CHESTNUT HILL, Mass--Oct. 25, 1995--Safety
1st, Inc. (Nasdaq:SAFT) today announced that net sales for the
third quarter ended September 30, 1995 increased 55.2% to $26.7
million from $17.2 million in the same period last year. Net income
was $1.8 million for the three month period, a 5.8% increase over
net income of $1.7 million a year ago. Net income per share was
$0.26 compared with net income per share of $0.25 in the fiscal 1994
quarter.
For the nine months ended September 30, 1995, net sales
increased 50.1% to $80.9 million from $53.9 million for the first
nine months of the prior year. Net income increased 2.1% to $5.7
million for the nine months of fiscal 1995 compared to net income of
$5.6 million last year. Net income per share was $0.80 for the nine
month period, a 1.2% decrease over net of $0.81 for the same period
last year. The decrease in net income per share reflects a 3%
increase in the weighted average number of shares outstanding to
7,127,000 from 6,918,000.
As previously announced, the Company recorded a non-recurring
pretax charge of $285,000 in the third quarter ending September 30,
1995. The charge reflects a write-down of receivables due to the
Company from The Caldor
Corporation, which recently filed for
bankruptcy under Chapter 11. The charge reduced net income by
approximately $0.02 per share in the 1995 third quarter.
Michael Lerner, Chairman, President and Chief Executive Officer,
commented, "During the third quarter we announced some significant
events that will play an important role in our continued growth
going forward, including the introduction of 60 new home security
products at the National Hardware Show. The acquisitions of EEZI,
Ltd. and Orleans Juvenile Products will position Safety 1st as a
major competitor within two key international markets where we will
realize significant operating efficiencies and greater marketing and
distribution opportunities."
Safety 1st is a leading developer, marketer and distributor of
child care products, including feeding, teething, health-hygiene and
convenience items. The Company currently distributes over 300
products to more than 3,700 retailers.
SAFETY 1ST, INC.
CONDENSED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Nine Months Ended
9/30/95 9/30/94 9/30/95 9/30/94
(in thousands, except per share)
Net sales 26,683 17,198 80,888 53,873
Cost of goods sold 16,617 10,014 51,004 31,973
Gross profit 10,006 7,184 29,884 21,900
Selling, general and
administrative 6,639 4,296 19,840 12,698
Operating income 3,427 2,888 10,044 9,202
Interest income (expense)(412)
5 (699) 117
3,015 2,893 9,345 9,319
Income taxes 1,176 1,155 3,644 3,735
Net income 1,839 1,738 5,701 5,584
Net
income per share $ 0.26 $ 0.25 $ 0.80 $ 0.81
Weighted average common shares outstanding 7,133
7,076 7,127 6,914
MIDLAND, Mich., Oct. 25, 1995--Dow
Corning Corp. today
reported global sales of $624.3 million for the third quarter of
1995, up 11.5 percent from $559.7 million reported for the same
quarter in 1994.
Profit after tax (PAT) for the third quarter of 1995 is $47.3
million, up 36.3 percent from $34.7 million recorded for third
quarter 1994.
Year-to-date sales are $1.88 billion, a 16 percent increase over
$1.62 billion reported for the first nine months of 1994. The
company, however, reported a year-to-date net loss of $70.2 million,
due to the special after-tax charge of $221.2 million taken at the
end of the second quarter to reflect a change in the company's
accounting method for its liability in a breast implant global
settlement.
Without this charge and other accounting changes related to
Chapter 11, Dow Corning's adjusted year-to-date PAT is $141.6
million, up 26.0 percent over $112.4 million reported for the first
nine months of 1994.
"Employees worldwide are commended for their ability to stay
focused on growth, customer service, and spending control in the
wake of Chapter 11," said John W. Churchfield, vice president for
planning and finance and chief financial officer. "We are also
thankful for the continued loyalty of customers and suppliers since
the Chapter 11 filing. We remain absolutely dedicated to continue
earning their support."
"Third-quarter growth was good, despite slowing economic growth
in the U.S. and Europe and a continuing weak economy in Japan,"
Churchfield continued. "Strong growth in the rest of Asia, and a
good balance of firmer selling prices and expense control worldwide,
continue to favorably impact our performance."
Churchfield said that profit margins have also been favorably
impacted by lower interest expenses - due to Chapter 11 suspension
of interest payments, and by higher interest income - due to high
cash balances partly attributed to insurance settlements.
