LAWRENCEVILLE, N.J., Feb. 27, 1996 - Envirogen, Inc.
(Nasdaq: ENVG) (ENVIROGEN) reports that its revenues for the year
ended December 31, 1995, were $8,033,698, an increase of 31% over
the year ended December 31, 1994. The 1995 net loss applicable to
common stock decreased by 44% to $2,385,833 (or $.31 per share)
compared to a net loss of $4,257,753 (or $.57 per share) for 1994.
The Company's net loss applicable to common stock for the fourth
quarter of 1995 decreased by 49% from the fourth quarter of 1994,
continuing a trend that began with the Company's strategic
restructuring of operations in the third quarter of 1994. Revenues
for the fourth quarter of 1995 increased by 41% from the fourth
quarter of 1994, primarily due to a 44% increase in commercial
revenues during the period.
"ENVIROGEN showed greatly improved financial results in 1995
over prior years. Our ability to grow revenues by 31% over 1994
while over the same period actually realizing a decline in total
costs and expenses is a striking indication of the improved
efficiencies and more aggressive commercial focus of the Company,"
said Dr. Harch Gill, President and CEO of ENVIRO EN. In 1995,
ENVIROGEN'S revenues from commercial services grew by 47% over 1994.
Additionally, the Company reports it had a backlog of approximately
$6 million going into 1996.
Fourth Qtr Fourth Qtr.
Ended 12/31/95 Ended 12/31/94
Revenues $2,465,618 $1,751,885
Net loss applicable
to common stock (423,934) (837,908)
Net loss per share
applicable to common stock (.05) (.11)
Ended 12/31/95 Ended 12/31/94
Revenues $8,033,698 $6,134,577
Net loss applicable
to common stock (2,385,833) (4,257,753)
Net loss per share
applicable to common stock (.31) (.57)
Weighted average number
of shares of common stock
outstanding 7,669,639 7,461,821
CONTACT: Gale Smith, Corporate Communications of ENVIROGEN,
HOLBROOK, N.Y., Feb. 27, 1996 - Health Management, Inc.
("HMI") (Nasdaq-NNM: HMIS) announced today that while the Company's
financial results for the third quarter ended January 31, 1996 have
not yet been finalized, the Company intends to take significant
write-offs for accounts receivable and inventory, as well as planned
operational consolidations. The Company estimates that the total
charges shall be in the range of $15 to $20 million.
The Company further announced that it has discovered certain
accounting irregularities and that it believes it may have to
restate its financial statements for the fourth quarter of the
fiscal year ended April 30, 1995 and for the subsequent two fiscal
quarters ended July 31, 1995 and October 31, 1995. These
irregularities were discovered in the course of an inquiry of the
Special Committee of the Company's Board of Directors. The extent
of the adjustments to past financials is still unknown. Based on
the preliminary results of the Special Committee's review, which has
not yet been completed, the Company believes that these matters were
limited to periods stated above and may not have had an impact on
prior fiscal periods. In addition, the Company expects that it will
be in default under its loan agreements.
HMI accepted the resignation of Dr. Clifford E. Hotte as
Chairman of the Board, Chief Executive Officer and President of the
Company. Dr. Hotte will assume the office of Vice-Chairman-Business
Development. Directors of the Corporation have formed a committee of
three outside Board members, consisting of Andre C. Dimitriadis, D.
Mark Weinberg and Dr. Timothy Triche, to assume the office of the
CEO until a suitable successor is selected.
Mr. Dimitriadis, who will chair the Committee, is the Chairman
and CEO of LTC Properties, Inc. (NYSE: LTC), a New York Stock
Exchange-listed REIT that invests in long-term care and other health
care related facilities and was instrumental in the turnaround of
Beverly Enterprises. D. Mark Weinberg is a director and the
Executive Vice President for WellPoint Health Networks, Inc. (NYSE:
WLP), in charge of its national and specialty businesses. WellPoint
is the second largest publicly traded managed care company in the
U.S. Dr. Timothy Triche is the Chairman and CEO of OncorMed, Inc.
(AMEX: ONM), a publicly held medical services company, and the
chairman of the Department of Pathology & Laboratory Medicine at
Children's Hospital in Los Angeles.
In addition, the Company has announced the resignation of Drew
Bergman, the Chief Development Officer and the former Chief
Financial Officer of HMI.
The day-to-day operations of the Company will continue to be run
by James Mieszala, the President of HMI's wholly owned subsidiary,
HMI Pharmaceutical Services, who will now be the acting President of
the Company, and by Paul Jurewicz, the Corporation's new Chief
Messrs. Hotte, Mieszala and Jurewicz will each report to the
office of the CEO.
Paul Jurewicz stated, "The Company will be revising its
accounting systems and procedures and is intending to take
significant write-offs. These write-offs include those for accounts
receivable and inventory as well as planned operational
consolidations necessary to restore profitability. The total
charges shall be in the range of $15 million to $20 million pre-tax,
and we expect a loss for the third quarter."
