biosys announces consummation of asset sale
COLUMBIA, Md.--Feb. 3, 1997--biosys inc. (Nasdaq: BIOSQ)
Monday announced that on Jan. 17, 1997, the company
consummated a sale of substantially all of the operating assets of
the company and its wholly-owned subsidiaries, Crop Genetics
International Corp. and AgriDyne Technologies Inc., to Thermo
Trilogy Corp. ("Thermo") in accordance with an asset purchase
agreement with Thermo dated Dec. 24, 1996.
As previously announced by the company, the sale of assets
pursuant to the asset purchase agreement was approved by the
United States Bankruptcy Court on Jan. 7, 1997.
The assets sold included substantially all of the assets of the
company (including the stock of the company's subsidiary,
AgriSense- BCS Ltd.) and its subsidiaries in bankruptcy except
for: (i) cash on hand; (ii) accounts receivable; (iii) the lease of
certain office, warehouse and laboratory facilities located in
Columbia, Md. and (iv) certain avoidance claims of the company
and its subsidiaries in the bankruptcy proceeding.
As provided in the agreement, the company was paid $11 million in
cash for the assets. In addition, Thermo assumed certain executory
contracts and unexpired leases and, in connection therewith, paid
amounts necessary to cure all defaults on certain of the contracts
and leases assumed.
Thermo also conveyed to Archer Daniels Midland Corp. ("ADM")
certain of the purchased assets as an inducement to ADM to waive
its claims against the bankruptcy estates of the company and its
subsidiaries.
Pursuant to the order of the Bankruptcy Court approving the sale
of assets, the proceeds of the sale will be distributed to the
creditors of the company and its subsidiaries in accordance with
the provisions of the Bankruptcy Code, the final order regarding
cash collateral entered by the Bankruptcy Court on Nov. 27, 1996
and further orders of the Bankruptcy Court.
Upon the closing of the asset sale, the business operations of the
company and its subsidiaries in bankruptcy essentially ceased.
As previously announced by the company, after the liquidation of
all of the assets of biosys and its subsidiaries in bankruptcy, biosys
does not believe that there will be any funds remaining for biosys'
equity holders, whether preferred or common, after distribution to
secured creditors, administrative and priority claimants, and
unsecured creditors.
In a separate development, biosys announced that it had received
the resignation of Peter Stalker, III, managing director, Warburg
Pincus Capital Co., L.P. from the company's board of directors,
effective Jan. 28, 1997.
CONTACT: biosys Inc. Dr. Edwin C. Quattlebaum,
president/CEO or Michael R.N. Thomas, vice president/CFO,
410/381-3800
Search Capital reports financial results for quarter and nine months
ended December 31, 1996
DALLAS, TX --Feb. 3, 1997--Search Capital Group, Inc.
announced today that net income before preferred stock dividends
for the nine months ended December 31, 1996 was $1,190,000
compared to an operating loss before preferred stock dividends of
$18,021,000 for the same period in 1995. The net available to
common stockholders after dividends for the nine month period in
1996 was a loss of $3,268,000, or $0.96 per share, compared to
a loss of $18,201,000, or $16.67 per share, for the same period in
1995.
George C. Evans, Search Chairman, President and Chief Executive
Officer stated, "Results for the first nine months continue to be in
line with the reorganization plan projections and reflect the success
of the turnaround of Search with a pre- dividend operating profit of
about $1.2 million versus a loss of $18 million for the same period
last year, which translates into an improvement of $19.2 million."
Evans also noted that Search achieved more than an 100%
increase in gross receivables during the nine months of 1996
resulting in gross receivables of $74.8 million as of December 31,
1996, compared to $37 million at April 1, 1996.
General and administrative expenses for the nine months ended
December 31, 1996 were reduced by $3.9 million, or 29%, to
$9.3 million from $13.2 million in 1995. Interest expense was
reduced by $4.3 million, to $1.2 million in 1996, from $5.5 million
in 1995 as a result of the conversion of debt to equity which was
completed in March 1996. Bad debt recovery was $4.6 million for
the nine months ended December 31, 1996, compared to a
provision for credit losses of $3.2 million in the same period of
1995. The nine month operating results for 1995 also included
expenses of $2.9 million for settlement of litigation and $565,000
for reorganization of certain Search subsidiaries.
Search Capital Group, Inc. is a specialized financial services
company engaged in the purchasing, financing, and servicing of
non- prime automobile installment loans originated by franchised
and independent automobile dealers. Search also engages in
non-auto consumer finance operations. Search common shares and
its 9%/7% convertible preferred shares are traded over the counter
bulletin board under the symbols "SCGI" and "SCGIP",
respectively.
SEARCH CAPITAL GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(All dollars in thousands except for per share
amounts)
(Unaudited)
(Audited)
December 31,
March 31,
1996
1996
ASSETS
Gross contracts receivable $ 74,766
$ 37,086 Unearned interest
(14,045) (6,435) Net contracts receivable
60,721 30,651 Allowance for
credit losses (10,445) (13,353)
Net loan origination costs 451
406 Net contracts receivable - after
50,727 17,704 allowance for credit losses
Cash and cash equivalents 15,697
17,817 Vehicles held for resale
592 566 Property and equipment, net
1,509 1,062 Goodwill, net
10,705 - Notes
receivable and other assets, 478
197 net
Total assets $ 79,708
$ 37,346
LIABILITIES AND STOCKHOLDERS'
EQUITY
Lines of credit $ 36,725 $
- Accrued settlements
500 688 Dividends payable
1,503 268 Accounts payable and
other 1,976 7,088
liabilities Accrued interest
298 15 Notes payable
5,014 2,283 Total liabilities
46,016 10,342
Stockholders' Equity
Preferred stock
201 154 Common stock
263 259 Additional paid-in
capital 86,081 81,784
Accumulated deficit (52,853)
(54,043) Treasury stock
- (1,150) Total stockholders' equity
33,692 27,004
Total liabilities and stockholders' $ 79,708
$ 37,346 equity
-0-
SEARCH CAPITAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(All dollars in thousands except for per share
amounts)
(Unaudited)
Nine Months
Nine Months
Ended
Ended
December
December 31,
1996 31,
1995
Interest revenue $ 7,036
$ 7,367 Interest expense
1,163 5,542 Net interest income
5,873 1,825
Recovery of (provision for) credit losses 4,611
(3,172) Net interest income (loss) after
recoveries of (provisions for) credit
losses 10,484
(1,347)
General and administrative expense 9,294
13,178 Settlement
- 2,931 Reorganization
- 565 Operating and
other expense 9,294 16,674
Net income (loss) before dividends 1,190
(18,021) Preferred stock dividends
4,458 180
Net loss to common stockholders $ (3,268)
$ (18,201)
Net loss per share attributable to common
stockholders (See note below) $ (.96)
$ (16.67)
Weighted average number of common shares
outstanding (See note below) 3,419,000
1,092,000
Three
Three
Months
Months
Ended
Ended
December
December 31, 1996
31, 1995
Interest revenue $ 3,138
$ 2,589 Interest expense
873 774 Net interest income
2,265 1,815
Recovery of (provision for) credit losses 1,173
(5,381) Net interest income (loss) after
recoveries of (provisions for) credit
losses 3,438
(3,566)
General and administrative expense 3,372
4,518 Settlement
- 94 Reorganization
- 250 Operating and
other expense 3,372 4,862
Net income (loss) before dividends 66
(8,428) Preferred stock dividends
1,512 60
Net loss to common stockholders $ (1,446)
$ (8,488)
Net loss per share attributable to
common stockholders (See note below) $ (.42)
$ (7.83)
Weighted average number of common
shares outstanding (See note below) 3,442,000
1,084,000
Note - 1995 share and per share amounts have been
adjusted to reflect the 1:8 reverse stock split that
was completed effective as of November 25, 1996.