Quarterly financial statements are available upon request after
November 7 by calling Dow Corning at 517-496-5436.
Dow Corning Corp., a global leader in silicon-based materials,
is a Michigan corporation with shares equally owned by The Dow
Chemical Co. (NYSE: DOW) and Corning Inc. (NYSE: GLW). More than
half of Dow Corning's sales are outside the U.S.
Dow Corning Corporation
Consolidated Statements of Operations and Retained Earnings
(In millions of dollars)
Nine months ended Three months ended
September 30 September 30
1995 1994 1995 1994
NET SALES $1,877.9 $1,621.2 $624.3 $559.7
OPERATING COSTS AND EXPENSES:
Manufacturing costs of sales 1,229.3 1,068.0 418.6 377.0
Marketing and administrative
expenses 331.8 296.9 115.3 102.2
Implant costs 351.1 -- -- --
1,912.2 1,364.9 533.9 479.2
OPERATING INCOME (LOSS) (34.3) 256.3 90.4 80.5
OTHER INCOME (EXPENSE):
Interest Income, currency gains
(losses) and other, net (2.3) (1.8) 0.9 1.9
Interest expense (40.1) (54.3) (3.7) (20.7)
INCOME (LOSS) BEFORE REORGANIZATION
COSTS AND INCOME TAXES (76.7) 200.2 87.6 61.7
Reorganization costs 3.4 -- 2.9 --
Income tax provision (benefit) (22.3) 78.1 33.2 24.1
Minority interests' share
in income 12.4 9.7 4.2 2.9
NET INCOME (LOSS) (70.2) 112.4 47.3 34.7
Retained earnings at beginning
of period 597.5 604.3 480.0 682.0
Retained earnings at end of
period $527.3 $716.7 $527.3 $716.7
Dow Corning Corporation
Condensed Consolidated Balance Sheets
(In millions)
ASSETS Sept. 30, 1995 Dec. 31, 1994
CURRENT ASSETS:
Cash and cash equivalents $369.9 $201.1
Receivables, net 490.9 416.2
Anticipated implant insurance receivable 265.0 157.5
Implant deposit -- 275.0
Inventories 342.5 308.4
Other current assets 188.4 277.6
Total Current Assets 1,656.7 1,635.8
Property, plant and equipment, net 1,199.4 1,191.9
Anticipated implant insurance receivable 1,126.0 943.6
Implant deposit 275.0 --
Restricted insurance proceeds 107.5 --
Other assets 530.8 321.9
$4,895.4 $4,093.2
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings $44.0 $446.8
Accounts payable 137.6 160.2
Implant reserve 72.7 475.4
Other current liabilities 224.7 242.6
Total Current Liabilities 479.0 1,325.0
Long-term debt 128.0 335.1
Implant reserve 403.2 1,286.9
Other liabilities 100.0 352.1
LIABILITIES SUBJECT TO COMPROMISE:
Accounts payable 45.3 --
Implant reserves 2,007.5 --
Notes payable and long-term debt 649.6 --
Other 342.8 --
Total liabilities subject to compromise 3,045.2 --
Minority interest in consolidated
subsidiaries 124.5 117.9
Stockholders' equity 615.5 676.2
$4,895.4 $4,093.2
IRVINE, Calif.--Oct. 25, 1995--MAI
Systems
Corporation (AMEX: NOW) today announced that it earned net
income of
$2.4 million on revenues of $16.5 million for the quarter ending
September 30, 1995.
The company earned $8.0 million on revenues of $49.3 million for
the first nine months of 1995. Revenues and earnings for the
comparable periods of 1994 (after adjustment for disposed or closed
operations) were $14.2 million and a loss of $1.2 million for the
third quarter and $44.4 million and $203,000 for the first nine
months, respectively.
Earlier this year, the company sold its Asian and Costa Rican
subsidiaries and discontinued the direct sales of its process
manufacturing solutions business in favor of an exclusive worldwide
distributor. Those operations contributed revenues of $1.6 million
and $5.4 million during the third quarter and first nine months,
respectively, of 1994.
Earnings per share were $0.29 and $0.97 per share for the third
quarter and year to date, respectively, compared to a loss of $0.17
per share during the comparable quarter of 1994 and earnings of $.03
for the first nine months of the prior year (earnings per share have
been adjusted to give effect to the company's August 1995 stock
split effected by means of a 25% stock dividend).
