SAN ANTONIO, Texas -- April 11, 1996 -- href="chap11.solo.html">Solo Serve
Corporation today reported sales of $9.5 million for the five
week
period ended April 6, 1996, on the 29 Solo Serve stores continuing
in operation, all of which were in operation in March 1995.
The Company's comparable store sales were approximately the same
during the five week period ended April 6, 1996, as compared with
the same period in 1995. Total store sales for the five weeks ended
April 1, 1995, when the Company operated 30 Solo Serve stores, were
$9.3 million, of which $268,000 was associated with a store that is
now closed. The 1996 sales include the Easter selling season which
was in April in 1995.
The Company's year-to-date sales of $15.7 million for the nine
weeks ended April 6, 1996 represents a decrease of approximately 1
percent from total store sales of $15.9 million for the nine weeks
ended April 1, 1995. The Company's year-to-date comparable store
sales decreased 2.5 percent.
Separately, the Company also reported a net loss for the fourth
quarter ended Feb. 3, 1996 of $1.5 million, or $.36 per share,
compared to net income of $18,000, or $.006 per share, for the same
period last year. The net loss for the 53 weeks ended Feb. 3, 1996
was $4.8 million, or $1.34 per share, compared to a net loss of
$15.5 million, or $5.45 per share, for the 52 weeks ended Jan. 28,
1995. The fiscal year ended Feb. 3, 1996 includes a $1.8 million
charge for the reorganization costs related to the Company's filing
for protection under Chapter 11 of the Bankruptcy code on July 21,
1994 and an extraordinary gain (net of tax benefits of $1.4 million)
on discharge of debt of $2.8 million.
According to Timothy Grady, Chief Operating Officer, "For 1996,
we have developed a business strategy which allows for improved
financial results given recent sales trends. Our objective is to
target an achievable sales volume with higher gross margins. The
key elements of our strategy are lower average store inventories,
quicker price reduction on slower moving merchandise, constant flow
of fresh merchandise, more focused promotional pricing, and a
significantly reduced cost structure. The Company has implemented
programs designed to achieve $3 million of cost reductions on an
annualized basis. The reductions principally result from programs
designed to increase labor productivity and reduce advertising
costs. We are also evaluating additional non-employee expense
reductions in a variety of areas. We are pleased with our progress
to date in lowering costs and increasing our gross margin as a
percentage of sales."
Solo Serve Corporation operates a chain of off-price retail
stores offering a wide selection of name brand and other merchandise
at prices substantially below traditional department and specialty
stores. The Company currently has 29 Solo Serve stores in Texas,
Louisiana and Alabama.
SOLO SERVE CORPORATION
CONDENSED BALANCE SHEETS
(unaudited)
Assets January 28, February 3,
1995 1996
(in thousands)
---------------------------
Current Assets:
Cash and time deposits $ 17,084 $ 772
Inventory 14,949 14,210
Other current assets 2,455 2,274
---------------------------
Total current assets 34,488 17,256
Property and equipment, net 18,011 15,634
Goodwill and service marks, net 530 410
Receivables from factors 1,663 --
---------------------------
Total Assets $ 54,692 $ 33,300
Liabilities and Stockholders' Equity
Liabilities not subject to compromise:
Current Liabilities:
Current portion of long-term debt $ -- $ 684
Accounts payable and accrued expenses 8,653 6,637
---------------------------
Total current liabilities 8,653 7,321
Long-term debt 5 15,136
Post-retirement benefit obligation 501 565
Liabilities subject to compromise 33,385 461
---------------------------
Total Liabilities 42,544 23,483
---------------------------
Total Stockholders' Equity 12,148 9,817
---------------------------
Total Liabilities and
Stockholders' Equity $ 54,692 $ 33,300
SOLO SERVE CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(unaudited)
Quarter Ended Year Ended
(13 weeks) (14 weeks) (52 weeks) (53 weeks)
Jan. 28, Feb. 3, Jan. 28, Feb. 3,
1995 1996 1995 1996
(in thousands except per share amounts)
-------------------------------------------------
Net Sales $ 34,659 $ 32,126 $ 138,925 $
109,823
Cost of goods sold
(including buying
and distribution,
excluding
depreciation
shown below) 25,115 25,172 100,687
83,474
