations, less current portion 2,334 1,871
Total stockholders' equity 5,399 14,076
(1) Excludes $2.8 million in proceeds from the company's private
placement of Series B Convertible Preferred Stock, reported as a
receivable from sale of preferred stock at December 31, 1995.
NEW YORK -- March 29, 1996 -- Belding Heminway
Company, Inc. (NYSE:BHY) today announced its financial results for
the fourth quarter and year ended December 31, 1995. The results
for both periods reflect the Company's previously announced decision
to divest its Home Furnishings Division, and account for the
Division as a discontinued operation, effective with the 1995 fourth
quarter. In addition, and also as previously reported, the Company
initiated a number of programs to improve the efficiency and
productivity of its Thread Division, which resulted in an after-tax
charge of $22.5 million, or $3.04 per share, representing primarily
a write-down of goodwill ($17.4 million) and impaired assets, in the
fourth quarter of 1995.
The Company reported 1995 fourth quarter sales from continuing
operations of $22.9 million, an increase of 8% from comparable sales
of $21.3 million in the fourth quarter last year. The net loss
applicable to common shares from continuing operations and before
the Thread Division's one-time charge was $1,221,000, or $0.16 per
share after provision for preferred dividends. This compares with a
net loss applicable to common shares from comparable operations of
$581,000, or $0.10 per share after provision for preferred dividends
in the year ago quarter. The loss from continuing operations before
the one-time charge and provision for preferred stock dividends was
$891,000 compared to a loss from comparable operations of $60,000 in
the year ago period. Preferred stock dividends were $330,000, and
$521,000 in the fourth quarter of 1995 and 1994, respectively.
Weighted average common shares outstanding increased 28% compared to
the 1994 fourth quarter due to the conversion of preferred stock
into common shares in December 1994.
Reflecting the Home Furnishings Division as a discontinued
operation, the Company recorded a loss, primarily non-cash and
including goodwill, from discontinued operations of $18,377,000, or
$2.48 per share, net of income tax benefits, in the fourth quarter.
The 1995 fourth quarter loss reflects both the estimated loss on the
sale of the discontinued business as well as its operating losses
through the date of its expected disposition.
For the year ended December 31, 1995, sales from continuing
operations were $88.7 million versus sales from comparable
operations of $76.8 million in the year ago period, an increase of
15%. The net loss applicable to common shares from continuing
operations and before one-time charges was $307,000, or $0.04 per
share, versus a net loss applicable to common shares from comparable
operations of $315,000, or $0.06 per share last year. Income from
continuing operations before one-time charges was $975,000 before
provision for preferred stock dividends of $1,282,000 versus net
income from comparable operations of $2,027,000 before provision for
preferred dividends of $2,342,000 last year. Weighted average
common shares outstanding increased 41% compared to 1994 due to the
conversion of preferred stock into common shares in December 1994.
The net loss applicable to common shares from continuing
operations including one-time charges of $25,000,000 was $22,835,000
after provision for preferred stock dividends.
The Company noted that its Button Division's continuing
operation's sales increased by 7.4% in 1995 compared to 1994, which
was partially attributable to the Company's sales of its three
dimensional buttons.
Gregory Cheskin, President and Chief Executive Officer said:
"The full year and particularly our fourth quarter results reflect
lower demand for thread used primarily by the automotive, furniture,
and footwear industries. Our results were also impacted by lower
than historical margins in our Thread Division due to increased raw
materials pricing, increased labor costs, and certain operating
inefficiencies which have been identified in our restructuring
program. Our restructuring program is designed to aggressively
address margin and operating efficiency improvements at the Thread
Division, and to provide the Thread operations with the capability
to increase profitability even during soft market conditions, such
as now exist. Our Button Division continued to perform well,
reflecting the strength of our brand franchise and talent of our
team."
Separately, the Company announced that it has amended its credit
facility agreement effective March 15, 1996. The Company previously
announced that it had been in violation of certain covenants under
its credit agreement at December 31, 1995, which have been waived
under the terms of the amended agreement.
Among other provisions, the amended agreement includes both
higher annual interest and administrative costs as compared with
those costs in the original agreement. The maturity date of the
amended agreement also has been changed to July 1, 1997 from its
original maturity date of December 31, 1999.
