WAUKEGAN, Ill., July 2, 1996 - Outboard Marine
Corporation (NYSE: OM) announced today that it expects to report
lower sales and earnings for its fiscal 1996 third quarter, which
ended on June 30.
The company said it expects to report a sales decline of
approximately 12 percent, to $292 million, compared to the $330
million reported for the same quarter last year. "Industry
shipments of engines and boats to dealers for the first nine months
of the 1996 model year are down 6 percent and 8 percent
respectively, far below the industry-wide expectations of 5 to 7
percent growth in retail sales in the entire 1996 model year.
Retail sales were strong at the end of last summer and dealers
purchased heavily in expectation of continuing strong retail volumes
in the 1996 season," according to Harry W. Bowman, OMC chairman,
president and chief executive officer. "However, the softer consumer
demand for boats and engines this year has forced the company to
reduce production to bring shipments and inventories more in line
with the weaker demand. This weaker demand has resulted in reduced
sales for OMC's fiscal third quarter and for the first nine months
of the fiscal year, a trend which is expected to continue for the
balance of the year."
OMC also expects to report a pretax loss of approximately $6
million, after absorbing $11.9 million in charges associated with
its international restructuring program, versus pre-tax earnings of
$31.7 million for the third quarter of fiscal 1995. "This year's
third quarter earnings were impacted by lower volumes and
manufacturing inefficiencies resulting from those lower sales," said
Bowman. "Since arriving at OMC roughly a year ago, one of my
principle concerns has been the company's inability to adjust its
cost structure to changes in demand. This problem has clearly
manifested itself in this year's profit performance, and has led the
company to embark on an extensive re-engineering effort which will
begin in our fiscal fourth quarter. We will continue to implement
this program during the 1997 fiscal year. This effort is necessary
to variabilize our costs and to improve earnings and
competitiveness. In combination with our investment in the new loan
emission engine technology and in higher levels of quality of both
our engines and boats. OMC will become a more effective competitor
and a more consistent financial performer in the cyclical worldwide
marine industry."
Outboard Marine Corporation is a leading manufacturer and
marketer of marine engines, boats and accessories.
CONTACT: Stanley Main, director, Strategic Planning and
Investor Relations of OMC, 847-689-5246
IRVINE, Calif., July 2, 1996 - Pinnacle Micro, Inc.
(Nasdaq: PNCL) today announced that Bank of America has extended the
forbearance period for the repayment of the Company's loan of
approximately $5 million, which the Bank had previously declared to
be in default and agreed to forbearance through July 1, 1996. Bank
of America has agreed to extend the date of repayment until July 15,
1996.
Pinnacle Micro is making good progress in its turnaround. As
previously announced, the Company is shipping the Vertex 2.6 GB
optical storage drive and is making progress in obtaining working
capital. The Company announces signing of a term sheet with First
Bermuda Securities Limited for two offshore placements of
convertible debentures, with closing of the first placement of $10
million, less fees and expenses, expected on or before July 12, 1996
and of the second placement for $5 million, less fees and expenses,
later this year. Final terms of the placements are subject to
completing the closing documentation. Each financing is on a "best
efforts" basis, which means that it is not guaranteed.
In addition, Pinnacle has obtained necessary approval from
NASDAQ to complete the two placements, as well as approval from a
majority of the Company's stockholders. All stockholders will
receive written notice of the placements.
Pinnacle Micro, Inc. is a recognized leader in recordable CD
technology and optical storage systems for general data storage and
data intensive applications such as network storage, imaging,
desktop publishing and prepress, as well as emerging applications
such as digital audio/video editing and commercial multimedia.
Founded in 1987, Pinnacle Micro, Inc. is headquartered in Irvine, CA
with offices in North America, Europe and the Pacific Rim.
CONTACT: Megan Morrow, Investor Relations of Pinnacle Micro,
800-553-7070, x3114, 714-789-3114 (direct), or http://www.pinnaclemicro.com/" target=_new>http://www.pinnaclemicro.com/">http://www.pinnaclemicro.com/
HERSHEY, Pa., July 2, 1996 - Canisco Resources, Inc.
(Nasdaq: CANR) today announced that it executed a $14.9 million
credit facility with BNY Financial Corporation completing the final
requirements to exit bankruptcy.
In an unrelated matter, the Company also announced it has
reached a negotiated settlement in its lawsuit against Westinghouse
that was filed in the Court of Common Pleas, Harrisburg,
Pennsylvania. The amount of the settlement is confidential per the
terms of the agreement.
