NORWALK, Conn. -- March 11, 1996 -- As part of the
ongoing review of its operations, the href="chap11.caldor.html">Caldor Corporation (NYSE: CLD)
today announced plans to open six new stores and to close 12
The six new stores will be located in District Heights,
Maryland; Glen Oaks, New York; Hunting Park, Pennsylvania; Westbury,
New York; Silver Spring, Maryland; and Edgewater, New Jersey. The
District Heights, Glen Oaks, Hunting Park, and Westbury stores will
open in April. The Edgewater store will open in late May, and the
Silver Spring store will open in August.
The stores that will be closed, subject to bankruptcy court
approval, include five stores in the Rochester, New York market;
three stores in the Syracuse, New York market; two stores in
Massachusetts; one store in Connecticut; and one store on Long
Island, New York.
"As part of the reorganization process, Caldor has been
carefully reviewing its operations, including its existing store
base and plans for new locations," said Don R. Clarke, Chairman
and Chief Executive Officer. "As a result of the review, we
determined we should proceed with store openings that offer
attractive market opportunities, while closing a number of
underperforming stores that will result in significant savings for
"Closing operations is never pleasant, and we are particularly
sensitive to the effect on our associates. Where practical, we will
attempt to transfer affected employees to adjacent stores or provide
appropriate assistance," said Mr. Clarke.
With respect to the new store openings, Mr. Clarke noted,
"These new sites, located in the greater New York, Philadelphia and
Washington, D.C. areas, are consistent with our strategy of
focusing on urban/suburban markets and offer considerable potential.
We are looking forward to serving new customers in these
The stores that will be closed are located at:
Caldor also said that it will not be going forward with a previously
planned store opening in New Bedford, MA. That store had been
scheduled to open in 1996.
The Caldor Corporation is the fourth largest discount department
store chain in the U.S., with annual sales of approximately $2.8
billion and approximately 24,000 Associates. It currently operates
166 stores in ten East Coast states. With a strong consumer
franchise in high density/suburban markets, Caldor offers a diverse
merchandise selection, including both softline and hardline
Wendi Kopsick/Jim Fingeroth,
Kekst and Company: (212) 593-2655
Dave Peterson: (203) 849-2334
THOUSAND OAKS, Calif., March 11, 1996 - Mr. Dennis
Doolittle, Vice Chairman and Chief Operating Officer of Autologic
Information International, Inc. (Nasdaq: AIII) ("the Company"),
announced today that the net loss for the first quarter ended
February 2, 1996 was $3,747,000, or $1.06 per share, on revenues of
$16,547,000, as compared to a net loss of $1,232,000, or $0.37 per
share, on revenues of $16,000,000, for the first quarter ended
January 27, 1995.
Effective January 29, 1996 the merger of Information
International, Inc. ("Triple-I") and Autologic, Incorporated
("Autologic"), a subsidiary of Volt Information Sciences, Inc.
(Nasdaq: VOLT) ("Volt") was completed with the Company remaining as
the surviving corporation. The financial results presented are
substantially those of Autologic since the Company is a continuation
of Autologic which required Triple-I on January 28, 1996.
Mr. Doolittle stated the pretax loss of the Company in fiscal
1996 includes a charge of $700,000 for the restructuring of
Autologic's operations related to the merger and allocated charges
from Volt of $996,000 ($1,092,000 in 1995) for general and
administration, rent and interest expense. The restructuring of the
combined Company is expected to result in an annual reduction in
expenses of approximately 6,000,000. Subsequent to the merger, the
allocated charges from Volt will cease. He further stated operating
results were adversely affected by a temporary delay in product
shipments due to the merger and lower gross profit margins resulting
from differences in product mix and competitive market pressures and
AUTOLOGIC INFORMATION INTERNATIONAL INC.