CONTACT: Jay Barta Levenson Public Relations (214)
880-0200 or James F. Leary Vice Chairman, Finance (214)
965-6000
Banyan Systems announces fourth quarter and 1996 results
WESTBORO, Mass.--Feb. 3, 1997--Banyan Systems Inc.
(NASDAQ: BNYN), today announced revenue for the fourth
quarter ended Dec. 31, 1996 of $17.2 million, compared with
$28.0 million for the fourth quarter of 1995.
The company reported a 1996 fourth quarter net loss of
$26,802,000, or $1.56 per share, which included after-tax
restructuring and other charges of $13.5 million. These results
compare with a net loss of $17,308,000, or $1.03 per share,
which included after-tax restructuring and other charges of $11.1
million in the fourth quarter of 1995.
During the fourth quarter of 1996, as previously announced,
Banyan estimated that it reduced worldwide inventories of its third-
party distributors by approximately $9.0 million, resulting in lower
revenue during the quarter. As a result of these activities, combined
with lower than anticipated end-user purchases, fourth- quarter
1996 software revenues were $12.7 million, compared with $22.1
million in the same period last year. Banyan's international business
reported sales $6.2 million in fourth quarter of 1996, compared
with $7.6 million in 1995's fourth quarter.
Banyan's net loss for the fourth quarter of 1996 included a
one-time, pre-tax restructuring charge of $5.5 million, or $0.32 per
share, for severance costs related to a fifteen percent reduction of
the company's workforce, facility consolidations and other related
costs. In addition, Banyan recorded a one-time non-cash charge of
$8.0 million, or $0.47 per share, for previously recorded deferred
tax assets in the fourth quarter of 1996. Excluding these non-
recurring charges, Banyan's loss from operations for the fourth
quarter of 1996 was $12,627,000 compared with a loss of
$10,423,000 for the fourth quarter of 1995.
Revenues for the year ended Dec. 31, 1996, were $105.4 million,
compared $129.7 million in 1995. For 1996, Banyan reported a
net loss of $27,030,000, or $1.59 per share, compared with a net
loss of $21,360,000, or $1.27 per share, for 1995. Results in both
1996 and 1995 included the above-mentioned non-recurring
charges. Excluding these charges, Banyan's loss from operations
for 1996 was $13,585,000 compared with a loss from operations
for 1995 of $18,399,000. Banyan's total software revenues in
1996 were $87.3 million, compared with $105.1 million in 1995.
Total international revenues for Banyan in 1996 were $25.6 million,
compared with $29.7 million in 1995.
Jeffrey D. Glidden, acting president, stated, "The fourth quarter
was marked by a number of major changes in Banyan's business,
including the realignment of our executive management team and
the initiation of a search for a new CEO. Led by Chairman John
Burton, we have made progress in evaluating candidates, and plan
to conclude this process by the end of the first quarter."
Commenting on Banyan's fourth-quarter financial performance,
Glidden added, "Our results reflect lower revenues for the quarter
primarily due to the reduction of inventories with our third-party
distribution partners, lower than expected end-user purchases of
our VINES products, and the impact of our restructuring activities.
In addition, we have continued to make strategies investments to
expand our presence in the market for Internet-related directory
and messaging solutions."
Glidden continued, "Over the past several months, we have made
progress with our new product development initiatives. We are
encouraged by the response from both customers and industry
experts to the recent introductions of StreetTalk (r) for Windows
NT and Intelligent Messaging for Windows NT."
"The fourth quarter was highlighted by our success in achieving key
business milestones for Switchboard (r), our electronic directory
service for Internet users," said Glidden. "Specifically, we launched
display advertising services for Switchboard's business listings,
creating an innovative direct marketing tool. In addition, we
established partnerships with America Online, Digital City and
leading national Certified Marketing Representatives to
dramatically broaden the visibility and usage of Switchboard. To
fund Switchboard's growth, we created Switchboard Inc., as a
Banyan subsidiary and have received equity investments from both
America Online and Digital City."
In conclusion, Glidden added, "We are particularly pleased with
the dedication and support of our customers, employees and
business partners as we embrace and implement major change in
our company and build the foundation for long-term success."
The company noted that each of the above forward-looking
statements were subject to change based on various important
factors, including, without limitation, competitive actions in the
marketplace and buying trends by businesses. Further information
on potential factors which could affect the company's financial
results are included in the company's Form 10-K for the 1995
fiscal year, which was filed with the SEC at the end of March
1996, and the company's Form 10-Q for the period ended Sept.
30, 1996, which was filed with the SEC in November 1996.
About Banyan Systems Inc.
Banyan Systems (NASDAQ: BNYN) is a pioneer and leader in
enterprise network services. These products make it easy to find,
share and manage information and resources within enterprise
networks. Founded in 1983 and headquartered in Westboro,
Mass., U.S.A., the company markets products worldwide through
authorized network integrators, resellers and international
distributors. Banyan can be reached on the World Wide Web at
http://www.banyan.com
StreetTalk (r) is product of Banyan Systems Inc. and not a product
of McCarthy, Crisanti & Maffei Inc.
