CHICAGO, IL -- July 27, 1996 -- Andy Frain Services Inc. said
today that the company has closed all operations, effective
immediately.
Michael Heisley, acting chairman of Andy Frain, which provided
private security and ushering services, said every effort will be
made to assist customers in finding alternative suppliers, so that
services are not interrupted. It is expected that many former Andy
Frain employees will find employment with alternative suppliers.
The company closed operations after its bank lender, American
National Bank, refused to continue advancing additional funds or
honor checks, including payroll checks. Development Services Inc.
is the assignee for the assets of Frain.
The company was trying to recover from a previous bankruptcy.
CONTACT: Neil Parker, 847-405-0105, for Andy Frain Services Inc.
PALATINE, Ill. -- July 29, 1996 -- Dauphin
Technology Inc. announces that on July 23, 1996, the U.S. Bankruptcy
Court approved Dauphin's post-confirmation implementation of its
Third Amended Plan of Reorganization and thereupon entered a final
decree discharging Dauphin Technology Inc. as a Debtor-in-
Possession.
Although Dauphin began its Chapter 11 case over $51,000,000 in
debt, Dauphin's Chapter 11 case has been closed, the company having
emerged substantially "debt-free" and without any material
outstanding liabilities.
Dauphin also announces that it has received approximately
$1,000,000 in proceeds from a Private Placement Offering just
recently concluded by Technology Partners LLC ("TPL"). TPL has
played a key role in assisting Dauphin with its emergence from its
Chapter 11 case by providing key funding during and after the
confirmation. Dauphin will use the proceeds of the offering for
further product development, day-to-day expenses and manufacturing
of Dauphin's DTR-2 computer.
Dauphin stock is publicly traded on the over-the-counter
electronic bulletin board under the symbol DNTK.
CONTACT: Dauphin Technology Inc., Palatine
Sheila A. Trendel, 847/358-4406 ext. 205
NEWTON, Mass. -- July 29, 1996 -- Marcam
Corporation (NASDAQ:MCAM) today reported revenues of $51.2 million
for the third fiscal quarter ended June 30, 1996, compared to $49.7
million for the quarter ended June 30, 1995. This represents an
increase of three percent over the third quarter of 1995 and eight
percent over the second quarter of 1996. The company's license
revenues were $24.1 million, an increase of 33 percent over the
second quarter.
The company recorded a loss for the quarter of $10.6 million, or
$0.93 per share, compared with a loss of $2.9 million, or $0.26 per
share, in the quarter ended June 30, 1995.
This loss included a $1.0 million net after tax loss from
ongoing business operations, a $1.3 million loss from operations at
the company's Foresight Software subsidiary which was divested
effective June 30, and a restructuring charge of $8.3 million.
The restructuring charge included $4 million related to the
Foresight divestiture. Additionally, the company substantially
completed a restructuring of operations during the third quarter and
the first part of the fourth quarter, converting direct sales
operations to affiliate marketing in Asia and Latin America as well
as additionally reducing headcount to improve efficiencies. This
resulted in expenses of $4.3 million in the third quarter. Due to
the timing of these actions, the company anticipates that
approximately $3 million more will be expensed as a restructuring
charge in the fourth quarter.
Marcam also announced that it has completed a $10 million
private placement of convertible preferred stock and warrants with
General Atlantic Partners of New York. General Atlantic Partners is
one of the largest private equity investment firms concentrating on
the worldwide information technology industry.
Under the agreement with General Atlantic, completed in July,
Marcam issued 100,000 shares of convertible preferred stock (non-
dividend bearing), which are convertible into one million shares of
common stock, and warrants for one million shares of common stock
exercisable at $15.36 per share.
"We are making solid progress in our effort to restore Marcam to
steady revenue growth and profitability," said President and CEO
Michael Quinlan. "It is noteworthy that during the quarter,
excluding the restructuring charge and Foresight loss, Marcam had
operating income of $800,000."