-------------------------------------------------
Gross Profit 9,544 6,954 38,238
26,349
Selling, general,
and administrative
expenses 8,382 7,375 39,013
29,620
Depreciation and
amortization expenses 764 653 3,748
2,815
-------------------------------------------------
Operating (loss) 398 (1,074) (4,523)
(6,086)
Interest expense 166 435 1,090
1,129
-------------------------------------------------
Income (Loss) before
reorganization items,
taxes and extraordinary
items 232 (1,509) (5,613)
(7,215)
Reorganization items 214 -- 6,262
1,787
-------------------------------------------------
Income (Loss) before
income taxes and
extraordinary item 18 (1,509) (11,875)
(9,002)
(Benefit from) Provision
for income taxes -- -- 3,661
(1,418)
-------------------------------------------------
Net Income (Loss) before
extraordinary item 18 (1,509) (15,536)
(7,584)
Extraordinary item:
gain on discharge
of debt
-- -- -- 2,753
-------------------------------------------------
Net (loss) $ 18 $ (1,509) $ (15,536) $
(4,831)
Net Income (Loss) per
common share before
extraordinary item $ -- $ (.36) $ (5.45) $
(2.10)
Extraordinary gain
per common share -- -- -- $
.76
-------------------------------------------------
Net (loss) per
common share $ -- $ (.36) $ (5.45) $
(1.34)
Weighted average
common shares
outstanding 2,843,334 4,245,015 2,849,867
3,604,853
BOWLING GREEN, Ohio, April 11, 1996 - Mid Am, Inc.
(Nasdaq: MIAM, MIAMP) today announced record earnings of $6.6
million for the first quarter of 1996, an increase of approximately
$800,000 or 13.8% from $5.8 million earned in the first quarter of
1995. Earnings per share were $.31 ($.30 fully diluted), compared to
$.27 ($.26 fully diluted), for the same period in the prior year.
First quarter earnings represent a return on common
shareholders' equity of 15.06% and a return on average assets of
1.23%. This compares to ratios of 13.99% and 1.13%, respectively,
in the prior year's first quarter. The Company's strong earnings
performance in the first quarter of 1996 was largely attributed to
its mortgage banking activities generating gains in excess of $2
million from sales of loans, compared to $600,000 in the first
quarter of 1995. Mortgage loan originations increased in 1996 due
primarily to the lower interest rate environment. Mortgage loan
sales in the first quarter of 1996 amounted to approximately $140
million compared to $22 million for the same period in the prior
year.
Compared to the fourth quarter of 1995, first quarter net income
increased to $6.6 million from $6.2 million. The increase was
primarily due to improved performance in mortgage banking, brokerage
commissions and collection agency fees.
At March 31, 1996, the ratios of non-accrual loans to total
loans and non-performing loans to total loans were .56% and .64%,
respectively. The Company's ratios of allowance for credit losses
to non-performing assets was 146%, versus 140% at the end of the
prior quarter, and the Company's allowance for credit losses to non-
performing loans was 159% at the end of the first quarter. Non-
performing assets were .69% of total loans plus other real estate
owned.
The Company, through its affiliates, owns approximately $6.2
million of lease receivables representing approximately 1,000 leases
which were purchased from and are being serviced by The href="chap11.bennett.html">Bennett
Funding Group, Inc., a Syracuse-based company which recently
filed
for bankruptcy protection. The Company has taken steps to remove
its leases from the bankruptcy estate and is pursuing all other
remedies available to it. While the timeliness of future payments
and the ultimate collectibility of the leases remains uncertain, the
Company does not currently believe it will be subject to a material
loss.
Mid Am, Inc. is the ninth largest bank holding company in Ohio
and is headquartered in Bowling Green, Ohio. The Company's
affiliates include Mid American National Bank and Trust Company,
Toledo; First National Bank Northwest Ohio, Bryan; American
Community Bank, N.A., Lima; AmeriFirst Bank, N.A., Xenia and
Cincinnati; Adrian State Bank, Adrian, Michigan; International
Credit Service, Toledo and CCB Services, St. Petersburg, Florida;
MFI Investments Corp., Bryan; and Mid Am Information Services, Inc.,
Bowling Green, the Company's technology and operations affiliate.
On March 19, 1996, Mid Am, Inc. announced the formation of Mid Am
Credit Corp., a full-service equipment leasing and financing unit.