Banyan Systems Incorporated
Consolidated Statements of Operations
(in thousands, except per share amounts)
Three months ended Twelve
months ended
December 31,
December 31,
1996 1995 1996
1995
Revenues:
Software $12,688 $22,149
$87,281 $105,160 Support and training 4,297
5,288 16,456 21,059 Hardware
177 540 1,687 3,464
-------- ------- -------
-------
Total revenues 17,162 27,977
105,424 129,683
Cost of related revenues 6,310 7,622
24,802 29,562
Gross margin 10,852 20,355
80,622 100,121
% 63% 73%
76% 77%
Operating expenses:
Sales and marketing 14,978 20,488
60,811 80,810 Product development 5,533
6,730 21,875 24,502 General and
administrative 2,968 3,560 11,521
13,208 Restructuring and other charges
5,500 (a) 15,802 (b) 5,500 (a) 15,802 (b)
------ ------- -------
-------
Total operating expenses 28,979 46,580
99,707 134,322
Loss from operations (18,127) (26,225)
(19,085) (34,201)
Other income/(expense), net 466 2,377
1,068 3,686
------- ------- -------
------
Loss before income taxes (17,661) (23,848)
(18,017) (30,515)
Provision/(benefit) from
income taxes 9,141 (a) (6,540) (b) 9,013
(a) (9,155) (b)
------- ------- -------
------
Net loss ($26,802) ($17,308)
($27,030) ($21,360)
------- ------- -------
------
Net loss per common share ($1.56) ($1.03)
($1.59) ($1.27)
------- ------- -------
------
Weighted average number
of common shares
outstanding 17,133 16,758
16,947 16,797
------- ------ -------
------
-0-
Condensed Consolidated Balance Sheets
(in thousands)
December 31,
December 31,
1996
1995
ASSETS
Cash and marketable securities $19,188
$31,263 Accounts receivable, net 19,754
24,288 Income tax receivable
0 6,042 Other current assets
9,247 10,454 Property,
equipment and
other assets 21,343
21,896
Deferred tax asset 0
12,366
--------
---------
Total assets $69,532
$106,309
--------
---------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $25,122
$36,378 Deferred revenue 19,886
22,323 Other liabilities
4,202 3,266 Stockholders' equity
20,322 44,342
--------
--------
Total liabilities and
stockholders' equity $69,532
$106,309
--------
---------
(a) In the fourth quarter of 1996, the company took a
one time charge of $5,500 related to restructuring the
company, and wrote off deferred tax assets of $8,038.
(b) In the fourth quarter of 1995, the company took a
one-time charge of $15,802, resulting in an after-tax
charge of $11,061 related to restructuring the
company.
CONTACT: Banyan Systems Inc. Jeffrey D. Glidden
508/871-2271 or Richard M. Spaulding 508/871-2271
Battle Mountain Gold posts loss for quarter/year; receives final
Crown Jewel EIS; sees lower 1997 costs
HOUSTON, TX --Feb. 3, 1997--Battle Mountain Gold Co.
(NYSE:BMG/TSE:BMC) Monday announced a fourth quarter
1996 consolidated net loss of $39.5 million, or 17 cents per share,
attributable to common shareholders.
The fourth quarter 1996 loss compares with a net loss of $0.2
million in the same period last year. For the year 1996, the
consolidated net loss was $81.8 million, or 36 cents per share,
compared with net income of $22.2 million, or 10 cents per share,
in the same period in 1995.
BMG Chairman Karl E. Elers, noting that 1996 represented a
transition year involving the merger with Hemlo Gold, said the
company was negatively impacted by increased income tax
charges; previously announced property, plant and equipment
write-offs and merger expenses; higher mine cash operating costs;
higher exploration expenditures; and increased depreciation,
depletion and amortization charges.
Elers said the fourth quarter loss was primarily the result of
unusually high income tax charges totaling $25 million; $6.4 million
of costs related to the accelerated completion of mining at San
Luis; $2.7 million of additional merger expenses related to the
election of certain executive officers to leave the company; $2
million of restructuring costs related to Niugini Mining Ltd. (NML);
and $1.4 million of asset write downs related to the Red Dome
milling operations.
The income tax charges of $25 million arise even though a pre-tax
loss of $11 million was incurred during the quarter. This relates
principally to the company's revised foreign dividend repatriation
strategy whereby retained and current earnings of the company's
Canadian operations are now expected to be repatriated to the
United States.
This decision gave rise to the need to provide Canadian
withholding taxes on such retained earnings and to provide a
valuation allowance for certain previously recognized U.S. Federal
income tax benefits which are no longer likely to be realized due to
foreign tax credits.
To a lesser extent, current quarter income tax provisions were
necessary in Canada ($3.5 million) where taxes will be paid for
which there is no consolidated benefit and for Bolivian mining taxes
($1.4 million).
Cash flows from operating activities decreased to $57 million in
1996, compared with $74 million in 1995, primarily as a result of
merger expenses paid by the company. BMG's year end cash
position was $103 million.
Capital expenditures were reduced to $58 million in 1996,
compared with $145 million in 1995 when funds were utilized in
the construction of Holloway and to provide funding for the Lihir
project.
Attributable gold production for the fourth quarter was
approximately 218,000 ounces, compared with 193,000 ounces in
the same period a year earlier. For the year 1996, gold production
totaled 916,000 attributable ounces, compared with 843,000
ounces during 1995.
Cash production costs averaged $230 per ounce sold for the
fourth quarter and $219 for the year 1996, compared with $212
and $195 per ounce sold, respectively, for the same periods in
1995.
The higher operating expense for 1996 primarily reflects increased
operating costs at Kori Kollo and normal operations at the Golden
Giant. Elers emphasized that three new, lower cost mines --
Holloway, Vera/Nancy and Lihir -- are coming into full production
this year and are expected to help lower aggregate cash production
costs per ounce.
The new mines will replace three of the company's smaller, higher
cost mines -- San Luis, Silidor and Red Dome -- all of which will
have been phased out of operation by the second half of this year,
as reserves are depleted.
Kori Kollo Reserve Reduction and Cost Savings
A review of the reserves at the Kori Kollo mine in 1996 has
resulted in a downward adjustment of 320,000 attributable ounces,
or approximately 10 percent of the year end 1995 Kori Kollo ore
reserves.
The reserve reduction is a result of refinements to the block model
incorporating data collected from the past four years mining, and
inclusion of results from 18 new diamond drill holes which has
indicated that the earlier reverse circulation drilling and block model
had overstated the reserves.