Mr. Dimitriadis said, "We believe that with the actions
undertaken today and the focused efforts on cost reduction, HMI can
be restored to profitability."
Health Management, Inc., is a national provider of integrated
health management services to patients with chronic medical
conditions and to health care professionals, drug manufacturers and
third-party payers involved in their care.
CONTACT: Analysts: Diane Perry, 212-704-8293, or Joseph Kist,
212-704-8239 or Ruth Markowitz, 212-704-4451, all of Edelman
Financial, or Media: Mark Danes of Edelman Financial, 212-704-4464
SAN JOSE, Calif. -- Feb. 27, 1996 -- ISD
(Information Storage Devices, Inc.) (NASDAQ:ISDI) today announced
that, based on the best information currently available, it
anticipates possible operating losses for the first quarter and
potentially the second quarter of fiscal 1996, ending March 31 and
June 30, 1996, respectively. The company attributed its
expectations of quarterly operating losses to two factors:
1) A potential six-month delay in the conversion of 0.8-micron
production of chips from Line 2 of the company's foundry, Samsung.
While the initial engineering product had been fully qualified,
approved and signed off by ISD and the foundry, the first production
runs have exhibited a reliability problem which, in ISD's technical
judgment, is solely related to the foundry's manufacturing process.
ISD believes that the conversion to 0.8-micron production could be
delayed by as much as six months. The cost of in-line inventory is
not known at this point, and the company is currently evaluating the
potential financial impact.
2) Taking a write-down for excess inventory.
The company's foundry manufactured additional wafers under a co-
sourcing agreement originally designed to give ISD more capacity and
to give certain ISD customers two sources of supply. The company
believes that it will have to acquire approximately 2,000 wafers
that the foundry had built in order to meet previously anticipated
demand. In addition, these wafers have been found to have higher
than normal failure rates in accelerated life tests. While the
company believes that chips from these wafers are satisfactory for
consumer applications, they do not meet the full specifications for
communications and industrial applications. Given current consumer
market conditions, ISD is no longer confident that originally
anticipated selling prices for this inventory can be achieved, and
therefore, margins in the first and second quarters on this
inventory may be adversely affected. If that occurs, it will be
necessary to take a write-down of this inventory. Furthermore, ISD
is in negotiations with the foundry to restructure the co-sourcing
agreement because ISD believes that current market conditions can no
longer support previously anticipated volume requirements.
This press release contains forward-looking statements regarding
potential write-downs, adverse pricing, margin developments,
potential losses and other matters. In addition to the factors
discussed above, other factors that could cause actual results to
differ materially include the following: availability of foundry
capacity and raw materials; fluctuations in manufacturing yields;
competitive pricing pressures; the timing of significant orders;
changes in the mix of products sold; changes in the mix of
customers; availability and cost of products from the company's
suppliers; the timing of new product announcements; the cyclical
nature of the semiconductor industry; certain markets addressed by
the company's products; the gain or loss of significant customers;
increased research and development expenses; economic conditions
generally or in various geographic areas; and the risk factors
listed from time to time in the company's SEC reports, including but
not limited to its report on Form 10-Q for the quarter ended
September 30, 1995 and the company's prospectus dated September 19,
ISD designs, develops and markets integrated circuit solutions
for voice applications in the consumer, communications and
industrial markets. The company is located at 2045 Hamilton Avenue,
San Jose, CA 95125. Telephone: (408) 369-2400. Fax: (408) 369-
2422. World Wide Web home page: href="http://www.isd.com." target=_new>http://www.isd.com">http://www.isd.com.
CONTACT: Information Storage Devices, Inc.,
Felix Rosengarten, 408/369-2520
BOISE, Idaho -- Feb. 27, 1996 -- Micron
Electronics, Inc. today announced it will discontinue its
Minneapolis manufacturing operations effective April 30, 1996. This
action will not include the Company's Minneapolis call center which
will continue its sales and technical support for Micron's product
lines. The Company also confirmed that it will be discontinuing
sales of the Company's ZEOS line of personal computers. Technical
and warranty support for ZEOS brand personal computers will continue
to be provided by the Company.
Approximately 300 jobs in the Minneapolis manufacturing
operations will be affected by today's announcement, although
qualified candidates will have the opportunity to apply for
alternative positions within the Company, including positions in the
Minneapolis call center and at other Company locations.
The Company plans to take an approximate $30 million
restructuring charge, including provision for the disposition of
inventory, write-off of goodwill and other costs associated with the
discontinuance of operations. Due to this restructuring charge, the
Company expects to report a net loss for the Company's 2nd fiscal
quarter of 1996 when its results are announced in March.
Micron Electronics, Inc., manufactures electronic products for a
wide range of computing and digital applications. The Company
develops, markets, manufactures and supports PC systems for
consumer, business, and government use, provides contract
manufacturing services to original equipment manufacturers and
maintains a component recovery operation. The Company is
approximately 80 percent owned by Micron Technology, Inc. Micron
Electronics, Inc., common stock trades on the NASDAQ Stock Market
under the symbol MUEI. More product information is available by
calling 1-800-515-9197 or via Micron Electronics home page on the
Internet at http://www.mei.micron.com.