The Company will concentrate primarily on medical equipment
financing on a nationwide basis. Mid Am Credit Corp., as a wholly-
owned subsidiary of Mid Am, Inc., will be headquartered in Columbus,
Ohio, and will maintain a satellite office in Los Angeles,
California.
MID AM, INC. STATEMENT OF EARNINGS - (unaudited)
For Three Months Ended
March 31, Percent
(Dollars in thousands) 1996 1995 Change
Interest income $40,939 $38,579 6.1
Interest expense 20,408 18,066 13.0
Net interest income 20,531 20,513 0.1
Provision for credit losses 559 410 36.3
Net interest income after
provision for credit losses 19,972 20,103 (0.7)
Non-interest income
Trust department 368 336 9.5
Service charges on
deposit accounts 1,628 1,459 11.6
Mortgage banking 2,842 1,493 90.4
Brokerage commissions 3,500 1,753 99.7
Collection agency fees 1,014 884 14.7
Net gains on sales
of securities 325 34 855.9
Other income 1,877 1,531 22.6
Total non-interest income 11,554 7,490 54.3
Non-interest expense
Salaries and employee benefits 10,042 8,759 14.6
Net occupancy expense 1,291 1,271 1.6
Equipment expense 1,903 1,755 8.4
Other expenses 8,525 7,327 16.4
Total non-interest expense 21,761 19,112 13.9
Income before income taxes 9,765 8,481 15.1
Applicable income taxes 3,158 2,673 18.1
Net income $ 6,607 $ 5,808 13.8
Net income available to
common shareholders $ 5,968 $ 5,080 17.5
MID AM, INC.
FINANCIAL SUMMARY - (unaudited)
For Three Months Ended
(Dollars in thousands, March 31, Percent
except per share data) 1996 1995 Change
Earnings per common share:
Primary $0.31 $0.27 14.8
Fully diluted 0.30 0.26 15.4
Cash dividend paid on
common share $0.16 $0.15 6.7
Shares outstanding:
Average primary 19,126,000 19,131,000 ---
Average fully diluted 22,305,000 22,684,000 ---
PERFORMANCE RATIOS
Net interest spread - FTE 3.62 3.90 ---
Net interest margin - FTE 4.19 4.41 ---
Return on average common
shareholders' equity 15.06 13.99 ---
Return on average total assets 1.23 1.13 ---
Average Balances for Three
Months Ended March 31
Total assets 2,167,759 2,076,152 4.4
Loans - net of unearned income 1,476,771 1,447,093 2.1
Loans held for sale 19,868 8,690 128.6
Total deposits 1,813,709 1,721,464 5.4
Common shareholders' equity 159,371 147,256 8.2
Total shareholders' equity 194,675 187,302 3.9
RANCHO DOMINGUEZ, Calif., April 11, 1996 - href="chap11.bum.html">B.U.M.
International Inc. (Nasdaq: BUMM) filed for protection under
Chapter
11 of the Bankruptcy Code in Los Angeles, CA, on April 10, 1996.
B.U.M. International, Inc. intends to complete a restructuring
program and has retained Sandford L. Frey, Esq. and Robyn Sokol,
Esq. of the Los Angeles office of Epstein, Becker & Green as its
bankruptcy attorneys.
Although the Company has been unable to finalize its financial
statements for the fiscal year ended December 31, 1995 and is
therefore not current in its SEC reporting, the net loss for fiscal
1995 is expected to be between $9 and $16 million. B.U.M.'s
operations for first quarter 1996 are expected to show further net
losses from operations in excess of $1.7 million.
B.U.M. International, Inc.'s restructuring plans include the
orderly liquidation of its 41 retail outlet stores. The Company
plans to move forward as a licensing and marketing company.
CONTACT: Troy Wiseman of B.U.M. International, 847-490-6515
PEMBROKE PINES, Fla., April 11, 1996 - Claire's Stores,
Inc. (NYSE: CLE) reported today it has purchased the assets of
Accessory Place, Inc., and will
take over 31 stores. The price of
the all-cash transaction was not reported.
Accessory Place, which had filed bankruptcy proceedings,
operated the stores primarily in the eastern half of the United
States.
Rowland Schaefer, Chairman and Chief Executive of Claire's
Stores, said the 31 Accessory Place stores will be refurbished and
renamed Claire's.