Elers said he expects no further adjustments to the Kori Kollo ore
model. BMG expects to cut production costs by approximately
$11 million at Kori Kollo in 1997, compared with 1996. It has
budgeted production of 284,000 attributable ounces at cash
operating costs of $186 per gold ounce sold this year, compared
with 270,000 ounces and $225 per ounce sold in 1996.
Operating Outlook Highlights
Looking at the company's growth profile, Elers and BMG
President Ian Bayer said that BMG's overall strategy calls for
growth to come from both exploration and value-added
acquisition.
The targets on both counts are 1 million ounce plus reserves, with
cash costs in the $200 per ounce or less range. While growth in
ounces is important, the primary objective is to maximize
shareholder value and cash flow, they said.
BMG's current reserve position is well diversified, with almost
two-thirds of its ounces located in North America. Based on
current development projects, by the end of the decade, some 70
percent of the company's production is also expected to come
from North America, compared with about 59 percent today.
For 1997, aggregate cash production costs are expected to
average about $200 per gold ounce sold, down some 10 percent
compared with 1996. Total aggregate operating costs are expected
to be approximately $290 per gold ounce sold. Total attributable
gold production is expected to be approximately 920,000 ounces
this year.
Operations at the Golden Giant continue on target in regard to
production and costs. Annual gold production there in 1997 is
expected to be about 360,000 ounces, with cash costs near $140
per ounce sold.
BMG has an 84.7 percent interest in the Holloway mine in
northeastern Ontario, which experienced a slower than anticipated
start-up in the fourth quarter of 1996. Attributable gold production
was 11,000 ounces at a cash operating cost of $393 per gold
ounce sold.
For 1997, production is expected to be about 80,000 attributable
ounces, with targeted cash operating costs per gold ounce sold of
$223 and total operating costs of $337. Exploration potential in the
Matheson area around the Holloway property is excellent, as well
as at the mine site itself where drilling last year identified significant
potential at depth below the main Holloway ore body.
That drilling intersected the Lightning Zone, some 600 meters
below the deepest previous hole, where it returned assays of 11.6
grams of gold over a 2.9 meter interval. This intersection confirms
the excellent potential to increase reserves at Holloway at depth.
Some additional surface drilling will be conducted this year, but the
main focus at Holloway will be on getting the new mine operating
smoothly and on budget.
At the Crown Jewel project in Washington state, the Environmental
Impact Statement (EIS) has been finalized, a favorable Record of
Decision issued, and the document is in the process of being
distributed. Work is now underway to obtain the various
development and operating permits.
Historically, there can be appeals associated with both the EIS and
the permitting process, and it is difficult to predict their duration.
Construction will begin once the process is completed.
Production at Crown Jewel is anticipated to be in the 130,000
ounce range attributable to BMG from its 54 percent interest in the
project. Cash operating costs per gold ounce sold are expected to
average about $165 over the life of the mine.
At the Battle Mountain Complex, the Phoenix permitting process is
moving ahead, and the company continues to look at alternatives to
enhance the economics of the project. Annual production is
expected to be in the 200,000 ounce per year range by the end of
this decade.
At the Vera/Nancy property in Queensland, Australia, over 1
million contained ounces of mineralization have been identified to
date. BMG has a 50 percent interest in this property together with
Normandy Mining Ltd, which will be the operating partner.
Initial production will utilize the Pajingo mill which has been
expanded to 800 tons per day capacity. Mining of the small Vera
open pit is now complete and ore has been stockpiled. Full
production from underground is anticipated in the second half of
the year at the total annual rate of approximately 100,000 ounces.
The mineralization is still open at depth below 1,300 feet and over
portions of its strike length. Additional exploration will be carried
out as the underground mining progresses. Because of the existing
infrastructure, development costs and DD&A will be relatively low.
By 1998, BMG's share of production there is targeted at about
50,000 ounces, with cash costs expected to decline to about $150
per gold ounce sold, and total costs of some $185 per ounce,
yielding excellent cash flow.
At Lihir in Papua New Guinea, work is progressing well with a
projected mid year start up of mining of the oxide ore. At the end
of the fourth quarter of 1996, engineering for the project was 99
percent complete and total construction was 67 percent complete.
Construction for the oxide ore facilities was 72 percent complete.
According to the operator, RTZ, production in 1997 is expected to
total about 18,000 ounces attributable to BMG from its net 8.6
percent interest through its 50.5 percent owned Niugini Mining
(NML) subsidiary. Processing of sulphide ore could begin as early
as October 1997.
By 1998, the company expects to realize over 50,000 attributable
ounces from Lihir and close to 70,000 attributable ounces in 1999
and 2000. Cash costs there over the next few years are anticipated
to average near $200 per ounce sold.
Exploration Priorities
BMG expects to spend about $35 million in 1997 exploring
properties which range in activity from early reconnaissance to
advanced drilling. High priority targets include El Cairo, Volta
Grande, Pajingo, and Dunkwa, as well as BMG's extensive land
holdings around the company's current operations.
At the Vera/Nancy property, ongoing exploration work is
continuing to return positive results. Drilling to the north of the
Vera/Nancy resource appears to be outlining additional high-grade
lenses, with some of the better diamond drill holes returning assays
of: 22 g/t Au over 19 meters, 44.7 g/t over 6 meters, 21.7 g/t over
9 meters and 14 g/t over 10 meters.
Battle Mountain and Normandy are continuing to test a number of
other targets comprising deep regions of known veins and related
geophysical anomalies. Chances for additional discovery are rated
high.
BMG has an excellent land position in Mexico with a number of
quality targets. Among these is El Cairo, where the company
expects to resume drilling in February. During 1996, extensive
surface geochem and trenching work, together with 8 reverse
circulation holes, identified a target with potential for large tonnage,
bulk mineable, leachable gold deposit.
Of the eight holes drilled, seven encountered significant widths of
anomalous gold mineralization, with the best assays being: 1.05 g/t
Au over 100 meters, with the hole ending in mineralization.
Very encouraging results were reported in 1996 from the Dunkwa
property located within the Ashanti gold belt in Ghana. A total of
14 holes drilled on the Mampon prospect have outlined a 400
meter long, shallow plunging zone of mineralization. The zone is
open along strike and down dip and will be further tested by
drilling, possibly later this quarter.
Strong persistent gold-arsenic-antimony soil anomalies have been
outlined elsewhere on the Dunkwa property, which range from one
to five kilometers in strike length. Testing will begin on these targets
in February.
In Brazil, Volta Grande, located in Para State, comprises a 150
square kilometer concession underlain by Archean greenstone and
granite-gneiss terrain. Some twenty centers of garimpeiro workings
occur along a 12 by 8 kilometer belt within the area.
