CARLSBAD, Calif.--Aug. 31, 1995--Cypros
Pharmaceutical Corp. (NASDAQ:CYPR) announced Thursday that it has
purchased and retired 280,000 shares of its outstanding common stock
in a privately negotiated transaction, which included an additional
170,000 shares purchased by a group of individuals familiar with the
company.
The 450,000 shares were purchased from Edwin Mishkin, trustee
for the liquidation of the business of href="chap11.adler.html">Adler Coleman Clearing Corp.
This transaction completes the liquidation of the approximate 1
million shares of Cypros common stock owned by the Adler bankruptcy
trustee.
Paul J. Marangos, chief executive officer of the company,
commented, "Over the past six weeks, the price of our stock has
declined to an artificially low level. It has suffered from the
public knowledge that the Adler trustee had a substantial number of
shares of stock available for sale.
"This price decline has occurred despite our recent reported
progress on the product acquisition, clinical trial commencement and
patent prosecution fronts during that same period. However, the
various sales by the trustee during the month of August did result
in major institutional buying of Cypros common stock."
CONTACT: Cypros Pharmaceutical Corp.,
David W. Nassif, 619/929-9500
or
Financial Sciences of America,
Francesca Daniels, 310/278-4413
SAN ANTONIO, Texas--Aug. 31, 1995--href="chap11.solo.html">Solo Serve
Corporation (NASDAQ:SOLOQ) Thursday reported sales of $10.1
million
for the four week period ended Aug. 26, 1995 compared to $9.2
million from the prior year.
The Company's comparable store sales increased 12.0 percent
during the four week period ended Aug. 26, 1995, as compared with
the same period in 1994.
The Company's year-to-date sales of $63.5 million for the 30
weeks ended Aug. 26, 1995 represent a decrease of 29.2 percent from
total store sales of $89.7 million for the same period in 1994. The
Company's year-to-date comparable store sales decreased 5.6 percent.
Separately, the Company also reported net income for the second
quarter ended July 29, 1995, of $1.8 million or $.60 per share,
compared to a net loss of $11.0 million, or $3.87 per share for the
same period last year.
Of the $1.8 million net income for the quarter ended July 29,
1995, $2.8 million or $.91 per share was attributable to an
extraordinary item, gain on discharge of debt, which the Company
recorded as it emerged from Chapter 11. The Company's Plan of
Reorganization became effective on July 18, 1995.
The Company recorded a net loss before extraordinary items of
$.9 million or $.31 per share for the quarter ended July 29, 1995
compared to a net loss before extraordinary items of $3.6 million or
$1.22 per share from the same period in the prior year.
The Company recorded a net loss for the 26 weeks ended July 29,
1995 of $.8 million or $.28 per share compared to a net loss in the
same period last year of $12.7 million or $4.46 per share.
Solo Serve Corporation operates a chain of off-price retail
stores offering a wide selection of name brand and other merchandise
at prices substantially below traditional department and specialty
stores. The Company currently has 29 Solo Serve stores in Texas,
Louisiana and Alabama.