In addition, the amended agreement provides for the payment of
significant fees if certain repayment targets in respect to the
credit facility are not met, and also contains certain covenants
which directly relate to its planned disposition of assets
associated with its Home Furnishings Division. Details of the
amended credit facility agreement are described in the Company's
1995 form 10-K filing with the Securities and Exchange Commission
(SEC).
Belding Heminway manufactures and markets industrial and
consumer threads, and consumer sewing and crafts products,
principally buttons. In addition to its headquarters in New York
City, it has manufacturing or distribution facilities in Lansing,
Iowa, Hendersonville, North Carolina, Watertown and Winsted,
Connecticut, and Bronx, New York. Belding's Home Furnishings
division manufactures decorative home furnishings fabrics through
its manufacturing and distribution facilities in Emporia, Virginia.
BELDING HEMINWAY COMPANY, INC.
AND SUBSIDIARIES
CONDENSED STATEMENTS OF OPERATING RESULTS
(Amounts in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
1995 1994 1995 1994
Net sales from continuing
operations $22,885 $21,287 $88,654
$76,767
Operating income before non-
recurring charges $ 283 $ 1,252 $ 7,133 $
7,385
Net income (loss) to common
stockholders - continuing
operations (1) (23,749) ( 581) (22,835)
(315)
Discontinued operations
(net of tax) (18,377) 730 (18,000)
1,497
Net income (loss) applicable
to common stockholders ($42,126) $ 149 ($40,835)$
1,182 (2)
Earnings per common share:
Continuing operations (1) $ (3.21) $ (0.10) $ (3.08)
$(0.06)
Gain on preferred
redemption -- 0.71 -- 0.78
Discontinued operations (2.48) 0.12 (2.43)
0.28
Total ($5.69) $0.73 ($5.51)
$1.00
Weighted average common shares
outstanding
(in thousands) 7,409 5,802 7,414
5,265
(1) - The net loss applicable to common stockholders from
continuing in 1995 operations includes a pre-tax impairment charge
of $25 million, which is associated with the Company's Thread
Division. (2) - Excludes gain of $4.099 million resulting from the
conversion of preferred stock into common shares in December 1994.
CONSOLIDATED & SUMMARIZED BALANCE SHEET
(Dollars in thousands)
December 31, 1995 December 31, 1994
Current Assets $32,356 $ 31,518
Total Assets $94,124 $128,452
Current Liabilities $22,570 $ 21,163
Total Liabilities $86,622 $ 81,393
Stockholders' Equity:
Preferred $ 22,179 $ 20,897
Common $(14,677) $ 26,162
CONTACT: BELDING HEMINWAY COMPANY, INC.
Gary Silverman, 212/556-4700
or
Morgen-Walke Associates
Investor Contact:
June Filingeri, Robert Weiner
Media Contact: Leslie Feldman, Suzanne Miller
212/850-5600
NEW YORK -- March 29, 1996 -- The
Leslie Fay
Companies, Inc. today reported improved financial results for the
fourth quarter and full year of fiscal 1995 as compared with the
same periods in 1994.
For the 52 weeks ended December 30, 1995, Leslie Fay reported an
operating profit of $1.2 million, compared with an operating loss of
$27.3 million in the prior year. This gain was the result of
actions Leslie Fay has undertaken to reduce overhead and other
corporate expenses and to strengthen gross profit by reducing
markdowns and production costs.
Leslie Fay's net sales in fiscal 1995 were $445.2 million,
compared with $535.3 million in fiscal 1994. Contributing to this
decrease were the restructuring actions, including the closing of
several divisions, implemented by the company in 1994 and 1995,
which have resulted in a smaller, more focused business. On a
comparable business basis, excluding closings, divestitures and new
businesses, the company had a net sales increase of $15.4 million,
or 3.6 percent, over 1994.
After reorganization costs, interest and financing costs, and
taxes, Leslie Fay reported a net loss of $17.8 million, or $0.95 per
share, in fiscal 1995, compared with a net loss of $149.5 million,
or $7.97 per share, in fiscal 1994.