Multiple drill targets have been identified by BMG's JV partner,
TVX, with a current drilling program focused on a 1.8 kilometer by
200 meter, strong surface gold anomaly. Results from the current
program continue to be highly encouraging, with multiple individual
zones of mineralization ranging from 4 to 36 meters in thickness at
grades ranging from 0.6 g/t to 6 g/t Au.
Officer Changes
As previously announced, during January 1997, three senior
officers of the company announced their intentions to voluntarily
resign from BMG under terms of change-of-control severance
agreements triggered by the merger with Hemlo Gold.
The company is pleased to announce the appointment of Joseph
Baylis as Senior Vice President -- Corporate Development. Baylis
will also retain his position as President and CEO of Niugini Mining
Limited.
In addition, Jeffrey Powers has been named Vice President --
Controller, and Anne Baldrige has been named Vice President --
Environmental and Governmental Affairs.
Baylis had previously served as Vice President -- Investor
Relations and General Counsel for Hemlo Gold. Powers most
recently was Controller for Battle Mountain and Baldrige served
BMG as Director of Environmental and Governmental Affairs.
Outlook
In summary, the results for 1996 should not be considered
indicative of future performance, Elers said. Managements focus is
squarely on improving the performance of the company's assets
and on growth for the future. BMG is well positioned to maintain a
strong financial core.
New project financing will be largely internal from strong cash flow.
BMG has production growth in the pipeline, low cash production
costs, a well capitalized balance sheet, diversified and well funded
exploration and M&A programs, and the critical mass to respond
to opportunities that may arise.
Note: The United States Private Securities Litigation Reform Act of
1995 provides a safe harbor for certain forward-looking
statements. Operating, exploration and financial data, and other
statements in this document, are based on information that the
company believes reasonable, but involve significant uncertainties
as to future gold prices, costs, ore grades, mining and processing
conditions, and regulatory and permitting matters. Actual results
and timetables could vary significantly from the estimates
presented. Also refer to the Cautionary Statement contained in
thecompany's Form 10-Q for the most recent quarter.
Battle Mountain Gold Co.
Condensed Consolidated Statement of Income
(unaudited)
(in thousands, except per-share data)
Three months ended Year
ended
Dec. 31, Dec.
31,
1996 1995 1996
1995
Sales $107,665 $106,425
$423,980 $401,189
Costs and expenses
Production costs 74,124 67,386
257,164 228,439 Depreciation, depletion
and amortization 27,778 26,598
94,187 86,547
Exploration, evaluation and
other lease costs 11,475 8,663
33,532 26,019
Merger expense 2,705 --
22,703 -- Asset write-downs 1,426
-- 39,877 2,222 General and
administrative
expenses 6,069 4,094
19,019 16,339
Total costs and expenses 123,577 106,741
466,482 359,566
Operating income (15,912) (316)
(42,502) 41,623
Investment income 2,945 2,091
9,876 11,325 Interest (expense) (2,019)
(2,183) (6,885) (7,644) Other income (expense),
net 263 844 (1,665) 2,692
Income before income taxes and
minority interest (14,723) 436
(41,176) 47,996
Income tax benefit (expense) (24,986) 1,914
(37,470) (7,489) Mining taxes
(1,964) 1,674 (11,653) (4,656) Minority interest
in net
(income) loss 4,060 (2,388)
15,959 (6,156)
Net income (loss) (37,613) 1,636
(74,340) 29,695 Preferred dividends
1,869 1,869 7,475 7,476
Net income (loss) to common
shares $(39,482) $ (233)
$(81,815)$ 22,219
Income (loss) per common
share (17 cents) -- (36
cents) 10 cents
Dividends per common share -- -- 5
cents 5 cents
Average common shares
outstanding for income-
per-share purposes 229,693 229,074
229,561 233,385
-0-
Battle Mountain Gold Co.
Condensed Consolidated Balance Sheet
(unaudited)
(in thousands)
Dec. 31,
1996 1995
Assets
Current assets
Cash and cash equivalents $ 103,004 $
142,202 Accounts and notes receivable 48,741
30,591 Inventories 10,440
6,286 Materials and supplies, at
average cost 28,939
31,695
Other current assets 12,688
13,031
Total current assets 203,812
223,805
Investments 246,146
244,352
Property, plant and
equipment, net 574,478
640,764
Other assets 21,553
36,063
Total assets $1,045,989
$1,144,984
Liabilities and Stockholders' Equity
Current liabilities
Short-term borrowings $ 21,800 $
14,835 Current maturities of
long-term debt 13,595
13,427
Accounts payable and
accrued liabilities 44,664
34,869
Income and mining taxes
payable 18,103
10,358
Other current liabilities 6,119
5,049
Total current liabilities 104,281
78,538
Long-term debt 139,206
169,175 Deferred income and mining taxes 116,012
109,754 Other liabilities 40,996
34,536
Total liabilities 400,495
392,003
Minority interest 107,214
123,569
Shareholders' equity 538,280
629,412
Total liabilities and
shareholders' equity $1,045,989
$1,144,984
-0-
Battle Mountain Gold Co.
Condensed Consolidated Statement of Cash Flows
(unaudited)
(in thousands)
Year ended Dec. 31,
1996 1995
Cash flows from operating activities:
Net income (loss) $(74,340) $ 29,695
Adjustments to reconcile net
income (loss) to cash flows
from operating activities:
Depreciation, depletion and
amortization 94,187 86,547
Gain on sale of assets (205)
(5,153) Asset write-downs 39,877
2,222 Deferred income tax
expense (benefit) 12,247
(1,278)
Change in current assets and
liabilities (5,790)
(44,159)
Other changes, net (9,402) 5,988
Total adjustments 130,914 44,167
Net cash flows from operating
activities 56,574 73,862
Cash flows used in investing activities:
Proceeds from sale of assets 891 5,636
Capital expenditures (58,460)
(144,590) Other, net 2,373
(6,076)
Net cash flows used in
investing activities (55,196)
(145,030)
Cash flows used in financing activities:
Cash proceeds from stock
issuances 2,530 19,884
Cash proceeds from borrowings 18,717 73,949
Cash dividend payments (22,569)
(26,055) Increase (decrease) in short-
term borrowings 8,821 --
Debt repayments (50,376)
(77,023) Other, net 74
(88)
Net cash flows used in
financing activities (42,803)
(9,333)
Effect of exchange rate changes
on cash and cash equivalents 2,227 4,387
Net decrease in cash and cash
equivalents (39,198)
(76,114)
Cash and cash equivalents at
beginning of period 142,202 218,316
Cash and cash equivalents at
end of period $ 103,004 $ 142,202
-0-
Supplemental Information
Battle Mountain Gold Co.