Ralph A. Trallo, President of Canisco Resources, Inc., stated,
"We are pleased with our new banking arrangement which will reduce
our interest expense considerably. Exiting bankruptcy and the
settlement of the Westinghouse matter will allow management to focus
on implementation of our Plan of Reorganization and enhancement of
shareholder value."
CONTACT: Ralph A. Trallo, President of Canisco Resources,
717-533-6370
BOSTON, July 2, 1996 - United States District Court Judge
Nancy Gertner, in a case filed by the U.S. Attorney, ruled that
filing bankruptcy does not free a former student from her
$128,378.39 obligation to the Health Education Assistance Loan
Program. United States Attorney Donald K. Stern hailed the decision
as "a victory for the taxpayer and the Health Education Assistance
Loan Program which puts opportunities in the health care field
within reach of all students, regardless of economic resources."
The federal court decision allows the United States to pursue a
$128,378.39 obligation owed by Gail George of 290 Quarry Street,
Quincy, Massachusetts. George took out four Health Education
Assistance loans during a 3-year period in the mid-1980s to attend
Boston University Graduate School of Dentistry Medicine. Judge
Gertner found George ignored numerous attempts by the United States
to have her enter into a voluntary repayment arrangement. When the
United States commenced legal proceedings to recover on the debt,
George claimed that a 1992 bankruptcy filing freed her from the
obligation to repay. The United States claimed a statute enacted by
Congress in 1976 prevented the discharge of George's obligation to
repay.
Judge Gertner agreed with the U.S. Attorney's position and held
that a Health Education Assistance Loan can be discharged in
bankruptcy only if a bankruptcy judge finds that it would be
unconscionable to force a debtor to repay the loan. Stern stated
"Judge Gertner correctly found that Congress intended to impose a
far more stringent repayment obligation on Health Education
Assistance Loan borrowers than are imposed on other types of student
borrowers."
Assistant U.S. Attorney Christopher Alberto, Chief of Stern's
Financial Litigation Unit, handled the litigation.
CONTACT: Joy Fallon or Anne-Marie Kent of the U.S. Attorney's
Office, 617-223-9445
HOUSTON, July 2, 1996 - Edisto
Resources Corporation
(AMEX: EDT) today announced that 917,920 of its outstanding
Warrants were exercised prior to the June 28, 1996 expiration date.
These Warrants were issued in connection with the consummation of
Edisto's bankruptcy on June 29, 1993 and entitled the holder to
purchase Edisto common stock for $9.74 per share. After the
exercise of the Warrants, Edisto has 13,843,666 outstanding shares
of common stock which trade on the American Stock Exchange.
Edisto received $8.9 million from the exercise of the Warrants
which adds to its existing working capital. At March 31, 1996, the
company had $38.3 million of cash and cash equivalents and $19.2
million of assets from risk management activities, which is
primarily cash on deposit with established brokerage firms and
counterparties.
Edisto Resources Corporation's consolidated activities include
(i) natural gas marketing which is conducted through its subsidiary,
Energy Source, Inc., and (ii) oil and gas exploration and
production, which is conducted through its 73 percent interest in
Convest Energy Corporation, and independent oil and gas company
listed on the American Stock Exchange.
CONTACT: Jerry L. McNeill, vice president of Edisto Resources
Corporation, 713-782-0095
VERNON, Calif., July 2, 1996 - Seven-Up/RC Bottling
Company of Southern California, Inc. announced that it consummated
the sale of the stock of its Puerto Rico subsidiary, Seven-Up/RC
Bottling Company of Puerto Rico, Inc., to an investor group led by
Center Street Capital Partners, L.P. of Little Rock, Arkansas, and
including certain members of the current management of Seven-Up/RC
Puerto Rico, for approximately $74 million. As previously
announced, the net proceeds from the sale of the Puerto Rico
subsidiary that are expected to be distributed pursuant to the
Company's First Amended Plan of Reorganization to holders of the
Company's 11 .5% Senior Secured Notes due 1999 ($140 million
principal amount) is $55 million. The bankruptcy court has
scheduled a confirmation hearing on the Company's First Amended Plan
of Reorganization for August 2, 1996.
Seven-Up/RC Bottling Company of Southern California, Inc. is one
of the largest independent manufacturers and distributors of
beverage products in the United States, with annual sales (exclusive
of its Puerto Rico subsidiary) of $314 million in the fiscal year
ending December 31, 1995.