For the 13 weeks ended December 30, 1995, Leslie Fay reported an
operating loss of $3.6 million on sales of $78.5 million, compared
with an operating loss of $25.8 million on sales of $106.0 million
in the fourth quarter of fiscal 1994. After reorganization costs,
interest and financing costs, and taxes, Leslie Fay reported a net
loss of $3.2 million, or $0.17 per share, in the 1995 fourth
quarter, compared with a net loss of $113.5 million, or $6.05 per
share, in the same quarter of 1994.
As previously announced, Leslie Fay and the Official Committee
of Unsecured Creditors of Leslie Fay have jointly filed a plan of
reorganization with the U.S. Bankruptcy Court for the Southern
District of New York. The plan provides for the company to emerge
from chapter 11 by separating its Sassco Fashions business from its
Leslie Fay Dress, Leslie Fay Sportswear, Outlander and Castleberry
businesses. If this proposed plan is consummated, Leslie Fay's
current equity will be extinguished.
John J. Pomerantz, Chairman and Chief Executive Officer of
Leslie Fay, said, "We are pleased by the company's improved
financial performance in 1995, which can be attributed to profitable
growth in the Sassco and Leslie Fay sportswear divisions and better
margins in the Leslie Fay dress division. We are also extremely
encouraged by the response to our product by the consumer. We are
working diligently to conclude the chapter 11 process and emerge
from bankruptcy protection as soon as possible."
Founded in 1947, The Leslie Fay Companies, Inc., is one of the
nation's leading manufacturers of women's apparel, including
dresses, suits and sportswear. Its brand names include Leslie Fay,
Albert Nipon, Kasper for A.S.L., Castleberry, Outlander, and HUE.
THE LESLIE FAY COMPANIES, INC. AND SUBSIDIARIES
(Debtor in Possession)
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
(In thousands, except per share data)
Statements of Operations Data:
(Unaudited)
Fifty-Two Weeks Ended Thirteen Weeks Ended
Dec. 30, Dec. 31, Dec. 30, Dec. 31,
1995 1994 1995 1994
Net Sales $ 445,204 $ 535,333 $ 78,551 $ 106,020
Operating
Income (Loss) 1,235 (27,278) (3,622) (25,843)
Interest and
Financing
Costs 3,262 5,512 689 2,400
(1995 and 1994
excludes
contractual
interest of
$18,031 and
$18,240, and
$4,507 and
$4,507,
respectively) Reorganization
Costs 16,575 115,769 (1,282) 85,124
Loss before
provision
(benefit)
for income
taxes (18,602) (148,559) (3,029) (113,387)
Provision
(benefit) for
income taxes (761) 981 126 143
Net Loss ($17,841) ($149,540) ($3,155) ($113,510)
Net Loss per
share of
common stock ($0.95) ($7.97) ($0.17) ($6.05)
Weighted average
common shares
outstanding 18,772 18,772 18,772 18,772
Balance Sheet Data: December 30, December 31,
1995 1994
Total Assets $ 245,980 $ 281,634
Total Liabilities 401,888 419,569
Stockholders' Deficit (155,908) (137,935)
MARLBOROUGH, Mass. -- March 29, 1996 -- Sequoia
Systems Inc. (NASDAQ:SEQS) announced today that expected revenue for
its third quarter of Fiscal 1996 ending March 31, 1996 will be
approximately 15 percent - 20 percent lower than the revenues of the
previous two quarters, which were $27.5 million and $27.9 million
consecutively. Fiscal 1995 third quarter revenue totaled $30.2
million, buoyed by strong sales to one telecommunications customer.
The company attributed the weakness primarily to an order rate
reduction by its largest telecommunications customer and softer
demand in its Enterprise Systems and ruggedized industrial product
lines. However, initial order rates for the recently introduced
HARDBODY mobile computer offering exceeded shipments in the quarter.
The company had previously announced its intentions to implement
cost reduction programs this quarter. As a result of the weakness
in orders, the company expects to record total charges of
approximately $4 - 5 million for severance and other costs of
restructuring operations following the 1995 merger with
TexasMicrosystems, and for reducing the carrying value of certain
assets. Excluding these charges the company expects to report an
operating loss of under $1M for the third quarter of Fiscal 1996.