Operating Data /a
(unaudited)
(all sales and production numbers reflect
BMG-attributable interests)
Three months ended 12
months ended
Dec. 31,
Dec. 31,
1996 1995/b 1996
1995/b
Golden Giant
Gold recovered (000s oz)/c 86 36
371 234 Silver recovered (000s oz) 6
1 18 13 Gold sold (000s oz)
86 36 371 234 Silver sold (000s
oz) 6 1 18 13
Cost per gold ounce sold/c
Cash production costs $156 $174
$137 $128 Depreciation, depletion and
amortization 65 78
62 57
Reclamation and mine-closure
costs 4 3
3 2
Total production costs $225 $255
$202 $187
Kori Kollo (88 percent interest)
Gold recovered (000s oz) 67 76
270 298 Silver recovered (000s oz) 171
315 801 1,153 Gold sold (000s oz)
66 74 274 297 Silver sold (000s
oz) 168 307 816 1,154
Cost per gold ounce sold/c
Cash production costs $221 $186
$225 $178 Depreciation, depletion and
amortization 111 88
106 88
Reclamation and mine-closure
costs 9 3
5 3
Total production costs $341 $277
$336 $269
Holloway Joint Venture (84.7 percent interest)
Gold recovered (000s oz) 11 --
11 -- Silver recovered (000s oz) --
-- -- -- Gold sold (000s oz)
4 -- 4 -- Silver sold (000s
oz) -- -- -- --
Cost per gold ounce sold
Cash production costs $393 $ --
$393 $ -- Depreciation, depletion and
amortization 174 --
174 --
Reclamation and mine-closure
costs 2 --
2 --
Total production costs $569 $ --
$569 $ --
Battle Mountain Complex
Gold recovered (000s oz) 20 18
73 75 Silver recovered (000s oz) 30
54 201 207 Gold sold (000s oz)
22 18 73 75 Silver sold (000s
oz) 34 54 201 207
Cost per gold ounce sold/c
Cash production costs $262 $399
$307 $328 Depreciation, depletion and
amortization 33 78
59 63
Reclamation and mine-closure
costs 40 4
34 4
Total production costs $335 $481
$400 $395
San Luis/d
Gold recovered (000s oz) 5 17
54 72 Silver recovered (000s oz) 4
8 32 32 Gold sold (000s oz)
6 17 54 72 Silver sold (000s
oz) 4 8 32 32
Cost per gold ounce sold
Cash production costs $ -- $272
$316 $261 Depreciation, depletion and
amortization -- 86
163 96
Reclamation and mine-closure
costs -- --
81 6
Total production costs $ -- $358
$560 $363
Pajingo/d
Gold recovered (000s oz) 1 11
28 36 Silver recovered (000s oz) 4
6 28 44 Gold sold (000s oz)
1 11 28 37 Silver sold (000s
oz) 4 6 28 48
Cost per gold ounce sold
Cash production costs $ -- $222
$226 $182 Depreciation, depletion and
amortization -- 64
81 93
Reclamation and mine-closure
costs -- 2
2 4
Total production costs $ -- $288
$309 $279
San Cristobal (50.5 percent interest)
Gold recovered (000s oz) 9 9
39 41 Silver recovered (000s oz) 19
24 93 97 Gold sold (000s oz)
10 9 39 41 Silver sold (000s
oz) 20 25 93 97
Cost per gold ounce sold/c
Cash production costs $382 $318
$362 $307 Depreciation, depletion and
amortization 44 116
86 96
Reclamation and mine-closure
costs -- --
-- --
Total production costs $426 $434
$448 $403
Red Dome (50.5 percent interest)
Gold recovered (000s oz) 11 17
43 57 Silver recovered (000s oz) 66
78 278 320 Copper recovered (000s lb)
1,116 1,288 4,618 5,514 Gold sold (000s
oz) 21 27 44 56
Silver sold (000s oz) 153 151
306 305 Copper sold (000s lb) 2,615
2,708 4,895 5,411
Cost per gold ounce sold/c
Cash production costs $247 $138
$240 $144 Depreciation, depletion and
amortization 159 169
145 155
Reclamation and mine-closure
costs 9 8
10 2
Total production costs $415 $315
$395 $301
Silidor Joint Venture (55 percent interest)
Gold recovered (000s oz) 7 9
26 31 Silver recovered (000s oz) --
-- -- -- Gold sold (000s oz)
7 9 26 31 Silver sold (000s
oz) -- -- -- --
Cost per gold ounce sold
Cash production costs $297 $303
$333 $327 Depreciation, depletion and
amortization 90 120
75 82
Reclamation and mine-closure
costs 7 4
4 7
Total production costs $394 $427
$412 $416
Aggregate data
Gold recovered BMG share
(000s oz) 218 193
916 843
Gold sold BMG share (000s oz) 223 203
914 843 Gold recovered (000s oz) 247
230 1,034 978 Gold sold (000s oz)
263 249 1,034 978 Average price per
oz realized $381 $387 $391 $384
Silver recovered BMG share
(000s oz) 300 486
1,451 1,866
Silver sold BMG share (000s oz) 389 553
1,495 1,857 Silver recovered (000s oz) 407
630 1,924 2,427 Silver sold (000s oz)
583 768 1,998 2,403 Average price
per oz realized $4.56 $5.41 $5.08 $5.26
Weighted average cost per gold ounce sold/c
Cash production costs $230 $212
$219 $195 Depreciation, depletion and
amortization 105 105
91 87
Reclamation and mine-closure
costs 22 4
10 3
Total production costs $357 $321
$320 $285
/a -- Effective in the second quarter of 1996, BMG
began reporting its
operating costs on the basis adopted earlier this
year by The Gold Institute. As a result, in
addition to mining, milling and plant level G&A
expenses, cash production costs include royalties,
freight, smelting costs and allowances and
production taxes. Credits for by-product silver and
copper are offset against these cash production
costs. This new North American standard also
provides for reporting on a cost-per-gold-ounce
basis, rather than cost-per-equivalent-gold-ounce.
/b -- Restated to conform with new operating cost
reporting standard. /c -- Excludes asset write-downs
in 1996 and 1995 and ounces produced
and costs incurred at the Golden Giant mine during
the 1995 strike.
/d -- Production ceased at the operations during the
fourth quarter
of 1996 rendering cost per ounce information
meaningless.