Summary Of Results Of Operations
FIRST QUARTER ENDED
February 2, January 27,
(Dollars in thousands,
except per share data)
Revenues $16,547 $16,000
Loss before income taxes (3,895) (1,042)
Income tax (benefit) provision (148) 190
Net loss ($3,747) ($1,232)
PER SHARE DATA
Net loss ($1.06) ($.37)
Number of shares used in computation 3,531,913 3,337,000
Autologic Information International, Inc. designs, manufactures,
markets and services computer-based electronic pre-press systems to
the publishing industry worldwide.
MOORESTOWN, N.J., March 11, 1996 - MWW/Strategic
Communications (MWW/SC) has been retained as public relations and
financial relations counsel for Today's
Man, Inc. (Nasdaq: TMANQ).
Headquartered in East Rutherford, NJ, MWW/SC is one of the nation's
15 largest independent public relations firms, with clients
including Bally Entertainment and Continental Airlines. In addition
to its New Jersey headquarters, MWW/SC maintains offices in New
York, Boston, Trenton, Washington, D.C., Chicago and Seattle.
"MWW's expertise in financial restructuring and their keen
understanding of the retail business makes them an excellent
addition to our turnaround team," said David Feld, President and
Chief Executive Officer of Today's Man. "As we move forward with
our efforts to reorganize and return Today's Man to profitability,
we will continue to rely on the industry's top talent to support our
Today's Man employs over 1,400 people and operates 28 men's
apparel superstores in New York, Philadelphia and Washington, D.C..
The company recently filed for Chapter 11 protection.
All media inquiries concerning Today's Man should be directed
to Michael W. Kempner or Carreen Winters of MWW/SC at 201-507-9500.
CONTACT: Michael Kempner, 201-507-9500, or mkempnermww.com --
e-mail, or Carreen Winters - cwintersmww.com - e-mail, both of
MWW/Strategic Communications, Inc.
FAIRFIELD, Conn. -- Acme United Corp. (ASE: ACU)
today reported a net loss of $8,723,530, or $2.61 per share, for the
fourth quarter of 1995.
The major portion of the loss for the quarter was attributed to
a charge against earnings of $7.7 million taken to cover the costs
of restructuring, asset revaluations and other charges. The tax
benefit, for the most part, will occur in future years.
The fourth quarter 1995 results compare to net income of
$38,064, or one cent per share, for the fourth quarter of 1994.
Net sales were $11,017,406 for the fourth quarter of 1995,
compared to net sales of $12,644,460 for the fourth quarter of 1994.
For the full year, Acme United had a net loss of $8,716,176, or
$2.61 per share. This compares to net income of $123,498, or four
cents per share for 1994.
Net sales for 1995 were $52,222,210, compared to net sales of
$52,754,799 in 1994, a one percent decline for the year.
Citing 1995 results, Walter C. Johnsen, president and chief
executive officer, said that, "Acme United's North American consumer
products business had $22.7 million in sales for the year, an
increase of three percent over the year before, with much of the
growth attributed to a strong performance by our existing product
lines. However, the business struggled to deal with high inventory
levels, a company-wide problem that we began to address aggressively
in the fourth quarter.
"Also, the consumer products business was hampered by excess
capacity, a situation to be resolved by the planned closure in the
first half of 1996 of the Bridgeport, Conn. manufacturing plant.
"Sales of the company's medical products business were $16.3
million in 1995, a two percent decline from the previous year's
results. The business was also adversely affected by inventory
revaluations. However, on a positive note, other inventory levels
were reduced by over $300,000 in 1995, and the division achieved
greater efficiency in manufacturing operations."
The overall performance in 1995 of the company's European
operations, particularly in Germany, was poor, Johnsen said. Sales
declined in the Schlemper scissor and Altenbach cutlery companies.
Also, a writeoff of $221,000 was taken for an outdated manufacturing
building owned by Acme's subsidiary in the United Kingdom. High
inventories in Europe also necessitated a $1.0 million writedown,
and at Altenbach, restructuring costs of $2.1 million were recorded
"Acme United is dealing with the problems of the business by
executing a strategic plan that, when completed, should enable the
company to have a solid platform for growth," Johnsen said. The
actions being implemented in 1996 are:
Acme United is a leading producer of metal disposable surgical
instruments, sterile procedure trays, germicidal products and wound-
care packs for hospitals and the alternate care market as well as
one of the largest producers of household shears, scissors, rulers
and related products for consumers in the United States and Europe.