CONTACT: Edward Whiting of Whitman Heffernan Rhein & Co., for
Seven-Up/RC Bottling Company of Southern California, Inc.,
213-267-6233
NEWARK, Calif., July 2, 1996 - Mr. Walter Rossi has been
elected President and Chief Executive Officer of href="chap11.home.html">Home Express, Inc.,
the Newark, California-based chain of Home Furnishings Superstores,
effective August 5th. He will continue to serve as a member of the
Board of Directors. He succeeds Mervyn Weich, who will continue to
direct the Company in its Chapter 11 proceedings as Chairman of the
Board. Aaron Dix, Acting President, has been elected Executive Vice
President for Home Express.
Mr. Rossi, 54, joins Home Express from the Phillips-Van Heusen
Retail Group, where he served as Chairman of its chain of 900 outlet
stores, whose brands include Van Heusen, Izod, G.H. Bass, Gant and
Geoffrey Beene.
Prior to Phillips-Van Heusen, Mr. Rossi was President and CEO of
Mervyn's, where he spent 16 years. During that time, Mervyn's grew
from 25 to 250 stores increasing from $250 million to $4.2 billion
in sales.
"With the appointment of Walter Rossi as CEO, we have now
assembled an exceptional management team that will spearhead Home
Express' turn-around and position the Company for future growth,"
said Mervyn Weich.
"Home Express has a strong franchise with consumers. With a
sharpening of its merchandise focus and the implementation of new
operating efficiencies, I am confident that we will return the
Company to profitability," Mr. Rossi said.
Mr. Rossi began his career at Abraham & Strauss, where he spent
12 years in merchandising and store operations. He is a graduate of
Boston College.
Walter Loeb, a well-known retail expert and President of Loeb &
Associates, Inc., stated that: "Walter Rossi is a dynamic merchant
with a sense of urgency. He is a welcome addition to the Home
Express team. Moreover, Walter's presence will allow Mervyn Weich as
Chairman to focus on the strategic formulation of the Company's
Chapter 11 reorganization plan."
CONTACT: Mervyn D. Weich, Acting CEO of Home Express,
510-608-4730
MINNEAPOLIS, July 2, 1996 - NORTHWEST TELEPRODUCTIONS,
INC. (Nasdaq: NWTL) announced today that, consistent with its
announcement in early April, the Company's results for its fiscal
year ended March 31, 1996 reflect a substantial operating loss and
significant reorganization charges and write-offs. The Company
reported a loss before taxes of approximately $2,850,000 which
included before tax reorganization charges and goodwill write-offs
aggregating approximately $1,503,000.
John G. Lindell, Chairman and interim CEO, commented that as
part of the Company's reorganization it was determined that it was
appropriate at this time to write off goodwill of $1,060,330
applicable to the purchase of the Company's Chicago subsidiary in
fiscal 1990. The Company also noted that the loss for fiscal 1996
included $443,000 of severance and other charges of which $333,000
represents severance costs and the remaining $110,000 covers actual
and estimated costs for consulting services and legal services
relating to the Company's reorganization.
The Company also explained that selling, general and
administrative expenses for its fourth quarter and its fiscal year
ended March 31, 1996 include the expensing of $203,000 of costs
previously capitalized in connection with the proposed purchase and
renovation of a building in Chicago to relocate the Company's
production facility. These plans were deferred because of the
Company's adverse operating performance in fiscal 1996.
Presently, the Company is not in compliance with certain
financial covenants under its bank loan agreements, but it currently
is in discussions toward obtaining appropriate relief or waiver from
its lender. The lender, therefore, is entitled to accelerate
payment, should it choose to do so. Management presently is
actively pursuing several alternative financing opportunities that
would provide greater borrowing flexibility and allow for increased
borrowing against its available collateral. Since April 1, 1996,
Mr. Lindell has stepped in as interim CEO to being reorganizing the
Company and to assist in returning it to profitability while
restructuring its financing. The Company plans to name a permanent
CEO in the next few months.
Northwest Teleproductions, Inc., with facilities in Minneapolis,
Chicago and Dallas, is a full service videotape and film production
company that provides production services and produces shows for
cable television and electronic retailing.
NORTHWEST TELEPRODUCTIONS, INC.