CONTACT: Battle Mountain Gold Co., Houston Les Van Dyke,
713/653-7248
John H. Harland Reports Record Fourth Quarter Results
ATLANTA, GA - Feb. 3, 1997 - John H. Harland Company
(NYSE:JH) today reported record sales and earnings per share for
the fourth quarter and record sales for 1996.
Sales for the fourth quarter ended December 31, 1996 were
$151.6 million, compared to $145.9 million last year. Net income
was $14.7 million or 47 cents per share for the quarter, an increase
of 50 percent compared to $9.8 million or 32 cents per share for
the same period in 1995.
Sales for the 12-month period were $609.4 million, an increase of
8.5 percent from $561.6 million in 1995. The after-tax loss for the
year was $13.9 million or 45 cents per share, compared to net
income of $46.0 million or $1.51 per share a year ago.
1996 results included second quarter charges of $92.5 million or
$1.80 per share related primarily to plant consolidations,
development of enterprise- wide information systems and the
write- down of investments associated with discontinued product
lines and $8.0 million or 26 cents per share for in- process
research and development costs related to the acquisition of
OKRA Marketing in May, 1996.
At its January 31, 1997 regular meeting, Harland's board of
directors approved management's recommendation to more closely
align the dividend payout with the overall business strategy. The
board reduced the dividend from $1.02 to 30 cents per year in
order to fuel long-term growth through acquisitions. The quarterly
dividend of 7.5 cents per share is payable March 6, 1997 to
shareholders of record February 20, 1997.
Robert J. Amman, Harland's President and CEO, said his first full
year in office was spent establishing key business initiatives to
strengthen relationships with customers and return the company to
double-digit earnings growth.
These initiatives include a major restructuring of Harland's print
infrastructure with the complementary goals of improving quality,
reducing costs and creating enhanced services in the check
business. Additionally, the Company is developing higher growth
marketing services to be integrated with its database management
capabilities.
Rebuilding the infrastructure is on target with all but eight of the
plants scheduled for consolidation to close by year-end 1997. The
balance of the plants will close by mid-1998.
"We will continue to develop and implement our business strategy
to reflect market needs and to capitalize on opportunities for
growth," said Amman. "As we enter 1997, we are committed to
the timely execution of our strategy and to building better solutions
for our customers."
John H. Harland Company is listed on the New York Stock
Exchange under the symbol "JH." An S&P 500 company, Harland
is a leading supplier of checks, database marketing services and
loan automation software to the financial industry.
John H. Harland reports for the periods ended December
31, 1996 and 1995
(dollars in thousands, except per share
amounts):
Three
Months
December 31, 1996
December 31, 1995
Net Sales $ 151,580
$ 145,910 Income Before Income Taxes
25,216 16,588 Provision for
Income Taxes 10,491
6,760 Net Income 14,725
9,828 Net Income per Common Share
$ .47 $ .32 Average
Number of Shares Outstanding 31,334
30,632
Twelve
Months
December 31, 1996
December 31, 1995
Net Sales $ 609,384
$ 561,617 Income (Loss) Before Income Taxes
(15,477) 76,903 Provision For
Income Taxes (1,623)
30,886 Net Income (Loss)
(13,854) 46,017 Net Income (Loss) Per
Common Share $ (.45)(a) $ 1.51
Average Number of Shares Outstanding 30,951
30,558
(a) Includes $63.5 million after tax, or $2.06 per
share,
relating to second quarter restructuring charges and
expensing of in- process research and development
costs resulting from the OKRA acquisition.
SOURCE John H. Harland Company/CONTACT: Robert J.
Amman, President and Chief Executive Officer or Victoria P.
Weyand, Vice President and Corporate Secretary, John H.
Harland, 404-981-9460/
FoxMeyer Health Announces Name Change to Avatex
Corporation and Entry of Temporary Restraining Order
DALLAS, TX - Feb. 3, 1997 - FoxMeyer Health Corporation
(NYSE: FOX) today announced that it is changing its name to
Avatex Corporation. Shares of the Corporation will continue to
trade on the New York Stock Exchange under the FoxMeyer
Health name and "FOX" symbol for an interim period of
approximately two-to-three weeks; the Corporation will announce
the effective date for trading purposes of the new name and its new
stock symbol, "AAV." Existing FoxMeyer Health stock certificates
will continue to be valid and will not have to be exchanged for new
certificates with the Avatex Corporation name. The Corporation
stated that it is changing its name as part of its agreement to sell
substantially all of the assets of its FoxMeyer Drug Company
subsidiary in late 1996.
Separately, FoxMeyer Health announced that on January 13,
1997, the United States Bankruptcy Court for the District of
Delaware, presiding over the Chapter 11 case of certain of
FoxMeyer Health's subsidiaries, including FoxMeyer Corporation
and FoxMeyer Drug Company, entered a Temporary Restraining
Order in litigation filed by the Creditors' Committee against
FoxMeyer Health. The Order requires FoxMeyer Health to
provide ten days prior notice to the Committee of any proposed
(a) transfer, sale or other disposition of any assets that were
conveyed by its subsidiary, FoxMeyer Corporation, to FoxMeyer
Health on June 19, 1996 or any proceeds from any sale or other
disposition thereof, (b) transfer, sale or other disposition of any of
FoxMeyer Health's other assets except in the ordinary course of
business, or (c) encumbrance or pledge of any of such assets. The
order, however, does not affect the sale of FoxMeyer Canada
Inc., which closed in October 1996. The Court set a hearing on
March 5, 1997 on the Committee's motion for a preliminary
injunction seeking the foregoing relief.
SOURCE FoxMeyer Health Corporation /CONTACT: Edward
Massman, Chief Financial Officer, or Grady Schleier, Vice
President/Treasurer, of FoxMeyer Health Corporation, 214-365-
7450/
Gander Mountain Plan Becomes Effective
WILMOT, Wis., Feb. 3, 1997 - Gander Mountain, Inc. (Nasdaq:
GNDR) announced that its Plan of Reorganization which was
approved by the U.S. Bankruptcy Court in Milwaukee on January
23, 1997, and which provided for the sale of Gander Mountain's
twelve retail stores and substantially all of its assets to Holiday
Companies, became effective today.
Holiday Companies is paying a purchase price equal to all secured
debt, administrative expenses of the bankruptcy (including
post-petition liabilities), priority claims, reasonable post-
confirmation expenses, plus $19,500,000. $18.5 million will be
distributed among unsecured creditors, $500,000 paid pro-rata to
Gander Mountain preferred shareholders and $500,000 pro-rata
to holders of Gander Mountain common stock. All preferred and
common stock is canceled as of today. However, the right to
receive distributions shall survive the cancellation.
