BALA CYNWYD, Penn. -- Feb. 26, 1996 -- Holly
Products Inc. (NASDAQ: HOPR, HOPRW, HOPRP; BSE: HOP, HOPP), today
announced that the U.S. Bankruptcy Court, District of Colorado, the
Court having jurisdiction over the company's href="chap11.country.html">Country World Casinos
Inc. Chapter 11 case, approved the previously announced $5
million
loan.
This loan, which is subject to a formal order by March 3, 1996
and formal documentation, will permit Country World to complete the
purchase of its site for a new casino in Blackhawk, Colorado and
emerge from the Chapter 11 proceeding. More details of the order
will be disclosed when the formal order is signed by the bankruptcy
judge.
Holly Products Inc., headquartered in Bala Cynwyd, has a wholly
owned subsidiary, Navtech Industries Inc. of Blanding, Utah and a
majority owned subsidiary, Country World Casinos Inc. of Denver.
Navtech is a manufacturer and tester of electronic components for
casino equipment, hotel equipment and sinage. Country World Casinos
Inc. is a development corporation, whose plan is to construct a
casino in Blackhawk, Colorado, as well as a hotel complex.
CONTACT: Holly Products Inc.
William Patrowicz, 610/617-0400
GLENVIEW, Ill., Feb. 26, 1996 - Zenith Electronics
Corporation (NYSE: ZE) today reported a net loss of $24.6 million,
or 45 cents per share, for the fourth quarter of 1995, compared with
a net loss of $3.3 million, or 7 cents per share, in the fourth
quarter of 1994.
Lower color television unit sales and selling prices, compared
with the fourth quarter of 1994, contributed significantly to the
1995 quarterly loss.
Non-recurring and unusual items account for more than $14
million of the difference between the 1995 and 1994 fourth quarters.
The 1995 fourth-quarter results include almost $4 million of
expenses as a result of the transaction completed in November with
LG Electronics Inc. and a $4 million reserve for environmental and
other liabilities. Fourth- quarter results also included a $4
million gain on asset sales in 1994 and a $3 million loss on asset
sales in 1995.
Total fourth-quarter sales were $395 million in 1995 and $454
million in 1994. Zenith's consumer electronics selling prices were
$28 million lower in the fourth quarter of 1995 than in the same
period a year earlier, although cost reductions in the 1995 quarter
almost offset the effect of lower prices.
In Consumer Electronics, the sales decline reflected a variety
of factors including the very soft industry conditions, lower
selling prices and significantly lower color TV unit sales in Mexico
(primarily due to the peso devaluation in December 1994). Industry
direct-view color TV unit sales to dealers declined by about 5
percent from the fourth quarter of 1994, but the Zenith brand
maintained its domestic color television market share in the
quarter.
Sales of Network Systems products - set-top boxes and data
modems sold primarily to the cable TV industry - increased
significantly from the fourth quarter of 1994, primarily reflecting
higher shipments to international markets.
The fourth quarter was marked by major progress in high-
definition television (HDTV) and related digital TV technologies
developed by Zenith and other members of the "Digital HDTV Grand
Alliance." In November, the FCC Advisory Committee on Advanced
Television Service recommended that the Federal Communications
Commission adopt the Grand Alliance system (including Zenith-
developed digital transmission technology) as the U.S. digital
television broadcast standard. The commission is expected to adopt
the new standard in 1996.
Also during the fourth quarter, LG Electronics Inc. (formerly
Goldstar Co. Ltd.) increased its holdings to 57.7 percent of the
outstanding shares of Zenith common stock through the combination of
a tender offer and a direct $165 million investment in Zenith. The
$351 million transaction, announced in July 1995, was completed in
November. Zenith and LGE are working together to identify synergies
in purchasing, manufacturing, technology and global marketing to
accelerate Zenith's profit-improvement programs.
For full-year 1995, Zenith reported a net loss of $92.4 million,
or $1.88 per share, compared with a full-year 1994 net loss of $14.2
million, or 34 cents per share. Results for 1995 include an $8
million tax refund, $18 million in special charges for severance and
other non-recurring items, and the $8 million of special fourth-
quarter charges. Results for 1994 included an $11 million gain on
asset sales. Total sales in 1995 were $1,274 million, compared with
$1,469 million in 1994.