There are 3,337,620 common shares outstanding.
ACME UNITED CORPORATION
CONSOLIDATED STATEMENT OF INCOME
FOURTH QUARTER REPORT 1995
Quarter Ended Quarter Ended
Dec. 31, 1995 Dec. 31, 1994
Net Sales $ 11,017,406 $ 12,644,460
Net Income (Loss) (8,723,530) 38,064
Income (Loss) Per (2.61) .01
Year Ended Year Ended
Dec. 31, 1995 Dec. 31, 1994
Net Sales $ 52,222,210 $ 52,754,799
Net Income (Loss) (8,716,176) 123,498
Income (Loss) Per (2.61) .04
TEMPE, Ariz. -- March 11, 1996 -- UDC
Monday announced the resignation of Richard C. Kraemer as president
and chief executive officer.
UDC Chairman Drew Brown will serve as interim president and
chief executive officer until a replacement is found for Kraemer,
who will work with the company through June to assist in the
transition. He will then continue as a consultant through the end
of the year.
UDC successfully restructured and emerged from bankruptcy last
year. DMB Property Ventures Limited Partnership, a Phoenix-based
real estate investment and development company, was instrumental in
the restructuring, purchasing all of the company's equity and
investing $108 million.
"With Rich Kraemer's departure, we will conduct a national
search for a new president and chief executive officer. Rich has
built an excellent management team that remains in place and we look
forward to continuing to work with them," Brown said.
"I was committed to seeing the company through the restructuring
and moving it forward as one of the leading home builders in the
Southwest," said Kraemer. "UDC is now well positioned to succeed in
the years to come. After 20 years with the company, which has
become quite large, I look forward to working on some different
entrepreneurial opportunities," he said.
CONTACT: DMB Property Ventures Limited Partnership, Phoenix
Drew Brown, 602/956-7877
AMERICAN WHITE CROSS, INC. ANNOUNCES 1995 OPERATING RESULTS
DAYVILLE, Conn. -- March 11, 1996 -- American White
Cross, Inc. (Nasdaq:AWCI) today announced operating results for the
fourth quarter and year ended December 31, 1995.
Sales for the fourth quarter of 1995 were $20,075,000 compared
to $19,525,000 for the same period in 1994. The Company's net loss
for the quarter was $1,868,000 or $0.28 per share, excluding the
after-tax effect of fourth quarter non-recurring items, including
restructuring charges of $355,000 or $0.05 per share related to the
completion of its facilities relocation plan and $124,000 or $0.02
per share related to the settlement of a union pension dispute.
This compares to a net loss of $2,502,000, or $0.37 per share in the
fourth quarter of 1994. Weighted average shares of 6,676,000 were
outstanding in the fourth quarters of 1995 and 1994.
For the year ended December 31, 1995, sales were $87,351,000
compared to $90,005,000 for the same period in 1994. The net loss
including 1995 non- recurring charges was $4,694,000, or $0.70 per
share, on 6,676,000 weighted average shares outstanding. This
compares to a net loss of $4,758,000, or $0.81 per share on
5,843,000 weighted average shares outstanding in the 1994 period,
which included the after-tax effect of a facilities restructuring
charge of $3,448,000.
Sales in 1995 were impacted by the loss of volume related to
bringing the new Houston factory up to the Company's historical
operating capacity and efficiency. Sales were also impacted by the
Company's decision to forego certain promotional volume in order to
support higher net pricing in the longer term. Both gross profit
and operating margins improved in the fourth quarter in 1995 versus
the comparable prior year quarter, but compared unfavorably for the
full year 1995 compared to the prior year primarily due to
significant raw material cost increases, volume losses and a change
in the product mix toward less profitable cotton products. The 1995
non-recurring charges include costs of approximately $886,000
related to the Company's facility restructuring plan above those
accrued in the second quarter of 1994. Fourth quarter and annual
results in 1995 were also negatively impacted, compared to the prior
year, by a reduction of the Company's income tax benefit resulting
from reserves established related to the expiration of certain state
Commenting on the results, Howard Koenig, Chairman and Chief
Executive Officer, stated, "We continue to make progress on the
fundamentals of our profit recovery, while at the same time focusing
on our long term growth. The facilities relocation to Houston and
Mexico is now complete, and contributed to 1995 year over year
fourth quarter gross profit margin improvement."