"These new stores will bring the total number of our stores in
North America, the Caribbean, Japan and the United Kingdom to more
than 1500," Mr. Schaefer said. "The locations are excellent and
they fit perfectly into our aggressive expansion program."
Claire's Stores, Inc., the nation's premier retailer
specializing in one-stop shopping for women's fashion accessories,
currently owns and operates stores in 49 states, the Caribbean,
Canada, Japan and the United Kingdom 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, Inc., 954-433-3900
SEATTLE, April 11, 1996 - Rex Steffey, President and CEO
of Jay Jacobs, Inc. (Nasdaq: JAYJ), a
Seattle-based retailer of
young men's and women's fashion apparel, announced today the
retailer's entry into the Indiana market with five locations in the
greater Indianapolis area. This is the company's first new market
since 1991, and its first major expansion effort since emerging from
Chapter 11 protection in November 1995. Indianapolis represents the
first market in Jay Jacobs' strategic plan to expand nationwide over
the next several years by adding stores in core markets and
expanding to additional markets. In addition to these five stores,
the company plans to open several additional locations in the
Indiana market in fiscal 1996.
"Based on the success of our recent store openings in existing
markets, we are committed to additional expansion and have
identified several new markets, beginning with five stores in the
Indianapolis area, as a key component of our post-emergence business
plan," said Steffey. "Introducing Jay Jacobs to Indianapolis is
like coming home - to the city where I built my retail career, and a
market I know very well."
According to Steffey, Jay Jacobs provides an exciting new
shopping alternative for contemporary young men and women in the
Indianapolis area, and is a shopping destination where men and women
can shop together. Local stores range in size from 4,000 to 6,500
square feet and will employ up to ten full and part-time associates
per store. The new stores will all be within a one hour drive of
Indianapolis in the following locations:
"We are extremely pleased with the performance of our two
Indianapolis area locations which opened in late March, and are
anticipating strong results from the remaining three stores," said
Bill Lawrence, Chief Financial Officer. "As an Indianapolis native
and 20-year retail veteran, I am confident that this will be an
excellent new market for Jay Jacobs."
The Company is planning an official grand opening for the new
market at its Greenwood Mall location on April 26, 1996 at 10:00 am.
Steffey and Lawrence both joined Jay Jacobs after leading the
turnaround efforts of Paul Harris, where they enabled the
Indianapolis retailer to emerge from Chapter 11 protection in
September 1992. The management team duplicated this success at Jay
Jacobs by refocusing the merchandising strategy to appeal to a
broader customer base involving young professionals with a
contemporary focus, and improving profitability through increased
private label development and a key item strategy.
Seattle-based Jay Jacobs, Inc. carries contemporary merchandise
for young men and women in its 136 apparel stores located primarily
in regional shopping malls in 21 states.
CONTACT: Carreen Winters of MWW/Strategic Communications, Inc.,
201-507-9500, or e-mail, cwintersmww.com
FAIR LAWN, N.J. -- April 11, 1996 -- Warner
Insurance Services, Inc. (NASD OTC Bulletin Board - WISI) today
announced revenues and net loss for the year ended December 31,
1995.
On March 4, 1996, Warner announced a series of agreements
relating to its former Insurance Services Division ("ISD") which
resulted in the settlement and dismissal of lawsuits with certain
affiliates of The Robert Plan Corporation and the release of Warner
from continuing obligations under certain contracts for the
provision of insurance services to ISD customers. As part of the
restructuring, Warner transferred a predominant part of its ISD
assets to MDA Services, Inc., a subsidiary of The Robert Plan
Corporation, which has succeeded Warner as the servicing processor
for the ISD customers. As a result, effective March 1, 1996, Warner
discontinued providing insurance processing services to the
automobile insurance industry and has restated its prior years'
financial statements to reflect those activities as discontinued
operations.
The net (loss) for the years ended December 31, 1995 and 1994
was ($11,401,835) ($1.33 per share) and ($14,220,082) ($1.60 per
share), respectively. With the discontinuance of ISD operations,
Warner's continuing business is providing software products for the
property/casualty and health care insurance industries through its
wholly-owned subsidiary COVER-ALL Systems, Inc. ("COVER-ALL").