ZENITH ELECTRONICS CORPORATION
STATEMENT OF CONSOLIDATED OPERATIONS
(In millions, except per share amounts)
(Unaudited)
Three Months Ended
Dec. 31, Dec. 31,
1995 1994
Net sales $ 394.7 $ 453.5
Costs, expenses and other:
Cost of products sold 373.4 421.5
Selling, general and administrative 37.3 38.7
Engineering and research 9.4 11.4
Other operating expense (income), net (10.5) (14.7)
Restructuring and other charges 3.6 --
Operating income (loss) (18.5) (3.4)
Gain on asset sales, net (2.5) 4.1
Interest expense (4.8) (4.1)
Interest income 1.2 .1
Income (loss) before income taxes (24.6) (3.3)
Income taxes (credit) -- --
Net income (loss) $ (24.6) $ (3.3)
Net income (loss) per common share $ (.45) $ (.7)
Weighted average shares outstanding 55.2 45.1
Twelve Months Ended
Dec. 31, Dec. 31,
1995 1994
Net sales $ 1,273.9 $ 1,469.0
Costs, expenses and other:
Cost of products sold 1,201.6 1,350.2
Selling, general and administrative 117.5 117.1
Engineering and research 43.6 45.4
Other operating expense (income), net (30.1) (33.6)
Restructuring and other charges 21.6 --
Operating income (loss) (80.3) (10.1)
Gain on asset sales, net (1.7) 11.0
Interest expense (19.9) (15.9)
Interest income 1.8 .5
Income (loss) before income taxes (100.1) (14.5)
Income taxes (credit) (7.7) (.3)
Net income (loss) $ (92.4) $ (14.2)
Net income (loss) per common share $ (1.88) $ (.34)
Weighted average shares outstanding 49.2 42.0
WESTMINSTER, Colo., Feb. 26, 1996 - Good Times
Restaurants Inc. (Nasdaq: GTIM) today reported results for its first
quarter ended December 31, 1995, and also announced a major
restructuring that will eliminate up to five under-performing
restaurants and reduce expenses by more than $500,000.
Good Times' operations have been negatively impacted by intense
competitive pressure from the major hamburger chains in the
Company's Colorado market. As a result, management has undertaken
an aggressive restructuring program designed to position the Company
for continued development in Colorado.
For the first quarter, the Company's drive thru subsidiary, Good
Times Drive Thru Inc., reported revenue of $3,332,000, up from
$3,159,000 in the first quarter last year. The increase was the
result of new units opened subsequent to last year's first quarter.
Net revenue for the Company declined to $3,332,000 versus $5,109,000
in the first quarter last year. The decline reflects the sale of
the Company's former Round The Corner Restaurants, Inc. subsidiary.
Good Times reported a consolidated net loss in the first quarter
of $413,000, or 6 cents per share, versus consolidated net income of
$45,000, or 1 cent per share, in the first quarter last year. The
loss was attributed to a 12% decline in same store sales and higher
labor costs.
"The aggressive price promotions in Denver's fast food hamburger
market clearly have had a negative impact on our recent financial
performance," said Boyd Hoback, president and CEO. "However, we are
taking aggressive steps to recapture our market share, streamline
operations and move the Company closer to profitability."
Hoback said that Good Times' new marketing campaign, which was
introduced in January, has begun to reverse the decline in same
store sales. "With the introduction of our new marketing program
and new products, and with the reduction in overhead and the
disposition of a few under-performing stores, we believe same store
sales will continue to recover and operating margins will grow,"
Hoback said. "Moving forward, our development plans will focus on
prime, well-planned development locations along Colorado's front
range, as well as on new franchise opportunities."
Good Times currently owns and operates eight Good Times double-
drive-thru-hamburger restaurants, nine joint venture Good Times
units and has eight franchise Good Times units in the state of
Colorado. The Company also has a joint venture Good Times
restaurant in Boise, Idaho.
