SACRAMENTO, Calif. -- June 28, 1996 -- Bio-Dental
Technologies Corp. (NASDAQ/NM:BDTC) Friday reported results for its
fiscal 1996 fourth quarter and year ended March 31, 1996.
For the year, revenues increased 5 percent to $33,091,216 from
$31,582,277 for fiscal 1995. The company reported a net loss of
$2,265,977, or 36 cents per share, for fiscal 1996, vs. net loss of
$419,437, or 7 cents per share, for the same period a year ago.
Revenues for the fourth quarter were $7,508,352, compared with
$8,043,775 for the same period last year. The company experienced a
net loss for the quarter of $1,010,266, or 16 cents per share,
compared with a net loss of $1,001,931, or 16 cents per share, for
the fourth quarter of fiscal 1995.
Curtis M. Rocca III, president and chief executive officer of
Bio-Dental, said: "Our revenue growth this year was mainly
attributable to the increase in average volume per customer at our
subsidiary, The Supply House.
"The losses throughout the year as well as lower sales in the
fourth quarter are due primarily to disappointing results from our
Integrated Dental Technologies (IDT) subsidiary. During the fourth
quarter, we initiated a transition of IDT toward a more focused
marketing program on our core technology products.
"We made the decision to restructure our IDT operations in order
to address the poor financial performance of the subsidiary.
Associated with this restructuring and related new-product
introductions, the company took certain restructuring charges,
inventory writedowns and a reserve for returned products totaling
approximately $1.1 million."
"During this last year, we devoted significant human and
financial resources toward developing and promoting the `paperless
dental office,' a concept that is based upon the employment of state-
of-the art, integrated dental technologies such as filmless x-rays,
intra-oral camera systems, computerized patient charting systems,
multimedia patient education programs and Windows(TM)-based dental
practice management software," explained Rocca.
"As previously configured, these IDT systems proved unprofitable
to market and service. As a result, we experienced losses
throughout the year, and these disappointing results led us to
restructure IDT's operations in the fourth quarter.
"This restructuring entailed a reduction of staff, the
elimination of certain product lines, including filmless x-ray and
low-margin computer hardware, and reducing our strategic emphasis on
the sale of integrated systems, which, over time, we determined
were prohibitively expensive to market and service.
"With this transition of IDT largely behind us," added Rocca,
"We remain optimistic that we can transform IDT into a profitable,
growing part of Bio-Dental."
Meanwhile, the company's other subsidiary, The Supply House, had
a much more positive year.
The company believes that, as an increasing number of dentists
throughout the country begin to participate in a managed care
environment and experience the attendant cost-containment pressures,
The Supply House, with its "guaranteed lowest-price" approach, is
well positioned to service the needs of this growing segment.
As a result of this positioning, The Supply House secured
endorsements from three managed care organizations wherein the
company will offer preferred pricing to their providers totaling
more than 18,000 dentists.
After the close of the fiscal year, Bio-Dental announced it had
signed a letter of intent to sell its economic interest in the
future royalty payments from Denticator International Inc. to Young
Innovations Inc. of Earth City, Mo.
Under the terms of this transaction, which is expected to close
in July 1996, the company will receive approximately $7.5 million in
cash in lieu of future royalties, which represents the estimated net
present value of Bio-Dental's projected future royalties, including
a scheduled lump-sum payment that would have been due in April 1999.
The company expects the sale of these royalties to strengthen
its balance sheet, eliminate all outstanding bank debt and notes
payable, and provide the company with its highest cash balance ever.
On June 3, 1996, Bio-Dental announced it had signed a letter of
intent to merge with Zila Inc. (NASDAQ:ZILA) in an exchange of
common stock. With headquarters in Phoenix, Zila markets a rapidly
growing line of non-prescription oral health care products and is
currently marketing the first oral cancer diagnostic, OraTest, in
Canada, the United Kingdom and Australia.
Zila intends to market OraTest in the United States exclusively
through Bio-Dental pending FDA approval. The proposed transaction
calls for each share of Bio-Dental to be exchanged for between 0.75
and 0.825 shares of Zila stock.
Bio-Dental Technologies manufactures, markets and distributes
dental supplies and proprietary, high-technology dental products to
the $2 billion professional dental supply market in all 50 states
and Canada.
The information set forth in this news release includes forward-
looking statements and references to potential future developments.