COVER-ALL revenues for the year ended December 31, 1995 were
$4,118,754 compared with $1,926,822 for the year ended December 31,
1994. (Loss) from continuing operations for the years ended
December 31, 1995 and 1994 was ($3,544,090) ($.41 per share) and
($7,466,445) ($.84 per share), respectively.
COVER-ALL revenues in the quarters ended December 31, 1995 and
1994 were $1,004,156 and $658,425, respectively. (Loss) from
continuing operations in the quarters ended December 31, 1995 and
1994 were ($717,580) ($.08 per share) and ($3,359,337) ($.38 per
share), respectively.
As announced on April 3, 1996, the Company has entered into a
series of transactions with Software Investments Limited ("SIL") and
Care Corporation Limited ("Care") whereby Warner (a) sold to SIL for
$3,022,391 (i) 1,412,758 shares of Warner Common Stock for $2.00 per
share and (ii) five-year warrants to purchase an aggregate of
196,875 shares of Warner Common Stock exercisable at $2.00 per share
for $1.00 per warrant ($196,875) and (b) assigned to SIL Warner's
rights to repurchase 50 percent of the Warner Common Stock
(1,628,100 shares) and Warrants (to purchase 776,562 shares of
Warner Common Stock) that Warner issued in connection with the
transfer and discontinuance of its ISD business that was announced
on March 4, 1996. SIL has agreed to exercise the 776,562 warrants
and pay to Warner an additional $1,552,124 ($2.00 per share) which
proceeds the Company anticipates receiving by the middle of May
1996. The aforementioned proceeds of $3,022,391 and $1,553,124 will
be used for working capital purposes. In addition, Warner was
granted by Care the exclusive license for the Care software systems
for use in the workers' compensation and group health claims
administration markets in Canada, Mexico and Central and South
America. In exchange for this license, Warner issued to Care
2,500,000 shares of Warner Common Stock, which if during the next
three years this license does not provide $5,000,000 of revenues or
more, Warner can repurchase portions of the shares at $.01 per share
based on the level of actual revenues achieved.
The effect of the agreements for the transfer and discontinuance
of ISD and the sale of Warner Common Stock and Warrants to SIL is to
significantly improve Warner's balance sheet by moving Warner from a
negative net worth to a positive net worth. In addition, Warner has
ceased incurring the continuing losses of ISD and has settled its
two significant lawsuits. Warner's independent auditors' report in
connection with Warner's consolidated financial statements which for
the year ended December 31, 1994 contained an explanatory paragraph
regarding going concern uncertainty with respect to litigations will
now be unqualified for the years ended December 31, 1995 and 1994.
Alfred J. Moccia, President and Chief Executive Officer of Warner,
stated that "now that the Company's financial position has
substantially improved, it can focus on marketing and enhancing its
software products for the property/casualty and health care
insurance industries. The combination of the COVER-ALL TAS 2000
technology and the Care products will offer an attractive solution
to the administrative processing needs in the international
marketplace."
COVER-ALL is a provider of state-of-the-art computer products
for the property/casualty insurance industry specializing in
strategic insurance software solutions and development tools for
rating, coding and issuing policies, as well as administering client
claims, direct billing, agency billing, client billing, agencies,
general ledger, and statistical and financial reporting utilizing
the latest client-server, relational database technology. COVER-ALL
continues to receive strong inquiry about its newly developed client-
server based administration modules and tools that have been
developed utilizing ORACLE-based products.