FINANCIAL HIGHLIGHTS
Three Months Ended
December 31,
1995 1994
Net revenues
Restaurant sales, net $3,312,000 $5,053,000
Franchise revenues, net 20,000 56,000
Total revenues 3,332,000 5,109,000
Restaurant operating expenses 3,025,000 4,235,000
Income from restaurant operations 307,000 874,000
Selling, general and
administrative expenses 718,000 756,000
Income (loss) from operations (411,000) 18,000
Other income and (expenses) $(52,000) ($73,000)
Net income (loss) $413,000) $45,000
Net income (loss) per share $(0.06) $0.01
Weighted average shares
outstanding 6,940,000 6,767,376
SANTA ANA, Calif., Feb. 26, 1996 - href="chap11.trilite.html">Tri-Lite Inc. (AMEX:
NRG) today filed for protection under Chapter 11 of the Federal
Bankruptcy Act. Tri-Lite, based in Santa Ana, is a manufacturer and
marketer of energy-saving lighting fixtures and is engaged in energy
conservation through Prolite, a Philadelphia-based subsidiary.
The company said the filing was in response to a Cincinnati,
Ohio bank's commencement of foreclosure proceedings against Tri-Lite
last Friday and its refusal to honor the company's payroll checks
earlier in the week. The payroll, consisting of electrical union
workers, was paid on a personal basis by Bernard B. Katz, chairman
of the board of Helionetics, Inc. (OTC BULLETIN BOARD: ZAPP), Tri-
Lite's majority shareholder, and the bankruptcy petition was filed
this morning in Federal Bankruptcy Court, Santa Ana, California.
In December 1995, Helionetics, a guarantor of the loan, filed
suit against the bank in Cleveland Federal District Court alleging
"lender liability."
as of Dec. 31, 1995, it had $14,278,500 in assets, $8,641,394 in
liabilities and $3.1 million in disputed secured liabilities, since
reduced to $2.1 million. All of the disputed secured debt relates
to Cincinnati's Star Bank credit facility. The company said that
between now and the resolution of the bankruptcy, company operations
will be funded by Helionetics and other large Tri-Lite shareholders.
Helionetics' Katz said Tri-Lite filed "in order to protect all
of the shareholders, including itself. If in connection with the
foreclosure, we had permitted the court approved receiver to begin
liquidation, it is more than likely that all of Tri-Lite's
shareholders would have been wiped out."
Katz said he now believes the problems with the bank can be
resolved in the near future and for Tri-Lite to "emerge from the
proceedings a financially viable company with strong earnings
capability."
A. Alvin Katz, brother of Helionetics' Bernard Katz and Tri-
Lite's newly-appointed president, said he expects that as part of
the reorganization Helionetics will fold in its AIM Energy
subsidiary and for Tri-Lite to emerge from bankruptcy "a much
stronger entity dedicated principally to energy conservation." The
AIM filter, developed and patented by Helionetics, mitigates the
creation of harmonics, which in turn lead to the pollution and
potential destruction of electrical systems.
The new president said he has been assured of obtaining an
offshore credit facility supported by inventory independent of the
bank's collateral and of sufficient size to adequately fund the
company as it emerges from bankruptcy.
Alvin Katz, Tri-Lite founder who took the company public in 1993
and served as its president since its beginning some 20 years ago,
resigned in July 1995. He resigned after Star Bank said it would
extend the company credit only if Lawrence Terkel, president of NL
Corp., a Tri- Lite subsidiary based in Cleveland, was named
president and chief executive and Helionetics agreed to a stand-
still or hands-off agreement. Helionetics agreed to these
conditions, Terkel replaced Katz and stand-still agreement was
entered into between Tri-Lite and Helionetics. Terkel resigned from
the company Feb. 14, 1996 after learning the bank was contemplating
foreclosure proceedings and would demand payment by noon, the
following day, Feb. 15. With Terkel's resignation, NL immediately
ceased operations.
CONTACT: A. Alvin Katz, President of Tri-Lite, 714-754-1906; or
Paul Keil of ACC Communications, 909-625-4707