During the quarter, the company experienced strong MAPICS sales
around the world. Pepsico Limited in China licensed MAPICS
applications for its concentrate plant operations. YKK Hong Kong
Ltd. of Greater China, a leading zipper and fastener manufacturer,
became a new MAPICS user.
PRISM sales in North America rebounded with sales to Kraft
Foods, Inc., the largest packaged food company in North America,
licensing PRISM applications under a long-term agreement for its US
and Canadian facilities, and Universal Foods Corporation which will
use PRISM in facilities in North America and Europe. Both companies
are existing PRISM users who are expanding the use of their
applications.
Major Protean sales in the third quarter included sales to Repap
Enterprises Inc., a forest products company, and Imation, a
developer of products and services for data storage and imaging
applications. In addition, a number of Protean customers achieved
operational status, notably Douglas Pharmaceuticals in New Zealand.
Douglas implemented the Protean Production system at a new
manufacturing plant in Auckland in just four months, using three
full time employees and one outside consultant.
"Protean customers like Douglas are achieving full operational
status in record time and reporting outstanding results, confirming
Protean s rapid and easy implementation ability as well as ongoing
ease-of-use and open integration," Quinlan noted. "Protean is the
most agile ERP solution available and we anticipate rapid market
acceptance as our customers continue to demonstrate the dramatic
impact Protean has on their business operations. A notable event in
the past quarter was the on schedule delivery in June of Protean
Release 2.0 containing important new functionality and significant
enhancements that we believe will accelerate and expand market
acceptance."
Founded in 1980, Marcam Corporation is a leading supplier of
open enterprise applications and services for process and discrete
manufacturing companies worldwide. The company's Protean, PRISM,
MAPICS XA, and Maintenance Management products have been installed
in more than 15,000 customer locations worldwide and operate on
platforms including IBM's AS/400 Advanced Series and RISC
System/6000, Hewlett-Packard Company's HP 9000, Digital Equipment
Corporation's AlphaServer Systems and Intel-based personal
computers. Represented in more than 50 countries, Marcam has offices
throughout North America, Europe, the Middle East, Asia Pacific, and
Latin America, complemented by a worldwide affiliate organization.
Marcam customers include such multinational companies as Coca-Cola
USA, Emerson Electric, Kraft Foods, Engelhard Corporation, Ralston
Purina, Rohm and Haas, Rhone Poulenc and Westinghouse.
For more information, visit Marcam's home page on the World-Wide
Web at URL " target=_new>http://www.marcam.com">http://www.marcam.com.
MARCAM CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended Nine Months Ended
June 30, June 30,
1996 1995 1996 1995
Revenues:
Licenses $24,085 $23,770 $65,493 $75,077
Services 27,099 25,900 83,121 71,600
Total revenues 51,184 49,670 148,614 146,677
Operating expenses:
Cost of license
revenues 3,484 4,631 11,870 12,780
Cost of services
revenues 17,142 16,801 53,680 46,561
Selling and marketing 21,337 21,424 62,110 63,737
Product development 7,339 6,680 20,966 19,005
General and
administrative 2,361 2,079 7,782 6,094
Restructuring charge 8,300 - 8,300
-
Total operating
expenses 59,963 51,615 164,708 148,177
Operating loss (8,779) (1,945) (16,094) (1,500)
Litigation settlement - - (3,250)
-
Interest and other income 260 180 1,195 427
Interest and other expense (953) (792) (2,890) (2,330)
Loss before income tax
expense (9,472) (2,557) (21,039) (3,403)
Income tax expense 1,110 355 3,151 68
Net loss $(10,582) $(2,912) $(24,190) $(3,471)
Net loss per share $(0.93) $(0.26) $(2.13) $(0.31)
Weighted average number
of shares outstanding 11,429 11,218 11,382 11,188
MARCAM CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
June 30, September 30,
1996 1995
ASSETS
Current assets:
Cash and cash equivalents $10,378 $27,312
Short-term investments 974 2,019
Accounts receivable, net 55,426 60,327
Prepaid expenses and other current
assets 5,617 4,834
Total current assets 72,395 94,492
Property and equipment, net 10,158 10,127
Computer software costs, net 31,505 30,183
MAPICS intangible costs, net 5,454 5,965
Other assets 5,108 6,085
Total assets $124,620 $146,852
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $11,753 $11,077
Accrued expenses and other current
liabilities 40,101 44,542
Deferred revenue 43,632 38,228
Total current liabilities 95,486 93,847
Long-term debt 25,442 25,209
Deferred income taxes 617 1,150
Total liabilities 121,545 120,206
Stockholders' equity:
Preferred stock 225 225
Common stock 115 113
Additional paid-in capital 66,651 65,672
Accumulated deficit (60,659) (36,469)
Unamortized deferred compensation (881) (1,100)
Cumulative translation adjustment (2,376) (1,795)
Total stockholders' equity 3,075 26,646
Total liabilities and stockholders'
equity $124,620 $146,852
CONTACT: Marcam Corp.