Third quarter Fiscal 1995 profits were $0.8 million or $.05 per
share.
Final results for the third quarter of Fiscal 1996 are expected
to be released on April 24, 1996.
Sequoia Systems Inc. provides computing technology from the
desktop to the mainframe for environments in which fast response,
system availability and data integrity are critical. Sequoia
Enterprise Systems provides fault-tolerant and highly available
computers and servers for enterprise computing. Under the Texas
Micro brand, Sequoia provides ruggedized, mission-critical PCs,
mobile computers, rack-mounted systems and components that are Intel
and SPARC-based. Sequoia's (SEQS) common stock is traded on Nasdaq.
CONTACT: Sequoia Systems Inc.
Richard B. Goldman, 508/480-0800 x1557
MOORESTOWN, N.J. -- March 29, 1996 -- href="chap11.todays.html">Today's Man,
Inc. (Nasdaq: TMANQ) operating under the protection of Chapter
11 of
the U.S. Bankruptcy Code as a Debtor-In-Possession, announced sales
and operating results for the fourth quarter and twelve months ended
February 3, 1996.
Sales for the quarter were $82.7 million, a 10% increase
compared with sales of $75.4 million for the fourth quarter last
year. The loss for the quarter was $30,684,900 or $2.83 per share,
compared with net income of $2,277,900 or $0.21 per share, for the
same period a year ago. The loss includes a restructuring charge of
$19,248,700, or $1.77 per share, comprised primarily of asset write-
off and lease rejection costs associated with the Company's
previously announced decision to exit operations in the Greater
Chicago market, to close three additional underperforming stores;
two located in the greater New York market and one located in the
greater Washington D.C. market and the outlet center in Sawgrass
Mills, Florida. The current year's fourth quarter included 14 weeks
as compared to 13 weeks in the same period a year ago. Weighted
average shares outstanding were 10,861,005 and 10,828,094
respectively.
Sales for the twelve months ended February 3, 1996 were $263.3
million, a 21% increase compared with sales of $216.9 million for
the twelve months last year. The loss for the twelve months was
$35,677,900, or $3.29 per share, compared with net income of
$4,607,900 or $0.43 per share, for the same period a year ago. In
addition to the $19.2 million fourth quarter restructuring charge,
the Company's 1995 results reflect certain charges that are not
anticipated to be incurred in future periods, including $1.9 million
of severance payments related to the departure of certain executive
officers of the Company and $0.8 million of asset related write-
offs. The current year included fifty-three weeks as compared to
fifty-two weeks during the prior year. Weighted average shares
outstanding were 10,846,971 and 10,818,956 respectively.
Comparable store sales for the fourth quarter decreased 7% and
for the twelve months decreased 1%. Today's Man operated 35
superstores at February 3, 1996 compared with 28 stores at January
28, 1995.
"The Company's results were impacted by a variety of factors
including significant restructuring charges related to store
closings, a disappointing holiday season and heavy mark-downs in the
first quarter of last year," said David Feld, Chairman and Chief
Executive Officer. "While we are disappointed with these results,
we believe that the measures the Company has taken -- including
improved merchandising and sourcing strategies, the exit from the
Chicago market and the closing of three underperforming stores
-- support our efforts to improve the Company's performance and
return to profitability."
Today's Man is a men's apparel superstore retailer offering a
wide selection of tailored clothing, furnishings, accessories and
sportswear at every day low prices. Upon completion of the
previously announced store closings, the Company will operate 25
locations in the greater New York , Philadelphia and Washington,
D.C. markets.
Today's Man, Inc.