RESULTS OF OPERATIONS
Three Three
Months Months Year Year
Ended Ended Ended Ended
March 31, March 31, March 31, March 31,
1996 1995 1996 1995
NET SALES $2,686,923 $3,205,336 $12,509,041 $13,203,986
COSTS AND EXPENSES:
Cost of products
and services sold 2,870,728 2,503,416 10,733,791 9,888,492
Selling, general
and administrative 891,991 631,198 2,707,709 2,542,140
Goodwill impairment
charge 1,060,330 -- 1,060,330 --
Severance and
other charges 443,000 -- 443,000 --
Litigation settlement -- -- 100,000 281,852
Interest 123,273 100,678 487,770 379,736
-- 5,389,322 3,235,292 15,532,600 13,092,220
-- (2,702,399) (29,956) (3,023,559) 111,766
OTHER INCOME 11,226 (13,660) 58,582 44,567
EARNINGS (LOSS) BEFORE
TAXES ON INCOME (2,691,173) (43,616) (2,964,977) 156,333
TAXES ON INCOME
(INCOME TAX CREDIT) (439,000) 22,000 (549,000) 105,000
NET EARNINGS (LOSS) ($2,252,173) ($65,616) ($2,415,977) $51,333
NET EARNINGS (LOSS)
PER SHARE ($1.66) ($.04) ($1.78) $.03
COLUMBUS, Ohio, July 2, 1996 - Sun Television and
Appliances, Inc. (Nasdaq-NNM: SNTV) today reported a net loss of
$4.6 million, or $.26 per share, for the first quarter ended June 1,
1996, compared with net income of $.21 million, or $.01 per share
for the year earlier first quarter ended May 27, 1995. First
quarter results included a one-time restructuring charge of $2.0
million, or $.07 per share, principally related to severance pay.
Net sales and service revenues for the first quarter ended June 1,
1996 were $153.7 million, compared to $164.5 million recorded in the
year earlier first quarter. Comparable store net sales and service
revenues were $136.8 million and $165.9 million, for the fiscal
first quarters ended June 1, 1996 and May 27, 1995, respectively.
The Company's gross margin as a percent of sales for the quarter
ended June 1, 1996 was 24.2%, compared with 25.3% recorded in the
year earlier first quarter ended May 27, 1995. Selling, general and
administrative expenses were 27.2% of sales in the first quarter
1996, compared with 24.6% of sales for the comparable year earlier
period ended May 27, 1995.
James R. Copitzky, President and CEO, commented, "There are a
number of factors which negatively impacted the first quarter, which
was a difficult one for the entire consumer electronics and
appliances industry. Continued weakness in consumer spending, lower
television, computer and appliance demand coupled with intense
promotional activity all contributed to the quarterly results. In
addition, over the last twelve months we have experienced a downward
trend in margins on televisions and computers. SG&A expenses were
up principally as a result of higher fixed costs as a percent of
sales and increased promotional expenses including advertising.
These factors, combined with the continuation of competitor entries
into Sun's major markets, resulted in a decline in comparable store
sales and earnings for the quarter.
"In response to these factors, we recently announced new
leadership in the critical areas of buying, marketing and finance.
We have also just completed the restructuring of the buying,
marketing and logistics organizations, as well as field and store
operations. These actions resulted in the elimination of over 60
management positions. We are evaluating our entire operating
structure, focusing on further expense reductions and improving
operating efficiency. We expect these actions will have a very
positive impact on the reduction of overhead expenses, more than
offsetting the charges we have taken in the first quarter. While the
decisions we are making today are extremely difficult, we believe
these actions are necessary to improve our competitive position and
profitability.
"Furthermore, we are in the process of an in-depth analysis of
individual store and market performance to ensure that we are
earning an acceptable rate of return in each location. In
conjunction with this analysis, we are evaluating a number of
potential new markets which fit our single store strategy and which,
we believe, will provide higher rates of return on investment. Our
new store in Charleston, West Virginia, which opened in early June,
has exceeded our expectations and reflects the legitimacy of this
new strategy."
Sun Television and Appliances, Inc. is a leading specialty
retailer of high-quality, brand-name consumer electronics, home
appliance and office products. The Company operates 48 stores in
Ohio, Pennsylvania, New York, West Virginia and Kentucky.
SUN TELEVISION AND APPLIANCES, INC.
