CLEARWATER, Fla. -- April 26, 1996 -- Aerosonic
Corp. (ASE:AIM) Friday reported a net loss of $1,192,000, or $.31,
for the fiscal year ended Jan. 31, 1996, as compared to a net loss
of $211,000, or $.06 per share in the prior fiscal year.
Net loss for the fourth quarter was $874,000, or $.23 per share,
as compared to a loss of $920,000, or $.24 per share, for the prior
year quarter.
The company previously announced its intentions to restructure
and implement cost reductions. In line with that objective, the
company has written off $925,000 of inventory, of which $545,000 had
been reclassified as "long-term inventory" in the previous year
ended Jan. 31, 1995. In addition, the company has recorded $100,000
for possible added costs and interest related to the Sensonics
litigation. The company has also provided $220,000 for
restructuring costs. These expenses were all applied to the fourth
quarter. The prior year quarter included the $815,000 provision for
litigation.
The litigation, as previously reported, was the result of a
judgment against Aerosonic in a patent infringement action filed by
Sensonics Inc. This decision has been appealed and the company is
awaiting the ruling from the Court.
Overall sales decreased $5,428,000, or 22%, for the year. This
primarily occurred within the Ordnance Division. Ordnance sales for
the prior year consisted of the Military Base Closure contract which
was completed during the third fiscal quarter.
Overall sales increased $353,000, or 8%, for the fourth quarter.
This resulted primarily from a 13% increase in Clearwater Instrument
sales.
After several declining years, the aircraft industry in general
is showing an upward trend worldwide. As a result of the
restructuring mentioned above, the company believes it has
positioned itself to take advantage of this positive industry trend.
AEROSONIC CORP.
Three Months Ended Twelve Months Ended
Jan. 31, Jan. 31,
1996 1995 1996 1995
Net sales $ 4,603 4,250 18,966 24,394
Net loss $ (874) (920) (1,192) (211)
Net loss per share $ (0.23) (0.24) (0.31) (0.06)
Weighted average number
of shares and common
shares equivalents 3,799 3,792 3,798 3,794
MAITLAND, Fla. -- April 26, 1996 -- Dynamic
Healthcare Technologies, Inc., (NASDAQ: DHTI) today announced
operating results for the first quarter ended March 31, 1996. The
Company reported revenues of $2,310,000 for the three months ended,
marking the fifth consecutive quarter in which the Company reported
revenues in excess of two million dollars.
Upon completion of its Restructuring and Refinancing Plans
during 1995, the Company had returned to profitability during the
third and fourth quarters of 1995 at revenue levels below the amount
reported for the first quarter of 1996. However, during the fourth
quarter of 1995, Management began the process of significantly
increasing the sales and marketing force in preparation for the
launch of the Company's new DynamicVision(TM) product line. As
Management had projected, this resulted in a $250,000 increase in
sales, marketing, and operational expenditures during the first
quarter of 1996 as compared to the fourth quarter of 1995, and more
than a $300,000 increase over the levels reported for the third
quarter of 1995.
The Company's DynamicVision product is an enterprise-wide, multi-
media electronic health record solution which enables a physician or
caregiver to view all the components of a patient's current and
historical health record from a single workstation. The product was
comprehensively demonstrated at the Healthcare Information
Management and Systems Society (HIMSS) Conference and Exhibition
held in Atlanta, GA, during the first quarter of 1996.
SELECTED FINANCIAL DATA
(In thousands, except per share data)
Three Months Ended
March 31
1996 1995
------- -------
Total Operating Revenues $2,310 $2,234
Operating Income (Loss) $ (323) (366)
Net Earnings (Loss) $ (367) (443)
Earnings (Loss) Per Share $(0.06) $(0.07)
Management believes that the build up of costs in research and
development, sales, marketing, and capital investments supports its
business plan and will improve long term competitiveness. A growing
pipeline of potential sales prospects is being seen by Management
and momentum for placements of new system sales has significantly
increased in a market that works with typically lengthy sales cycles
of six to eighteen months. The Company intends to continue to
enhance its product and services offerings and to seek market
expansion opportunities beyond the anticipated acquisition of
Dimensional Medicine, Inc.
Dynamic Healthcare Technologies, Inc. develops, markets,
installs, and supports clinical information systems, document
imaging solutions and DynamicVision, an enterprise-wide, multi-media
software and services solution that integrates health-related data
from many sources into a comprehensive electronic health record.
DynamicVision is a trademark of Dynamic Healthcare Technologies, Inc.
CONTACT: Dynamic Healthcare Technologies, Inc.
Mary Lu Lander,
Vice President, Marketing
or
Mitchel J. Laskey,
President and Chief Operating Officer
1-800-832-3020
CHATTANOOGA, Tenn. -- April 26, 1996 -- Signal
Apparel Company, Inc. (NYSE:SIA) today announced sales of $19.5
million for the quarter ended March 31, 1996, compared with $26.2
million for the comparable period of 1995. The Company incurred a
net loss of $7.1 million, or $0.67 per share, compared with a loss
of $5.3 million, or $0.53 per share, in 1995.
The results for the first quarter were significantly affected by
approximately $4.1 million in restructuring charges anticipated to
be nonrecurring which related to changes in the Company's strategic
direction. These projected nonrecurring losses included costs
associated with the consolidation of the Company's facilities, the
opening of a new printing/distribution facility, the exiting of two
unprofitable business segments and the liquidation of inventory from
those business segments.
As previously announced, the first quarter also marked the
launching of three important new marketing initiatives for the
Company. The Company's first Major League Baseball line was
introduced to the market and initial shipments have been made to
retailers. In addition, the Company's two new mass market NFL
programs were launched. Initial shipments to retailers under both
the Riddell/NFL and Fox/NFL programs are scheduled for June 1996.
Signal Apparel Company, Inc. is engaged in the manufacture and
marketing of apparel. The Company's Common Stock is traded on the
New York Stock Exchange under the symbol SIA.
SIGNAL APPAREL COMPANY, INC.
Financial Highlights
(In thousands, except per share amounts)
Quarter Ended
March 31,
1996 1995
Net sales $19,505 $26,217
Net loss $(7,053) $(5,318)
Provision for preferred stock dividend $ -- $ --
Net loss applicable to common stock $(7,053) $(5,318)
Net loss per common share $ (.61) $ (.53)
Average number of common shares
outstanding 11,528 10,068
CARTERET, N.J. -- April 26, 1996 -- href="chap11.hermans.html">Herman's
Sporting Goods, Inc. announced today that it has filed a
voluntary
petition under Chapter 11 of the Federal Bankruptcy Code in U.S.
Bankruptcy Court for the District of New Jersey in Trenton.
Herman's currently operates 117 stores from Massachusetts to
Virginia, offering a wide selection of performance-proven, name-
brand equipment, footwear and authentic apparel to both the novice
and serious amateur athlete. All of the Company's stores will be
open for business. Herman's plans to operate its stores so as to
yield the greatest possible return to its creditors. This will
include aggressive merchandise promotions and possibly conducting
"going out of business" sales.
Contact: Todd Fogarty,
Kekst and Company,
212-593-2655