Commenting on the Company outlook, Mr. Koenig stated "Although
we are obviously disappointed with our 1995 operating results, we
are positioning our Company as one of very few in our industry which
has extensive distribution in both the consumer and healthcare
markets. Our major cost restructuring efforts are now behind us and
will reap benefits far into the future. We are now able to begin a
continuous improvement process while turning our focus to leveraging
our unique distribution network. With the combination of
unprecedented raw material increases and completion of our major
facilities moves behind us, and expected growth momentum from new
product and category introductions, our management team is working
diligently on turning the corner on profitability."
American White Cross, Inc. manufactures and markets a wide
variety of health and personal care products. The Company's
principal products include adhesive bandages, cotton swabs, cosmetic
puffs, rounds and squares, waterproof tape, sterile cotton balls,
first aid kits, footcare products, liquid nutritional supplements
and cotton coil used in the packaging of drugs and vitamins in
bottles. The Company also sells adhesive bandages under its own
national brands, including Looney TunesTM (marketed under license
from the Warner Bros. Division of Time Warner Entertainment Company
L.P.) and STAT- STRIP (easy opening bandages).
AMERICAN WHITE CROSS, INC. AND SUBSIDIARIES
Consolidated Results of Operations
(In thousands, except per share amounts)
Quarter Ended Year Ended
12/31/95 12/31/94 12/31/95 12/31/94
Sales $20,075 $19,525 $87,351 $90,005
Income (loss) from
operations $(1,719)(1) $(3,459) $(3,018)(2)
Income (loss) before
benefit from income
taxes $(2,699) $(3,900) $(6,365) $(7,401)
Benefit from income
taxes $(352) $(1,398) $(1,672) $(2,643)
Net income (loss) $(2,347) $(2,502) $(4,694) $(4,758)
Net income (loss)
per share $(0.35) $(0.37) $(0.70) $(0.81)
Weighted average shares
outstanding 6,676 6,676 6,676 5,843
(1) Includes pretax charges of $409,000 and $142,000 for spending
overruns related to the restructuring charge taken in 1994 and the
settlement of a pension dispute, respectively.
(2) Includes pretax charges of $886,000 and $142,000 for spending
overruns related to the restructuring charges taken in 1994 and the
settlement of a pension dispute, respectively.
(3) Includes a pretax charge of $5,328,000 related to the
restructuring of the Company's facilities.
CONTACT: AMERICAN WHITE CROSS, INC.
Sr. Vice President, Finance
IR CONTACT: June Filingeri/Melissa Garelick
PRESS: Suzanne Miller
NEW YORK, March 11, 1996 - A federal judge in Manhattan
today issued a preliminary injunction against Raytheon Corp (NYSE:
RTN) and its Seiscor subsidiary enjoining them from placing the
subsidiary into bankruptcy pending post-trial motions from a twenty-
seven million dollar jury verdict handed down Wednesday evening.
The judge, Hon. Denny Chin, held that plaintiffs, since they had
prevailed, should not be prejudiced by a bankruptcy filing prior to
the entry of a final judgment. Plaintiffs' counsel, Steven Kramer
of New York City, had argued that without an injunction, the
plaintiffs would be an unsecured creditor in the event of a
The case arose out of the break up of AT&T in 1984, when Seiscor
sold what turned out to be, according to the jury, thousands of
defective coin phones to the plaintiffs, two distributors based in
NYC and New Jersey respectively.
The case was filed in 1988.