(Debtor-In-Possession)
CONSOLIDATED STATEMENTS OF INCOME
For For For For
Fourteen Thirteen Fifty-Three Fifty-Two
Weeks Ended Weeks Ended Weeks Ended Weeks Ended
Feb. 3, 1996 Jan. 28, 1995 Feb. 3, 1996
Jan. 28, 1995
Net Sales $82,747,800 $75,445,000 $263,256,000
$216,892,600
Cost of goods sold 62,135,700 47,946,200 180,928,200
137,439,200
Gross profit 20,612,100 27,498,800 82,327,800
79,453,400
Selling, general and
administrative
expenses 33,814,700 23,049,500 100,747,200
70,264,100
Restructuring charges 19,248,700 - 19,248,700
-
(Loss)/income from
operations (32,451,300) 4,449,300 (37,668,100)
9,189,300
Interest expense 1,192,000 506,600 3,557,300
1,698,100
Other expense, net 554,000 656,000 653,500
535,300
(Loss) income before
income tax
(benefit)/provision (34,197,300) 3,286,700 (41,878,900)
6,955,900
Income tax
(benefit)/provision (3,512,400) 1,008,800 (6,201,000)
2,348,000
Net (loss)/income $(30,684,900) $2,277,900 $(35,677,900)
$4,607,900
Net (loss)/income
per share $ (2.83) $ 0.21 $ (3.29)
$ 0.43
Weighted average
shares outstanding 10,861,005 10,828,094 10,846,971
10,818,956
CONTACT: Frank E. Johnson
Vice President and
Chief Financial Officer
(609) 722-6380 or
or
MWW/Strategic Communications, Inc.
Public Relations - Tel. (201) 507-9500
Michael Kempner -- mkempner@mww.com
Carreen Winters -- cwinters@mww.com
BOGOTA, N.J., March 29, 1996 - DVL, Inc. (OTC-Bulletin
Board: DVLN) reported net income of $2,120,000 ($.21 per share) on
operating revenue $3,237,000 for the fiscal year ended December 31,
1995. This compares to a net loss of $11,175,000 ($1.34 per share)
on operating revenue of $3,784,000 for the fiscal year ended
December 31, 1994.
DVLN's net income in 1995 was the result of an extraordinary
gain on settlement of indebtedness of $7,900,000, which includes a
$6,100,000 gain recognized on settlement with DVLN's final unsettled
creditor. If certain payments are made by DVLN in 1996 and 1997 to
such creditor, then DVLN will recognize additional extraordinary
gains in the future of approximately $7,400,000. As a result of
these settlements, DVLN no longer has any debt obligations that are
in default.
On March 28, 1996, DVLN entered into a Loan Agreement with NPM
Capital LLC ("NPM") pursuant to which NPM will lend DVLN the
necessary funds to repay four existing creditors and to make
principal payments to a fifth creditor. The new loan will be
repayable over a six year term. DVLN expects NPM will be required to
advance between $5,000,000 and $6,500,000 to accomplish the
repayment of these loans.
In connection with the transaction, DVLN and NPO Management LLC
("NPO") - an affiliate of NPM have entered into an Assest Servicing
Agreement pursuant to which NPO will provide DVLN with
administrative and advisory services relating to the assets of DVLN
and its affiliated partnerships. DVLN anticipates that by
outsourcing such services it will be able to reduce its existing
overhead, thereby offsetting the costs of such services. The
principals of NPO have substantial experience in finance, real
estate and partnership management.
Furthermore, certain affiliates of NPM have agreed, upon funding
of the new loan, to acquire 1,000,000 shares of DVLN common stock
for $200,000, which represents approximately seven percent of DVLN's
outstanding common stock. DVLN will also issue to NPM warrants to
purchase up to an additional 42% of the outstanding common stock of
DVLN.
Consummation of the new loan, Asset Servicing Agreement, stock
purchase and warrant agreements are subject to shareholder approval.
If approved by the shareholders, a closing is anticipated in the
third quarter of 1996.
DVL, INC.
ANNUAL RESULTS OF OPERATIONS
(in thousands except share data)
1995 1994
Operating revenues $3,237 $3,784
Loss before extraordinary gain $(5,780) $(13,110)
Extraordinary gain on the
settlements of indebtedness 7,900 1,935
Net income (loss) $2,120 $(11,175)
Earnings per share data:
Primary
Loss before extraordinary gain $(.58) $(1.57)
Extraordinary gain on the
settlements of indebtedness $.79 $.23
Net income (loss) $.21 $(1.34)
Average shares outstanding 9,980,565 8,336,640
Fully Diluted
Loss before extraordinary gain $(.58) $(1.57)
Extraordinary gain on the
settlements of indebtedness .79 .23
Net income (loss) $.21 $(1.34)
Average shares outstanding 9,980,565 8,336,640