The following is a summary of operating highlights for the three
months and year ended December 31, 1995 and 1994:
WARNER INSURANCE SERVICES, INC. AND SUBSIDIARIES
OPERATING HIGHLIGHTS
Three Months Ended Year Ended
December 31, December 31,
------------------------- --------------------------
1995 1994 1995 1994
----------- ------------ ------------ ------------
(Unaudited) (Audited) (Audited)
Software
licensing
and main-
tenance
revenues $ 1,004,156 $ 658,425 $ 4,118,754 $ 1,926,822)
----------- ------------ ------------ ------------
COSTS AND
EXPENSES:
Sales and
marketing 116,261 410,544 465,045 1,584,902
Research and
development 425,367 722,698 1,932,920 2,499,436
General and
administra-
tive ex-
penses 1,180,108 1,242,087 4,099,879 5,782,280
Special
charges -- 3,373,000 1,165,000 3,373,000
----------- ------------ ------------ ------------
1,721,736 5,748,329 7,662,844 13,239,618
----------- ------------ ------------ ------------
Loss from
continuing
operations
before
income tax
(benefit) (717,580) (5,089,904) (3,544,090) (11,312,796)
Income tax
(benefit) -- (1,730,567) -- (3,846,351)
Loss from
continuing
operations (717,580) (3,359,337) (3,544,090) (7,466,445)
Loss from
discontinued
operations
less applicable
income tax
(benefit)
of none,
($1,541,387),
none,
($923,649)
respec-
tively (1,547,888) (7,965,591) (7,107,987) (6,753,637)
Loss on dis-
posal of dis-
continued
operations,
including
$1,000,000
provision
for operating
losses during
phase-out
period,
without tax
benefit (749,758) -- (749,758) --
----------- ------------ ------------ ------------
Net loss $(3,015,226) $(11,324,928) $(11,401,835) $(14,220,082)
Loss per
share from
continuing
operations$ (0.08) $ (0.38) $ (0.41) $ (0.84)
Net (loss)
per share $ (0.35) $ (1.28) $ (1.33) $ (1.60)
Weighted
average
number
of common
shares out-
standing 8,560,904 8,816,271 8,559,307 8,868,926
Special charges represent write-down of capitalized software
development costs and provision for facilities and excess equipment
in the fourth quarter 1994 and the write-off of additional software
development costs and executive and other severance costs in the
first quarter of 1995.
ATLANTA, April 11, 1996 - Closing the books on its best
quarter ever, Hayes Microcomputer
Products, Inc. announced today its
consolidated first quarter 1996 financial results, reporting
operating income of $6.0 million on $77.2 million in sales for the
quarter. Compared with the same quarter in 1995, sales increased
16.4% while operating income increased 251%. Including a one-time
gain from the sale of surplus land owned by the company, net income
for the quarter was $6.9 million versus a loss of $1.3 million the
previous year.
"With these results, we can confidently proclaim that our
turnaround plan worked," said Dennis C. Hayes, Chairman of Hayes.
"Since our reorganization began, this is the fifth of the last six
quarters that the company has recorded operating profits," said
Hayes.
Reflecting on the improved financial performance and condition
of the company, James A. Jones, Chief Financial Officer of Hayes,
said, "We have been able to reduce our debt over the past year by
$27.0 million through significantly improved inventory management,
and engineering and manufacturing enhancements that have decreased
costs and increased our margins." Continued Jones, "In addition,
the recent launch of three new consumer products, including a DSVD
modem, increasing demand for our business class, PCMCIA, and network
rack products, and unprecedented results from our international
operations, positions Hayes for continued growth and profitability
going forward."
"I am proud of the employees of Hayes for their hard work and
dedication," said Dennis Hayes. "With every twist and turn in the
road, the employees of this company remained focused on the
business. We are emerging from our reorganization efforts stronger
than ever, focused on the future, and ready to compete."
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, on-line and
telecommunications network providers, and millions of individual PC
users around the globe.
HAYES MICROCOMPUTER PRODUCTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(In thousands, except per share data)
Quarter Ended
03/31/96 03/31/95
Net Sales $ 77,178 $ 66,306
Operating costs and expenses:
Cost of sales 54,594 47,887
Selling, operating and admin. 16,561 16,703
Operating income 6,023 1,716
Other income (expense) 8,456 (1,457)
Interest, net (1,093) (576)
Income (loss) before reorganization
expenses and income taxes 13,386 (317)
Reorganization expenses 1,819 1,862
Income tax expense (benefit) 4,712 (887)
Net income (loss) $ 6,855 $ (1,292)
Earnings (loss) per common share $ 0.40 $ (0.07)
Shares outstanding 17,328 17,328
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands)
03/31/96 03/31/95
Assets:
Cash and cash equivalents $ 16,515 $ 9,445
Receivables 36,951 36,981
Inventory 35,652 42,660
Other current assets 2,741 6,711
Property, plant and equipment 7,040 10,191
Other assets 8,019 17,463
Total $106,918 $123,451
Liabilities and Stockholders'
Equity:
Accounts payable and accrued
expenses $ 38,246 $ 11,948
Current maturity of long-term
debt 3,261 24,916
Liabilities subject to
compromise 52,513 52,678
Long-term debt 55 5,436
Stockholders' equity 12,843 28,473
Total $106,918 $123,451