CONTACT: Micron Electronics, Inc.
Steve Laney, 208/893-3900
CHERRY HILL, N.J., Feb. 27, 1996 - International
Thoroughbred Breeders, Inc. (AMEX: ITB) said today that it has been
informed by its former chairman, Robert E. Brennan, that he will
file a plan of divestiture for all of his remaining shares in ITB
with the U.S. Bankruptcy Court within the next two weeks.
As previously announced, Mr. Brennan has entered into an
agreement in principle with Cambridge Partners Ltd., a privately-
held investment partnership, which includes several new ITB board
members, to divest himself of his remaining 2,904,016 shares of ITB
common stock. On August 9, 1995, Mr. Brennan filed for protection
under Chapter 11 of the U.S. Bankruptcy Code, and the transaction is
subject to approval by the Bankruptcy Court. In addition, as a
holder of more than 5 percent of ITB's common stock, Cambridge
Partners will require approval by the New Jersey Racing Commission
as well as the Casino Control Commission for casino simulcasting by
ITB's racetrack subsidiaries.
Robert J. Quigley, chairman and president of ITB, said, "Mr.
Brennan resigned as chairman, chief executive officer, and a board
member on November 2, 1995 at the urging of the Company's board of
directors, and in addition, has given me an irrevocable proxy to
vote his shares. Mr. Brennan has further agreed to place his shares
into an irrevocable liquidating trust, pending the completion of his
divestiture in accordance with a directive from the Division of
Gaming Enforcement and the New Jersey Racing Commission. Upon
approval of the plan of divestiture by the Bankruptcy Court, Mr.
Brennan will have completely severed all remaining ties with the
Company. It should be clearly understood that he will not be
involved in any way with Orion Casino Corporation's recently
announced Starship Orion project, nor in the Company's Nevada
Mr. Quigley said that ITB is already licensed by the New Jersey
Racing Commission as an owner and operator of two racetracks within
the state and is also licensed by the New Jersey Casino Control
Commission to simulcast its races into the Atlantic City Casinos.
Francis W. Murray, chairman and president of Orion Casino
Corporation , said, "We believe that the Starship Orion will be
located on one of the most strategically desirable sites in the
city, positioned directly on the Las Vegas Strip, opposite Circus
Circus, and a block south of the Stratosphere project, which is
scheduled to open in April of this year."
On February 21, 1996, Orion Casino Corporation announced plans
to develop a $1 billion, 5.4 million square foot multiple casino,
hotel, retail and entertainment complex on the Las Vegas Strip
opposite Circus Circus on the 21 acres formerly occupied by the El
Rancho Hotel and Casino. The Project, which will be called Starship
Orion, will consist of seven separately owned and operated 30,000
square foot casinos (210,000 square feet of aggregate casino space),
300,000 square feet of retail space, 2,400 first-class hotel rooms,
an Alien Circus, Galactic Theaters and various interactive
simulators, alternative reality, and motion-based entertainment
experiences and theaters. Starship Orion is expected to "land" on
The Strip in April of 1998.
International Thoroughbred Breeders is headquartered in Cherry
Hill, New Jersey. The Company owns and operates Garden State Park
in Cherry Hill, New Jersey and Freehold Raceway in Freehold, New
Jersey. Orion Casino Corporation is a wholly-owned subsidiary of
ITB's International Thoroughbred Gaming Development Corporation
CONTACT: Michael Sitrick or Jeffrey Lloyd of Sitrick And Company,
February 27, 1996 in re: Dow Corning
Women's Hospital today released the largest cohort study to
date of health risks associated with breast implants. In
their study -- "Self-reported Breast Implants and Connective
Tissue Diseases in Female Health Professionals" -- the
doctors have concluded that breast implants do not present a
large Risk of developing connective tissue diseases.
Despite the fact that no major epidemiological study has
found a large risk of women with breast implants developing
connective tissue diseases, plaintiff lawyers continue to
pursue lawsuits based upon science that has never been peer
reviewed and is not accepted by the mainstream of scientific
and medical thought -- "junk science."
This massive litigation -- some 20,000 lawsuits filed and
more than 400,000 women registered in the most generous class
action settlement in history -- has placed a tremendous
strain on the court system, sent one company into bankruptcy,
and forced remaining solvent manufacturers to negotiate a
settlement even though there is no evidence that breast
implants cause the diseases these women have.
WHO: Legal experts are available to discuss:
WHY: The Center for Civil Justice Studies is a non-profit
corporation conducting programs of research and education on matters
involving the civil justice system. Among its many programs is a
project focusing particularly on issues surrounding mass tort
litigation including the use of scientific evidence in the
CONTACT: Rose Marshall of the Center for Civil Justice Studies,