NORWALK, Conn.--Oct. 17, 1995--The
Caldor
Corporation (NYSE: CLD) announced today that it has received
final
approval from the U.S. Bankruptcy Court for the Southern District of
New York to use its full $250 million debtor-in-possession (DIP)
financing commitment from Chemical Bank. The bankruptcy court had
previously approved Caldor's interim use of $150 million of the DIP
financing commitment on September 21, 1995.
The court also gave final approval for Caldor to continue to use
cash receipts from the sale of its current inventory to purchase new
inventory and to meet obligations associated with its operation of
the business.
"With this approval, Caldor now has access to more than $500
million, from the DIP financing and from the sale of inventory, to
operate our business during the Chapter 11 process," said Don
Clarke, Chairman and Chief Executive Officer. "We will continue to
conduct business as usual throughout the reorganization."
As of October 16, 1995, Caldor has not used any of the DIP
facility for direct borrowing.
The Caldor Corporation is the fourth largest discount department
store chain in the U.S., with annual sales of approximately $2.7
billion. It operates 166 stores in ten East Coast states. With its
consumer franchise in high-density urban/suburban markets, Caldor
offers a diverse merchandise selection, including both softline and
hardline products.
CONTACT: Kekst and Co.,
Media: Jason Lynch/Jim Fingeroth
212/593-2655
or
Caldor Investor Relations: 203/849-2334
HERSHEY, Pa., Oct. 17, 1995 -- href="chap11.nssi.html">Nuclear Support Services,
Inc. (Nasdaq: NSSI) today reported that the U.S. Bankruptcy Court
for the Middle District of Pennsylvania entered a final Order
authorizing NSSI and its subsidiaries to obtain Debtor-In-Possession
(DIP) financing of $3.5 million, the full amount of NSSI's request.
The Company's lender, Chemical Bank, has agreed to provide such
financing during the bankruptcy period.
Ralph A. Trallo, NSSI President, stated, "The final DIP Order is
a major step in the Reorganization process. The Order enables NSSI
to carry on with routine operations while negotiating new financing
arrangements. The DIP financing and continued use of cash
collateral should provide NSSI and its subsidiaries sufficient
operating cash during our peak season. These funds, along with the
continued support of our customers and vendors, will allow us to
move forward towards our goal of emerging from Chapter 11
Reorganization during the second quarter of fiscal year 1996."
/CONTACT: Ralph A. Trallo, President of Nuclear Support Services,
717-533-6370/
CORNING, N.Y.--Oct. 17, 1995--Corning
Incorporated (NYSE: GLW) said today net income for its third quarter
ended Oct. 8 totaled $83.5 million, or $0.37 per share. This
includes a $62 million pre-tax charge to operating earnings
announced on Oct. 5.
In 1994, third quarter net income was $76.9 million, or $0.36
per share. This included $23.4 million, or $0.11 per share, of
equity earnings from Dow Corning
Corporation and a restructuring
charge of $55.4 million, or $0.26 per share. Adjusting for these
two items, 1994 third quarter earnings were $108.9 million, or $0.51
per share.
Sales increased 9 percent to $1.6 billion from 1994's third
quarter sales of $1.4 billion, driven by volume growth in the
Communications segment and Pharmaceutical Services business.
Approximately one-third of the sales increase resulted from
acquisitions completed in 1994.
Equity earnings, excluding Dow Corning Corporation, increased
slightly from 1994's third quarter. Gains from the optical fiber
equity companies were offset by weak results at a few of the smaller
equity companies. Corning discontinued recognition of equity
earnings from Dow Corning Corporation in the second quarter of 1995.
Board Chairman James R. Houghton said, "We are disappointed in
the quarter s overall results which reflect weakness in the clinical
laboratory and consumer products businesses. However, we are
responding aggressively to the adverse developments in both of these
industries and are in the process of fixing our administrative
systems in the clinical laboratory business.
"In the balance of our businesses, growth this year is exceeding
expectations in spite of a sluggish economy, and we are on course
with our planned investments for the future. We are realizing the
benefits of re-engineering efforts begun in 1994 to achieve cost
reduction and growth," added Houghton. "The company s portfolio of
businesses is as strong and diverse as it has ever been and I remain
optimistic about our growth potential."
The company said earlier that it will increase the expansion of
its optical fiber manufacturing facility in Wilmington, N.C., by
$100 million for a total investment of $250 million. Also slated
for a major expansion is the Corning Asahi Video Products Company
television glass plant in State College, Pa., where demand for large-
size panels is growing at a steady pace.
Corning Incorporated is a Fortune 500 company whose businesses
are at the leading edge of the technologies that comprise three of
the fastest growing segments of the global economy
-- Communications, Environment and Life Sciences. Its 1994 sales
totaled $4.8 billion.