STATEMENT OF INCOME
(In thousands except per-share amounts)
For the Quarter Ended
June 1, May 27,
1996 1995
Net sales and service revenues $153,659 $164,480
Cost of sales 116,502 122,841
Gross profit 37,157 41,639
Selling, general and
administrative expense 41,825 40,435
Amortization of intangibles 123 123
Income from operations (4,791) 1,081
Interest income 175 236
Interest expense (1,057) (963)
Restructure Charge (2,000) ---
Income before income taxes (7,673) 354
Income taxes (3,085) 143
Net income $ (4,588) $ 211
Net income per share $ (.26) $ .01
Weighted average number
of common and common
equivalent shares 17,434 17,484
SUN TELEVISION AND APPLIANCES, INC.
STATEMENT OF INCOME
(In thousands except per-share amounts)
For the Quarter Ended
June 1, May 27,
1996 1995
Net sales and service revenues $153,659 $164,480
Cost of sales 116,502 122,841
Gross profit 37,157 41,639
Selling, general and
administrative expense 41,825 40,435
Amortization of intangibles 123 123
Income from operations (4,791) 1,081
Interest income 175 236
Interest expense (1,057) (963)
Restructure Charge (2,000) ---
Income before income taxes (7,673) 354
Income taxes (3,085) 143
Net income $ (4,588) $ 211
Net income per share $ (.26) $ .01
Weighted average number
of common and common
equivalent shares 17,434 17,484
SUN TELEVISION AND APPLIANCES, INC.
CONDENSED BALANCE SHEETS
(In thousands)
Assets 6/1/96 3/2/96
Current assets
Cash and cash equivalents $ 3,051 $ 13,583
Receivables 19,136 18,943
Merchandise inventory 140,347 114,777
Other current assets 14,445 14,019
Total current assets 176,979 161,322
Property and equipment, net 101,467 100,563
Deferred income taxes 7,927 8,410
Intangible assets 14,924 15,047
Total assets $301,297 $285,342
Liabilities and Stockholders' equity
Current liabilities
Short-term borrowings $ 5,000 ---
Accounts payable 42,522 $ 20,100
Current portion of deferred revenue 17,595 18,089
Other liabilities 22,215 27,365
Total current liabilities 87,332 65,554
Capitalized lease obligations 14,564 14,651
Long-term debt 30,000 30,000
Deferred revenues, noncurrent 20,595 21,621
Stockholders' equity 148,806 153,516
Total liabilities and
stockholders' equity $301,297 $285,342
MINNEAPOLIS, July 2, 1996 - Braun's Fashions Corporation
(Nasdaq-NNM: BFCI) announced today that the Company and its wholly
owned operating subsidiary, Braun's Fashions Inc., filed chapter 11
reorganization petitions in the United States Bankruptcy Court for
the District of Delaware. In connection with the bankruptcy filing,
Braun's received approval of a number of first-day motions including
approval from the Bankruptcy Court for an interim debtor-in-
possession financing facility with Norwest Bank to ensure that the
Company can continue operating in the ordinary course of business.
The Company is also seeking to reject at least 40 store leases.
The losses experienced by these 40 store locations has had a
significant negative impact on the Company's cash flow. "Our
reorganization provides us with an opportunity for relieving the
Company of a significant number of unprofitable stores, and allows
the remaining healthy stores to be even more competitive in the
marketplace," said Nicholas H. Cook, Chairman and CEO.
With a core group of profitable stores and a new $10 million
working capital facility, Braun's expects to operate its business
without any major interruption. The Company expects to file a plan
of reorganization within the next few weeks. Mr. Cook commented
that, "Braun's will take every necessary step to emerge quickly from
its chapter 11 reorganization as a strong and financially viable
corporation."
Braun's Fashions Corporation, based in Minneapolis, Minn., is a
regional retailer of women's fashions that currently operates 221
stores in 22 states, primarily in the Midwest and Pacific Northwest.
CONTACT: Stephen W. Clark, Vice President and Chief Financial
Officer, 612-551-5106
LIME ROCK, Conn., July 2, 1996 - The New World Power
Corporation (Nasdaq-NNM: NWPC) announced today that its 1995
operations resulted in a net loss of $41,319,955 as compared with a
1994 net loss of $7,503,691. On a per share basis, the net loss
increased from $.90 in 1994 to $3.97 in 1995. The operating loss
was $8,498,239. A larger portion of the 1995 loss was a $24,431,410
impairment charge caused in part by the Company's plan to sell off
operating projects and some projects under development and to wind
down the operation and development of other projects to satisfy its
debt requirements.