Holiday acquired five retail stores from Gander Mountain in July,
1996. All seventeen Gander Mountain retail stores acquired by
Holiday will continue to be operated as Gander Mountain. The
Gander Mountain stores are located in Minnesota, Wisconsin,
Michigan and Indiana.
Holiday Companies is a privately-held Bloomington, Minnesota
based retailer and wholesaler of outdoor and other sporting goods
as well as gasoline and food products. Holiday does business in
twelve states and has over 5,000 employees.
SOURCE Gander Mountain, Inc. /CONTACT: Ken Bloom,
Executive VP-Chief Financial Officer, 414- 862-3302, or Michael
Rosenbaum, of The Financial Relations Board, 312-266- 7800/
Copley Pharmaceutical Announces Financial Results for the Fourth
Quarter and The Year Ended December 31, 1996
CANTON, Mass., Feb. 3, 1997 - Copley Pharmaceutical, Inc.
(Nasdaq: CPLY) today reported its financial results for the fourth
quarter and the year ended December 31, 1996.
Net loss for the quarter was $12.0 million or $0.63 per share
compared to a net loss of $1.7 million or $0.09 per share for the
fourth quarter of 1995. In the fourth quarter, the Company
recorded recall and litigation related expenses of $12.2 million,
principally an increase in contingency reserves reflecting changes in
estimates of the Company's uninsured exposures. Additionally,
previously announced restructuring charges of $3.5 million were
recorded. Excluding these items, net income would have been a
profit of $0.5 million or $0.03 per share for the quarter compared
to a net loss of $0.8 million dollars or $0.04 per share for the
corresponding quarter in 1995 (excluding similar items).
Net sales for the quarter were $31.2 million, compared to $36.9
million for the fourth quarter of 1995. Price erosion, particularly on
glyburide, the Company's major distributed product, continues to
more than offset new product sales. Gross margin for the quarter
was 22.0 % compared to 16.9% for the fourth quarter of 1995.
For the year ended December 31, 1996, the Company reported a
net loss of $12.7 million or $0.66 per share, compared to 1995's
loss of $2.5 million or $0.13 per share. Excluding product recall,
other litigation, and restructure related items, the net loss would
have been $0.1 million or $0.01 per share. Net income for the year
1995 similarly restated to exclude recall and other litigation related
items would have been $8.2 million or $0.43 per share.
Net sales for the year were $123.5 million, a decrease of 13%
from 1995 net sales of $142.2 million. Increases in unit volumes of
existing products combined with the launches of seven new
products were insufficient to offset declining prices. This price
erosion was partially offset by reductions in cost of goods sold, but
resulted in a gross margin decrease to 23.8% of net sales
compared to 29.0% of net sales for 1995.
Copley Pharmaceutical, Inc., headquartered in Canton, MA, is a
leading manufacturer and marketer of a broad range of
multi-source prescription and over-the-counter pharmaceuticals.
The company markets its products to distributors, retail chains,
wholesalers, hospitals, government agencies, and managed
health-care entities.
Forward-looking statements (statements which are not historical
facts) in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that all forward-looking statements involve
risks and uncertainties, including those risks and uncertainties
detailed in the Company's filings with the Securities and Exchange
Commission, copies of which are available from the Company.
COPLEY PHARMACEUTICAL, INC.
Condensed Consolidated Statements of Operations
(Dollars in thousands, except per share data)
Unaudited
For the quarter ended For the
year ended
December 31, December 31,
1996 1995 1996 1995
Net sales $31,214 $36,885 $123,461 $142,158
Cost of goods sold 24,354 30,651 94,031 100,889
Gross profit 6,860 6,234 29,430 41,269
Gross margin 22.0% 16.9% 23.8% 29.0%
Operating expenses:
Research and development 3,477 3,777 13,682 13,299
Selling, marketing and
distribution 1,301 1,617 6,388 5,384
General and administrative 1,420 3,486 9,721 10,940
Recall related and
litigation 12,232 1,492 12,343 17,830
Restructuring 3,526 0.00 3,526 0.00
Income (loss) from
operations (15,096) (4,138) (16,230) (6,184)
Operating margin (48.4%) (11.2%) (13.1%) (4.4%)
Interest and
investment income 271 145 723 1,089
Interest expense (59) (70) (241) (285)
Other income
(expense), net 167 (404) (144) (175)
Income (loss)
before income taxes (14,717) (4,467) (15,892) (5,555)
Provision (benefit) for
income taxes (2,757) (2,750) (3,219) (3,012)
Net income (loss) $(11,960) $(1,717) $(12,673) $(2,543)
Weighted average common
shares outstanding:
Primary 19,099 19,064 19,081 18,977
Fully diluted 19,099 19,064 19,081 18,977
Earnings (loss) per share:
Primary $(0.63) $(0.09) $(0.66) $(0.13)
Fully diluted $(0.63) $(0.09) $(0.66) $(0.13)
COPLEY PHARMACEUTICAL, INC.
Condensed Consolidated Balance Sheets
(Dollars in thousands)
Dec. 31,
Dec. 31
1996 1995
ASSETS
Current assets:
Cash and cash equivalents $15,974 $18,950
Trading securities 0.00 950
Available-for-sale securities 13,757 5,147
Accounts receivable, trade, net 26,963 32,639
Accounts receivable, related party 61 826
Inventories 27,131 27,226
Prepaid income taxes 0.00 3,259
Current deferred tax assets 6,548 2,900
Other current assets 4,241 4,789
Total current assets 94,675 96,686
Property, plant and equipment, net 52,355 55,724
Deferred tax assets 215 1,484
Other assets 4,482 1,351
Total assets $151,727 $155,245
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable, trade $6,360 $8,301
Accounts payable, related party 10,948 11,191
Current portion of long-term debt 300 300
Accrued compensation and benefits 1,398 2,003
Accrued rebates 6,908 7,980
Accrued income taxes 883 0.00
Accrued recall related and litigation expenses 17,839 4,767
Accrued expenses 1,860 2,779
Total current liabilities 46,496 37,321
Long-term debt 5,100 5,400
Total liabilities 51,596 42,721
Shareholders' equity 100,131 112,524
Total liabilities and shareholders' equity $151,727 $155,245
SOURCE Copley Pharmaceutical, Inc. /CONTACT: Ken
Starkweather, Vice President-Finance of Copley Pharmaceutical,
Inc., 617-575-7755/