Incorporated and Subsidiary Companies
Consolidated Statements of Income
(In millions, except per-share amounts)
Forty Weeks Ended Sixteen Weeks Ended
Oct. 8, 1995 Oct. 9, 1994 Oct. 8, 1995 Oct. 9, 1994
(Unaudited) (Unaudited)
Revenues
Net sales $3,982.7 $3,497.0 $1,568.8
$1,442.4
Royalty, interest and
dividend income 24.7 21.5 9.1
10.3
4,007.4 3,518.5 1,577.9 1,452.7
Deductions
Cost of sales 2,518.6 2,236.1 988.5
917.9
Selling, general and
administrative expenses 822.0 633.2 357.2 245.2
Research and
development expenses 133.5 132.8 53.7 53.5
Provision for restructuring
and other special charges 67.0 82.3 82.3
Interest expense 90.4 85.6 35.8 33.9
Other, net 31.6 36.3 8.3 27.5
Income before taxes
on income 344.3 312.2 134.4 92.4
Income tax expense 115.4 117.1 42.2
34.1
Income before minority
interest and
equity earnings 228.9 195.1 92.2
58.3
Minority interest
in earnings of subsidiaries (53.4) (39.0) (23.8)
(21.1)
Dividends on convertible
preferred securities
of subsidiary (10.5) (2.7) (4.2)
(2.7)
Equity in earnings (losses)
of associated companies:
Excluding Dow Corning
Corporation 48.7 34.6 19.3
19.0
Dow Corning Corporation (348.0) 58.3
23.4
Net Income (Loss) $ (134.3) $ 246.3 $ 83.5 $
76.9
Earnings Per Common Share:
Net Income (Loss) $(0.60) $1.18 $0.37
$0.36
Weighted Average Shares
Outstanding 226.5 207.9 227.2
213.4
The accompanying notes are an integral part of these statements.
Corning Incorporated and Subsidiary Companies
Condensed Consolidated Balance Sheets
(In millions)
Oct. 8, 1995 Jan. 1, 1995
(Unaudited)
Assets
Current Assets
Cash and short-term investments $ 109.0 $ 161.3
Receivables, net 968.3 947.1
Inventories 501.4 416.7
Deferred taxes on income and
other current assets 238.9 201.2
Total current assets 1,817.6 1,726.3
Investments
Other than Dow Corning Corporation 408.0 352.0
Dow Corning Corporation 341.8
Plant and Equipment, Net 1,964.4 1,890.6
Goodwill and Other Intangible Assets, Net 1,428.2 1,408.0
Other Assets 301.3 304.0
$ 5,919.5 $6,022.7
Liabilities and Stockholders' Equity
Current Liabilities
Loans payable $ 122.6 $ 67.6
Accounts payable 160.9 258.3
Other accrued liabilities 751.6 748.3
Total current liabilities 1,035.1 1,074.2
Other Liabilities 666.6 643.6
Loans Payable Beyond One Year 1,472.6 1,405.6
Minority Interest in Subsidiary Companies 275.4 247.0
Convertible Preferred Securities of
Subsidiary 364.7 364.4
Convertible Preferred Stock 23.8 24.9
Common Stockholders' Equity 2,081.3 2,263.0
$ 5,919.5 $6,022.7
Corning Incorporated and Subsidiary Companies Notes to Consolidated
Financial Statements Quarter 3, 1995
(1) Earnings per common share are computed by dividing net income
less dividends on Series B preferred stock by the weighted average
number of common shares outstanding during the period. The weighted
average shares outstanding for the third quarter were 227.2 million
and 213.4 million for 1995 and 1994, respectively, and for the third
quarter year- to-date were 226.5 million and 207.9 million for 1995
and 1994, respectively. Preferred dividends of $0.5 million and
$1.5 million were declared in the third quarter and third quarter
year-to-date, respectively, in both 1995 and 1994.
(2) Depreciation and amortization charged to operations for the
forty weeks ended October 8, 1995, and October 9, 1994, totaled
$279.7 million and $252.1 million, respectively.
(3) On May 15, 1995, Dow Corning Corporation, a 50-percent owned
equity company, voluntarily filed for protection under Chapter 11 of
the United States Bankruptcy Code. As a result of this action,
Corning recorded an after-tax charge of $365.5 million, or $1.62 per
share, in the second quarter of 1995 to fully reserve its investment
in Dow Corning. In addition, Corning discontinued recognition of
equity earnings from Dow Corning beginning in the second quarter of
1995. Corning recognized equity earnings from Dow Corning totaling
$23.4 million, or $0.11 per share, and $58.3 million, or $0.28 per
share, in the third quarter and third quarter year-to-date 1994,
respectively, and $17.5 million, or $0.08 per share, in the first
quarter of 1995.
(4) Corning's effective tax rate, excluding the impact of special
charges, was 31.4 percent and 34.5 percent for the third quarter and
third quarter year-to-date 1995, respectively, and 35 percent and
36.5 percent for the same periods in 1994. The change in the
effective tax rate was primarily due to an increase in the
percentage of Corning's earnings from consolidated entities with
lower effective tax rates.
(5) In the third quarter year-to-date 1995, Corning recognized a
restructuring charge totalling $67 million ($40.5 million after-
tax), or $0.18 per share.
(6) In the third quarter 1994, Corning recorded a charge of $82.3
million ($55.4 million after tax), or $0.26 per share, which
included integration costs, transaction expenses and certain other
reserves, primarily related to the acquisitions of Nichols
Institute, Maryland Medical Laboratory and Bioran Medical
Laboratory.
CONTACT: Kathryn C. Littleton
(607) 974-8206
or
Investor Relations Contact:
Richard B. Klein (607) 974-8313,
Katherine M. Dietz (607) 974-8217