MAI's third quarter revenue growth, exclusive of disposed or
closed operations, was positively impacted by strong sales into the
gaming industry and by improved computer products sales. Operating
income was adversely impacted by other operating expense, which in
the third quarter was comprised of expenses and benefits associated
with litigation which the company has pursued against alleged
infringers of its copyrights, and a reserve for a contingent
incentive payment pursuant to a previously disclosed consulting
agreement which the company entered into in 1994.
The company also benefited from a $1.6 million reorganization
gain resulting from the settlement of certain other tax matters
relating to the company's 1994 bankruptcy reorganization. These
gains have been classified as an extraordinary item.
The company recently announced that it had entered into
agreement with Remanco International, a leading provider of point-of-
sale hardware and software products, to act as the exclusive
nationwide provider of maintenance services for its products. In
August, the company became listed on the American Stock Exchange.
MAI installs and supports total information systems solutions,
primarily in the gaming and hospitality industries. In addition,
the company designs, sells and supports a wide variety of computer
products including (i) local and wide area computer networks, (ii)
document imaging systems, (iii) computer products for legacy systems
which upgrade, enhance and integrate legacy systems with currently
available computer technologies, and (iv) vertical and horizontal
software applications including OpenBASIC, MANBASE,
FDM(4)/FlexPOINT, ASG, Medical Management, BFMS and TriBASE.
MAI SYSTEMS CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
For the three months For the nine months
ended ended
Sept. 30, Sept. 30,
1995 1994 1995 1994
(dollars in thousands,
except per share data)
Revenue:
Computer products and
other contract services $16,455 $15,756 $49,289
$49,766
Direct Costs:
Computer products and other
contract services 10,141 10,578 30,434
31,305
Gross Profit 6,314 5,178 18,855 18,461
Selling, general and
administrative expenses 3,390 3,899 9,698
14,493
Research and development costs 636 871 1,812
2,135
Other operating expense (income) 879 72 225
(620)
Restructuring costs 1,814
1,814
Operating income (loss) 1,409 (1,478) 7,120 639
Interest-net 60 130 145
366
Minority interest in
consolidated subsidiary 150 205
Income (loss) before
income taxes and
extraordinary item 1,199 (1,608) 6,770 273
Provision (benefit) for
income taxes 333 (380) 356
70
Income (loss) before
extraordinary item 866 (1,228) 6,414 203
Extraordinary item:
Reorganization gain (1,566) (1,566)
Net income (loss) 2,432 (1,228) 7,980 203
Net income (loss) per share
of common stock:
Income (loss) before
extraordinary item $0.10 $(0.17) $0.78 $0.03
Extraordinary item $0.19 $0.19
Net income (loss) $0.29 $(0.17) $0.97 $0.03
Includes revenues of $1.6 million and $5.4 million for the third
quarter and first nine months of 1994, respectively, from former
operations which were either disposed or closed.
SPRINGFIELD, Mass.--Oct. 25, 1995--All
For A
Dollar Inc. (the "Company"), today announced earnings for the
third
quarter and nine months ended Sept. 30, 1995.
The company emerged from Chapter 11 proceedings on June 30, 1995.
The loss before reorganization items for the third quarter was
$531,000, compared to a loss before reorganization items of $1.3
million in the corresponding period in 1994. Net loss for the
quarter was $602,000, or $.09 per share. Net loss for the
corresponding period in 1994 was $1.4 million, or $.20 per share.
The loss before reorganization items for the 1995 nine months
was $2.4 million, compared to a loss before reorganization items of
$5.6 million in the corresponding period in 1994. Net income for
the nine months was $3.9 million, or $.56 per share, compared to a
net loss of $11.4 million, or $1.64 per share in the corresponding
1994 period. The variance in net profit performance is related to
the company's bankruptcy proceedings.
All For A Dollar presently operates 111 retail close-out variety
stores in nine Northeastern states, offering high quality and brand
name merchandise, predominantly at the single price point of $1.
CONTACT: All For A Dollar Inc.,
Donald A. Molta, 413/733-1203
LOS ANGELES, Oct. 25, 1995--GFI Energy
Ventures LLC
(GFI), a Los Angeles investment firm recently formed by several
investor companies to capitalize on emerging opportunities in the
energy utility industry, made its first purchase Oct. 2. GFI bought
the assets of Anaheim, CA-based href="chap11.statordyne.html">Statordyne Corporation, a
manufacturer and marketer of patented power protection systems that
had been in Chapter 11 bankruptcy reorganization since Aug. 23.