CONTACT: Steven Kramer, 212-586-0707 or, Martin Fabrikant of
Paytel Sys. Inc. 212-462-8500 ext. 600
BALA CYNWYD, Pa. -- March 11, 1996 -- William
Patrowicz, president of Holly Products Inc. (NASDAQ: HOPR, HOPRW,
HOPRP; BSE: HOP, HOPP) announced today that the U.S. Bankruptcy
Court, District of Colorado issued a formal order approving $5
million of financing for Holly's subsidiary, href="chap11.country.html">Country World Casino
Inc., to complete the purchase of its site for a new casino and
hotel complex in Blackhawk, Colo.
The financing will permit Country World to own the Blackhawk
casino and hotel site, subject only to the first lien of the new
lender. In addition, the formal order will permit Country World to
emerge from its Chapter 11 proceeding. Holly Products Inc. looks
forward to closing the loan shortly. The judge's order also
requires disputes concerning prior secured financing to be settled
by agreement within 10 days of the closing of the new financing
while providing a mechanism to deliver the property to the company
free of any disputed claims while the court determines such
William Patrowicz said, "This decision brings our plans to build
the largest hotel and casino complex in the State of Colorado closer
to realization while positioning our subsidiary, Country World
Casinos Inc., to emerge from Chapter 11. We are very encouraged by
the court's sensitivity to Country World's present and future needs
in connection with funding and beginning construction as soon as
CONTACT: Holly Products Inc.,
William Patrowicz, 610/617-0400/
Martin E. Janis & Co. Inc., Chicago
Elliott Jacobson, 312/943-1100
FORT LAUDERDALE, Fla., March 11, 1996 - Following upon
its recently announced transaction for the LaCroix water brand,
National Beverage Corp. (AMEX: FIZ) announced today that approval
had been obtained from the bankruptcy court for the Southern
District of New York for EB Acquisition Corp., a wholly owned
subsidiary of National Beverage Corp., to acquire substantially all
of the assets of Everfresh
Beverages, Inc. out of a Chapter 11 plan
for an undisclosed purchase price. The assets include a hot-packing
beverage facility in Warren, Michigan, the "Everfresh", "Sundance"
and "Rich n' Ready" trademarks, receivables, inventory, and certain
other tangible assets. It is anticipated that the closing will occur
on Friday, March 15, 1996.
The Everfresh brand represents a variety of juice products
available in various package sizes and flavors, and is principally
distributed through independent distributors throughout most of the
United States. Prior to the reorganization, Everfresh had sales in
excess of $40 million.
Nick A. Caporella, chairman and chief executive officer of
National Beverage, stated, "We are extremely pleased to have
received final court approval to acquire Everfresh and enter the
juice segment of the beverage industry. The Everfresh brand has a
strong presence in the Midwest and certain metropolitan markets in
the Northeast and further complements our plan to enhance our
Regional Share Dynamics and affirm our commitment as a total
beverage company." Mr. Caporella continued, "With the existing
sales team, the continued support of Everfresh's distributors, and
the dynamics of the National Beverage organization, the Everfresh
juice acquisition emphasizes National Beverage's commitment to seek
growth in all segments of the beverage industry."
National Beverage serves as a holding company for various
operating subsidiaries and 13 strategically located manufacturing
facilities that manufacture, market and distribute its full line of
cola and multi flavored branded soft drinks and bottled water:
Shasta(R), Faygo(R), Body Works(R), a Sante(R), Spree(R), Big
Shot(R), nuAnce(R), Creepy Coolers(TM), St. Nick's(TM) and Kid
CONTACT: Grace Keene, Office of the President, National Beverage,
305-581-0922, or fax, 305-473-4710
ATLANTA, March 11, 1996 - With the confirmation of its
Plan of Reorganization by U.S. Bankruptcy Judge Hugh Robinson on
March 8, Hayes Microcomputer Products,
Inc. expressed today its
enormous gratification with the Court's order which permits Hayes to
emerge from Chapter 11 as an independent company.
