Call Now, Inc. Announces First Quarter
MIAMI SHORES, Fla., May 19, 1997 - Call Now, Inc. (OTC
Bulletin Board: CNOW) announced that net income for the quarter
ended March 31, 1997 totaled $2,232,686 or $.29 per share. The
Company's net income was principally derived from the profits on
the exchange defeasance of its Retama Development Corporation
bonds.
The Retama Development Corporation owns Retama Park, a
thoroughbred and quarter horse racetrack in San Antonio, Texas
constructed in 1995. Retama successfully emerged from a Chapter 9
bankruptcy proceeding in March, 1997.
As part of the bankruptcy proceedings, the Company exchanged
approximately $26,137,000 in 1993 bonds and $19,887,500 in Series
1993 notes for $48,841,000 in Series 1997 A & B bonds. The
bonds are tax-free municipals.
Subsequently, on April 7, 1997 the Company purchased 48% of
the Retama Development Corporation bonds, giving it 100% of the
Retama Series A & B bonds, totaling $93,925,000 of principal
amount.
Call Now, Inc.
Three Months Ended
March 31
1997
1996
Revenues $3,929,909
$1,824,299
Net Income 2,232,686
989,187
Per Share $.29
$.14
Weighted average number of common
shares outstanding 7,572,519
7,243,700
SOURCE Call Now, Inc./CONTACT: Bryan P. Brown, President,
305-751-5115, or Joel Bernstein, 305-751-3008, both of Call Now,
Inc./