Ian Schapiro, GFI chief financial officer, said, "In any
acquisition of a company there is risk. However, we think the
uniqueness of the patented Statordyne power protection system
concept is obviously worth the risk. In our due diligence phase, we
were most impressed by the obvious enthusiasm Statordyne's customers
expressed regarding the company's products. Statordyne's products
serve a market we feel is growing rapidly." Statordyne has large
power protection systems installed in critical telecommunications,
manufacturing and data processing applications. "What's more,"
Schapiro added, "utilities themselves have become re-marketers of
the Statordyne system as part of their power quality and demand side
management programs designed to serve their most demanding
customers." These programs and the equipment upon which they are
based help utility customers manage and solve power problems.
GFI's focus is on acquiring businesses which are positioned to
benefit from the dramatic acceleration of competition deregulation
and technological innovation the industry is experiencing. "Our
goal," said Schapiro, "is to help companies grow through our
industry contacts and market knowledge as well as by creating
synergies among the companies in which we invest."
Schapiro and his two associates in GFI Partners LLC, one of the
GFI investor companies, founded and were formerly partners in one of
the country's leading utility consulting firms called Venture
Associates. One of those associates and now president of GFI,
Lawrence Gilson, said, "The only bet we and others are making is on
the pace at which the electricity market becomes more competitive,
not the direction of change. We think the bulk of new players and a
lot of the traditional players are going to the upstream area - the
generation end of the business. However, we think there are
tremendous opportunities at the customer service and distribution
end. And that's where Statordyne offers an excellent fit with our
strategy."
In addition to Schapiro and Gilson, former Venture Associates
partner Richard Landers is the third partner in GFI Partners LLC.
The three are longtime utility consultants in the United States and
Europe. After selling Venture Associates to Arthur Andersen & Co.,
they continued to run the business for Andersen prior to forming GFI
Partners LLC.
Additional equity partners that make up GFI include Allen-GFI,
Inc. (an affiliate of Allen & Company Incorporated, the New York
investment banking firm), Rothschilds Investment Trust Capital
Partners plc (the publicly-traded, London-based investment company
chaired by Lord Rothschild), and Durham Enterprises Ltd. (an
investment company associated with international investor Tony
Bloom).
/CONTACT: Ian Schapiro, CFO of GFI, 310-442-0542/
MINNEAPOLIS, Minnesota, Oct. 25, 1995--Universal
International,
Inc. (Nasdaq: UNIV) today announced that revenues for the third
quarter ended September 30, 1995 increased 35.1% to $18,289,000
versus $13,543,000 in 1994. During the 1995 third quarter the net
income was $257,000 or $.05 per share compared to $104,000 or $.02
per share for the same quarter last year. For the nine months ended
September 30, 1995, revenues increased 34.1% to $50,406,000 versus
$37,594,000 in 1994 and during the same period the net loss
decreased to $299,000 or $.06 per share versus a net loss of
$2,530,000 or $.52 per share in 1994.
Included in the third quarter net profit figure was a $245,000
loss resulting from the Company's 40.5% ownership of href="chap11.odds.html">Odd's-N-End's,
Inc. which lost a total of $605,000 during the third quarter.
Overall Universal is pleased with the continued progress at Odd's-N-
End's since it emerged from bankruptcy in December 1994 and
anticipates a positive contribution to Universal in the years ahead.
Only Deals, Inc., the Company's wholly owned retail subsidiary
also announced today that it expects to open 4 to 6 new stores
during the balance of the year towards its goal of opening
approximately 10 new stores during 1995.
Mark Ravich, Chief Executive Officer, in announcing the third
quarter results commented: "We are proud of the continued
improvement in our financial performance during 1995's third
quarter. For the fourth quarter of 1995 we are projecting that
results will significantly exceed last year's $908,000 profit. In
addition, we are very pleased with the initial results from our
recent four new Only Deals store openings. Assuming a good Christmas
season, Universal will make a solid return to profitability in
fiscal 1995, with a goal of growing revenues 25% to 35% in fiscal
1996."