"Our stated intent and primary objective from the very start of
this case was to put forth a Reorganization Plan that would pay all
creditors in full and that would permit Hayes to emerge from Chapter
11 as a strong independent company making superior products backed
by superior service," said Dennis C. Hayes, Chairman and CEO of
Hayes. Continued Hayes, "Confirmation of the Hayes Plan will allow
Hayes to continue its nearly two decades of leadership in the
computer communications industry. We look forward to competing in
the fast changing computer communications marketplace without the
specter of Chapter 11 looming in the background."
The Hayes Plan of Reorganization calls for payment of all
creditors' claims in full plus interest. Proceeds from a combined
equity investment of $35 million by ACMA Limited and Northern
Telecom Inc. (Nortel), a $70 million debt facility with the CIT
Group/Credit Finance, and the sale of surplus land owned by the
company will be used to cover the company's debts. In exchange for
their equity investment ACMA and Nortel will together acquire a 49%
stake in Hayes. The remainder of the company's shares (51%) will be
owned by Dennis Hayes and the Employee Stock Plan.
In issuing his order confirming the Hayes Plan rather than the
competing Plan of Reorganization proposed by the Creditors'
Committee and Diamond Multimedia Systems, Inc., Judge Robinson
relied on Section 1129(c) of the U.S. Bankruptcy Code relating to
the preferences of creditors and equity security holders. Judge
Robinson wrote in his order, "The Debtor's Plan (Hayes) is,
therefore, preferred by at least $34 million of the $43 million in
outstanding unsecured debt, or approximately 79% of the unsecured
creditors' claims." With regard to the preferences of equity, Judge
Robinson wrote, "In this case, the Debtor's Plan is preferred by
over 90% of the equity security holders."
Summarizing his reasons for confirming the Hayes Plan, Robinson
wrote, "The Debtor has offered a plan which proposes to pay all of
its creditors in full plus interest. The Debtor's minority
shareholder...is being afforded fair and equitable treatment...The
majority shareholder and the majority of the creditors have come
before this Court and expressed their preference for the Debtor's
Plan. Moreover, the public policy underlying Chapter 11
reorganization which serves to further the local economy, maintain
and create jobs, and preserve the value of an ongoing business is
clearly fulfilled by confirmation of the Debtor's Plan."
Dennis Hayes said, "Over the past 16 months, the employees of
Hayes around the world focused on our core business, fixed our
operations problems, and turned the company around to the point
where we have been consistently generating profits for the past
year. We continue to develop and ship new and exciting products and
remain committed to our customers - past - present - and future.
With all the confusion caused by the Chapter 11 filing in November
1994, component shortages and other supply problems in early 1995,
an aborted merger attempt, two hostile acquisition attempts,
seemingly endless due diligence requests, frivolous patent
infringement claims, a dissenting minority shareholder, and numerous
other challenges and obstacles, the employees of Hayes have fought
through it all. Confirmation of the Hayes Plan is confirmation of
their hard work and success and complete vindication for those who
stood by the company during its most difficult period."
In consultation with ACMA and Nortel, the CIT Group, and legal
and financial advisors, Hayes expects to soon prepare a schedule for
completion of the agreements required to comply with the
Confirmation Order. Further details on the schedule will be
forthcoming over the next two weeks.
Best known as the inventor of the PC modem, Hayes is recognized
around the globe as a leader in technical innovations, computer
communications standards, functional and feature-rich products, and
superior support and service. Founded in 1977, Hayes develops,
manufactures, and markets value-based computer communications
solutions for software, business, network and consumer market
segments. The company maintains an extensive global network of
authorized distributors, dealers, mass merchants, VARs, system
integrators and original equipment manufacturers. Hayes customers
include Fortune 1000 corporations, mid-size companies and corporate
branch offices, small and home office businesses, on-line and
telecommunications network providers, and millions of individual PC
users around the globe.
CONTACT: Andrew W. Dod, Director of Corporate Communications,
Hayes Microcomputer Products, Inc., 770-840-6808; Fax: 770-441-1238;
E-mail: adodhayes.com or Web: " target=_new>http://www.hayes.com">