The $24,431,410 impairment charge reflects the estimated
difference between the Company's carrying value of assets and
investments held for sale, and the estimated net realized value.
Also included in the 1995 results is an equity loss on non-
consolidated affiliates of $4,354,700 and a write off of
discontinued operations of $1,468,580.
Due to cash used in operating and investing activities as well
as unforeseen delays in two of its major projects (China and Texas)
in late 1995, the Company experienced severe liquidity and cash flow
problems. This necessitated, in early 1996, a revision of the
Company's business plan calling for certain core and non-core asset
sales, significant overhead and other cost reductions, and a
restructuring of the Company's secured debt with its two principal
lenders.
In January 1996, the Company adopted a new business plan, key
elements of the business plan include:
Restructuring its two secured loans in contemplation of this
business plan.
Refocusing on a selected, limited number of economically
feasible development projects and deferral of any new business
ventures until the Company improves its financial position.
Sale of existing hydroelectric projects currently under
development or construction, with the exception of its investment in
China which the Company views to be a strategic geographical
position.
Reduction, where possible, of the Company's ownership interest
in operating wind farms, as well as its wind farms under development
in non-strategic geographical areas.
Use of proceeds from the sale of these investments to meet its
current and near-term debt service requirements.
Pursuing future development of large scale wind farm projects in
countries where the Company has an established presence, such as
Mexico, Ireland and China.
Integration of the Company's wireless business and sale of its
solar subsidiaries.
Reduction of its administrative staff.
There are numerous risks and uncertainties surrounding
management's plans, principally the risk that management will not be
able to sell the investments (or subsidiaries) identified in its
business plan within the time frame, or for the amounts, required by
the restructured loan agreement. There can be no assurance that the
Company will be successful in implementing this revised plan.
The Company has successfully restructured its loans and is
proceeding with its primary course of action of asset sales in full
compliance of its covenants under the restructured loan agreements
with its principle secured lenders. Short-term capital needs to
fund the Company's operations are being made available from an
escrow account held by one of the lenders, under restructuring,
thereby sustaining the Company in meeting its obligations. Pursuant
to the business plan, the Company is focusing on those core grid and
wireless power activities that demonstrate the best and most timely
economic return potential.
Revenues for the year ended December 31, 1995 were $16.4 million
compared to $22.9 million for the year ended December 31, 1994. The
deconsolidation of Photocomm, Inc. (described below) in 1995 was
offset by additional grid production revenues.
The results of operations for 1995 compared to 1994 reflect
significant fluctuations resulting from the methods of accounting
used for the Company's investment in Photocomm. During the year
ended December 31, 1994, the Company acquired additional shares of
common stock and other securities of Photocomm and the Company had
control of over 51% of Photocomm's voting stock at December 31,
1994. Accordingly, the Company consolidated Photocomm into its
financial statements for the year ended December 31, 1994.
At December 31, 1995, the Company owned 6,612,447 shares of
Photocomm, representing less than 50% of the voting shares of
Photocomm. The decrease in the Company's ownership percentage from
December 31, 1994 results principally from various Photocomm equity
transactions in which the Company did not participate. As a result
of the Company no longer having controlling interest in Photocomm,
the investment in Photocomm is accounted for under the equity method
for the year ended December 31, 1995. The summarized balance sheet
and statement of operations information for Photocomm as of December
31, 1995 and 1994 is as follows.
1995 1994
Balance sheet:
Current assets $7,334,984 $5,556,770
Total assets 10,361,409 8,081,819
Current liabilities 2,676,483 1,985,526
Total liabilities 3,069,579 2,787,397
Statement of operations:
Sales $21,765,765 $15,691,847
Cost of Sales 16,527,670 11,868,453
Selling, general
& administration 4,377,383 3,278,093
Net income 839,889 491,068
The Company further reported that it has complied with Nasdaq
requirement to file its 10K and 10Q for the quarter ended March 31,
1996 by July 1, 1996, thereby maintaining the Company's listing on
the Nasdaq National Market System.
The Company focuses exclusively on renewable power generation
resources, including wind, solar and hydroelectric power, and the
acquisition and development of renewable power generating facilities
and the sale of renewable energy products. In addition to activity
in the United States, the Company has projects either operating or
under development in the United Kingdom, Ireland, Costa Rica, Mexico
and China.
CONTACT: George P. Petrenko, Interim CEO, 860-435-4000, or Hank
Hermann, 214-871-9445, both of The New World Power Corporation