Universal International, Inc. buys and sells quality "close-out"
merchandise in its wholesale business and owns and operates two
chains of retail stores that offer "close-out" merchandise under the
names Only Deals and Odd's-N-End's. Universal's shares are traded
on the Nasdaq National Market under the symbol UNIV.
UNIVERSAL INTERNATIONAL, INC.
Selected Consolidated Income Statement
and Consolidated Balance Sheet Information
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
Net Sales $18,289 $13,543 $50,406 $37,594
Gross Margin $6,476 $3,936 $17,631 $10,598
Net Income (Loss) $257 $104 $(299) $(2,530)
Income (Loss) Per Share $.05 $.02 $(.06) $(.52)
Weighted Average Shares
Outstanding 4,893 4,893 4,893 4,893
At September 30,
1995 1994
Working Capital $16,545 $17,049
Total Assets $34,716 $26,779
Total Liabilities $15,059 $8,206
Non-controlling Interest
in Subsidiary $477 --
Shareholders' Equity $19,180 $18,572
BATON ROUGE, La., Oct. 25, 1995--U.S. District Judge
Frank Polozola, on Tuesday, Oct. 24, issued a memorandum opinion
ruling in favor of Gulf States Utilities (GSU) on href="chap11.cajun.html">Cajun Electric
Power Cooperative's fraud claims involving its decision to
invest in
the River Bend nuclear plant in St. Francisville, La. In his ruling
Judge Polozola said that he would issue detailed reasons for his
decision in a further written opinion to be filed at a later date.
The court did not indicate when the formal written opinion would be
filed. The court also found that Cajun's claim had not been timely
filed.
Entergy Corporation (NYSE: ETR) Senior Vice President and
General Counsel Michael G. Thompson characterized Judge Polozola's
action as a significant victory for GSU, an Entergy subsidiary. "We
are very pleased with the court's decision," Thompson said, "and are
gratified to have prevailed in this portion of the litigation."
Thompson said Entergy's representatives, as the court and the
Louisiana Public Service Commission (LPSC) have urged, will continue
to discuss the possibility of settling the remaining issues in the
litigation with all parties involved. "A second phase of this
lawsuit involves a breach of contract claim," he said. "We are
confident that GSU's position in this second phase is sound and that
GSU acted properly." Should settlement discussions prove
unsuccessful, the second phase of the lawsuit may ultimately be
tried, unless Cajun's trustee in bankruptcy decides to forego the
claim.
The case has been complicated by Cajun's decision to file
bankruptcy. The electric cooperative made its Chapter 11 filing on
Dec. 21, 1994, after the LPSC ordered Cajun to lower its rates to a
point where, according to Cajun's filing, the cooperative would be
unable to meet its financial obligations on over $4 billion in loans
from the Rural Utilities Service, formerly the Rural Electrification
Administration.
Judge Polozola retains jurisdiction over the bankruptcy case
where he will decide major River Bend issues while maintaining
overall supervision of the case. Bankruptcy Judge Gerald Schiff,
meanwhile, will handle normal bankruptcy issues arising in the case.
The $4.6 billion River Bend nuclear power plant began commercial
operation in June of 1986. GSU owns 70 percent of the facility
while Cajun Electric owns the remaining 30 percent.
/CONTACT: Patrick Sweeney, Media Relations, 504-576-4160, or Stuart
Ball, Investor Relations, 504-576-4817, both of Entergy/
NEW YORK, New York--October 25, 1995--href="chap11.slm.html">SLM International,
Inc. (Electronic Bulletin Board: "SLMI"), which, together with
several affiliated companies, filed yesterday for relief under
Chapter 11 of the Bankruptcy Code in the District of Delaware,
announced today that it has obtained authorization from the
Bankruptcy Court to operate its business in the ordinary course.
Among other orders entered by Bankruptcy Judge Helen S. Balick
was an order which authorized the Company to use the cash generated
by the Company's receipts to continue to fund its business
obligations. The Bankruptcy Court has also authorized the Company
to pay its foreign creditors, including those located in Canada,
without interruption notwithstanding the bankruptcy filing.
The Bankruptcy Court has further authorized the Company to pay
without interruption all wages, salaries, sales commissions,
employee benefits, and customs duties and to honor all
manufacturers' warranties in support of the Company's efforts to
continue business as usual during its restructuring.
CONTACT: SLM International, Inc.,
David M. Friedman,
Chief Counsel,
(212) 407-3890