Such statements and references are based upon certain assumptions,
including but not limited to the consummation of the proposed lump-
sum sale of the company's royalty rights in products sold by
Denticator, the closing of the company's merger with Zila Inc., the
successful execution of the company's restructuring plan for IDT,
the growth in market demand for IDT's products, the success of The
Supply House in obtaining additional contracts with managed dental
care insurance companies, and growth of its sales as a result of
such contracts.
Bio-Dental Technologies Corp.
Financial Highlights
Three months ended Year ended
March 1, 1996 1995 1996 1995
Revenues $ 7,508,352 $ 8,043,775 $33,091,216 $31,582,277
Net (loss) $(1,010,266) $(1,001,931) $(2,265,977) $ (419,437)
(Loss) per
share (16 cents) (16 cents) (36 cents) (7 cents)
Weighted avg
shares
outstanding 6,423,000 6,168,000 6,285,000 6,118,000
CONTACT: Bio-Dental Technologies Corp., Sacramento
Curtis M. Rocca III, 916/638-8147
or
Silverman Heller Associates, Los Angeles
Eugene G. Heller, 310/208-2550
CHICAGO, IL -- June 28, 1996 -- Circle Fine Art Corp.,
the Chicago-based fine art retailer, has retained the Hilco/Great
American Group, a nationally known asset management company, to
assist the retailer in conducting a complete liquidation of Circle's
vast art and jewelry collection.
The liquidation sale starts today. Circle Fine Art Corp., one
of the nation's largest publicly held retailers of fine art, filed
for bankruptcy on Feb. 8.
The stores to be liquidated are located in the following cities:
New Orleans; Bal Harbour, Fla.; Toronto; San Diego; San Francisco;
Chicago and New York.
"This liquidation sale is the largest of its kind in history and
will be conducted throughout the United States and Canada in the
weeks to come," according to Joseph Atkin, president of Circle Fine
Art Corp. The Circle Gallery Collection contains over $200 million
of authenticated original fine art, signed limited edition
lithographs, serigraphs, photography, animation art, sculpture and
jewelry.
A spokesperson for the Hilco/Great American Group, with offices
in Chicago and Los Angeles, said it is common for retailers to seek
assistance in operating these kinds of sales. "We specialize in
conducting and supervising retail sales of all kinds and have
conducted many major inventory management projects throughout the
United States and Canada."
The Circle Gallery Collection consists of works by more than 200
artists, including Norman Rockwell, Peter Max, Erte, Dali, Gallo,
Wyeth, Vasarely, Agam, Eisenstaedt, Schultz, Hanna-Barbera, Freleng
and Chuck Jones.
"All items in the Circle Gallery Collection will be sold,
providing our customers with an outstanding opportunity to purchase
contemporary art at extremely advantageous prices," Atkin concluded.
CONTACT: Hilco/Great American Group, Northbrook
Richard Glabman, 847/509-1100
or
Kamer-Singer & Associates, San Francisco
Sam Singer or Heather Coons, 415/512-6800
CHICAGO, IL -- June 28, 1996 -- Enviropur
Waste
Refining and Technology, Inc. (NASDAQ: EPUR) announced today that it
has begun a reorganization through the filing of a voluntary
petition under chapter 11 of the US Bankruptcy Code. The Company
will remain operating and fully reporting while it restructures its
obligations which are currently due, and seeks up to $5,000,000 of
new capital.
Enviropur suffered major losses when its Chicago facility was
effectively closed from September, 1994 through November, 1995 due
to PCB contamination which it received from Argonne National
Laboratory, a Department of Energy research facility. The removal
of the contaminated material and cleaning of the facility were
completed by November, 1995 at the expense of Argonne; however, the
Company was not able to recover lost working capital, and its
investment bankers were unable to complete the committed $3,000,000
private placement.
Through the petition filing, Enviropur will now have the time to
properly negotiate long term borrowing and equity arrangements, as
well as to structure payment of its obligations. The Company is
planning to have its plan of reorganization filed within 45 days,
and hopes to complete the entire reorganization process following
its September 30 year end.
While in reorganization, Nasdaq requires that the Company's
trading symbol be amended with a "Q". Effective at the open of
trading on July 2, 1996 Enviropur's Common Stock will trade under
the symbol EPURQ.
Enviropur is a full service resource recovery company serving
the Midwest from its refinery in Chicago, Illinois and the West
Coast market from its facilities in Signal Hill and Patterson,
California.
CONTACT: Enviropur -
Kathleen K. McDaniel, 708/442-6000, ext. 1211