Joe Gavaghan, Director, Press Relations
(617) 928-5895
or
George Chamberlain, Chief Financial Officer
928-5732
SALT LAKE CITY, July 29, 1996 -- Roger G. Segal, as
Chapter 11 Bankruptcy Trustee for Bonneville Pacific Corporation,
announced today that the two appeals to the United States District
Court for the District of Utah filed by Portland General Holdings,
Inc. and by the plaintiffs in the class action entitled Gohler, et
al., v. Wood, et al., No. 92-C-0181-S (D. Utah) concerning the
Bankruptcy Court's May 2, 1996 Order approving the Trustee's
$65,000,000.00 settlement with the accounting firm of Deloitte &
Touche and related parties (collectively "Deloitte & Touche") dated
April 23, 1996 (the "Settlement") have been favorably resolved by
stipulation and entry of an order by the United States District
Court affirming the Bankruptcy Court's May 2, 1996 order. As a
result of the resolution of the two appeals, the $65,000,000.00 paid
by Deloitte and Touche on June 21, 1996 into an interest-bearing
escrow account as required by the terms of the Settlement, together
with accrued interest, should be disbursed to the Trustee; from the
$65,000,000.00 Settlement amount the Trustee's litigation counsel
will receive a $21,450,000.00 contingent fee payment.
CONTACT: Roger G. Segal, Trustee, 801-532-2666/
DALLAS, TX -- July 29, 1996 -- Search Capital Group, Inc. (OTC-
Bulletin Board: SRCG), today announced it has signed a purchase
agreement to acquire assets of U.S. Lending Corporation with an
estimated value of $7.3 million.
Located in Deerfield Beach, Fla., U.S. Lending is a non-prime
automobile finance company currently operating under Chapter 11
bankruptcy. Under the terms of the agreement, Search will purchase
lien free auto loans, repossessed autos and cash from U.S. Lending
for an undisclosed amount of Search securities.
"This transaction will enable Search to further expand its own
non- prime auto loan operations in Florida," said George C. Evans,
Search chairman, president and chief executive officer. "In
addition, the equity and credit holders of U.S. Lending can benefit
from any long-term capital appreciation of Search securities."
Evans pointed out that this is the second acquisition announced
recently by Search. He noted that the two acquisitions involve some
$50 million in auto loans, more than doubling Search's receivables
portfolio as well as its revenue.
The U.S. Lending agreement requires the bankruptcy court's
confirmation order approving U.S. Lending's plan of reorganization
and authorizing U.S. Lending to enter into and perform under the
terms of the agreement. Because of the bankruptcy, the transaction
is set to close 11 days after receipt of the court's confirmation
order, which is expected within 60 to 90 days.
Search Capital is a specialized financial services company
engaged in the purchasing, financing and servicing of non-prime used
automobile installment loans and non-auto consumer finance
operations. Search common shares and its 9 percent/7 percent
convertible preferred shares are traded over-the-counter bulletin
board under the symbols "SRCG" and "SPGHP", respectively.
CONTACT: Bill Robertson of Stern Nathan & Perryman, 214-373-1601,
for Search Capital; or Robert D. Idzi, executive vice president &
CFO of Search Capital Group, Inc., 214-965-6000