SOLO SERVE CORPORATION
CONDENSED BALANCE SHEETS
(unaudited)
July 29, 1995 July 30, 1994
Assets ($ in thousands)
------------------------------
Current Assets:
Cash and time deposits $ 7,876 $ 6,731
Restricted Cash 2,500 --
Inventory 22,209 22,420
Other current assets 3,633 6,684
---------------------------
Total current assets 36,218 35,835
Property and equipment, net 16,531 19,436
Goodwill and service marks, net 470 593
---------------------------
Total Assets $ 53,219 $ 55,864
Liabilities and Stockholders' Equity
Liabilities not subject to compromise:
Current Liabilities:
Current portion of long-term debt $ 683 $ --
Pre-petition unsecured indebtedness 14,359 --
Accounts payable and accrued expenses 10,578 8,362
---------------------------
Total current liabilities 25,620 8,362
Long-term debt 11,920 --
Post-retirement benefit obligation 538 414
Liabilities subject to compromise 1,316 32,093
---------------------------
Total Liabilities 39,394 40,869
---------------------------
Total Stockholders' Equity 13,825 14,995
---------------------------
Total Liabilities and
Stockholders' Equity $ 53,219 $ 55,864
SOLO SERVE CORPORATION
CONDENSED STATEMENTS OF INCOME
(unaudited)
13 Weeks Ended 26 weeks ended
July 29, July 30, July 29, July 30,
1995 1994 1995 1994
(in thousands except per share amounts)
-----------------------------------------
Net sales $ 28,271 $ 42,294 $ 53,448 $ 80,460
Cost of goods sold
(including buying and
distribution, excluding
depreciation shown below) 20,959 31,749 40,053 58,587
-----------------------------------------
Gross Profit 7,312 10,545 13,395 21,873
Selling, general, and
administrative expenses 7,374 11,902 14,803 23,425
Depreciation and
amortization expense 709 1,112 1,466 2,206
-----------------------------------------
Operating loss (771) (2,469) (2,874) (3,758)
Interest expense 169 418 334 770
-----------------------------------------
Loss before reorganization
expense and taxes (940) (2,887) (3,208) (4,528)
Reorganization expense 1,413 4,500 1,786 4,500
-----------------------------------------
Loss before income taxes
and extraordinary item (2,353) (7,387) (4,994) (9,028)
Income tax expense (benefit) (1,418) 3,662 (1,418) 3,662
-----------------------------------------
Net loss before
extraordinary item (935) (11,049) (3,576) (12,691)
Extraordinary item: gain on
discharge of debt 2,753 2,753
-----------------------------------------
Net income (loss) $ 1,818 $(11,049) $ (823) $(12,691)
Income per common share
before extraordinary item $ (.31) $ (3.87) $ (1.22) $ (4.46)
Gain on discharge of debt .91 -- .94 --
-----------------------------------------
Net income per common share $ .60 $ (3.87) $ (.28) $ (4.46)
Weighted average common
shares outstanding 3,024,014 2,856,126 2,940,070 2,843,334
TEMPE, Ariz.--August 31, 1995--UDC
Homes, Inc.
(the "Company") announced that it reached a settlement with the
Official Committee of Equity Security Holders appointed to represent
the interests of all UDC equity security holders (the "Equity
Committee") with respect to the treatment of UDC equity interests in
the Company's Second Amended Reorganization Plan, dated August 3,
1995 (the "Plan"). The settlement with the Equity Committee
provides that the holders of allowed interests arising from the
Company's prime preferred exchangeable stock (the "Prime Preferred
Stock") would receive trust certificates representing a pro rata
interest in $3,000,000 in principal amount of New C Subordinated
Notes (the "C Notes") under the modified Plan. The terms of the
settlement are embodied in a modification to the Plan. As a result
of the settlement, the Equity Committee has agreed, among other
things, to withdraw its opposition to the modified Plan and all
provisions thereof.
The Company also announced that the United States Bankruptcy
Court for the District of Delaware (the "Bankruptcy Court") entered
an order dated August 31, 1995 (a) approving the Company's addendum
to its Second Amended Disclosure Statement (the "Disclosure
Statement") which embodies the settlement with the Equity Committee,
and (b) establishing solicitation procedures for voting by holders
of Prime Preferred Stock on the modified Plan.
Richard Kraemer, president and chief executive officer, said,
"The Company is pleased that another critical element of the
restructuring has been completed on a consensual basis. The Company
looks forward to confirming its plan of reorganization in early
October and anticipates that it will emerge from Chapter 11 shortly
thereafter."
The confirmation hearing on the Plan remains scheduled for
October 2, 1995.
CONTACT: Michael D. Singer,
Arthur Schmidt & Associates,
212/953-5555