ANAHEIM, Calif. -- April 5, 1996 -- href="chap11.clothestime.html">The Clothestime
Inc. (NASDAQ:CTMEQ) Friday announced results for the fourth
and the year ended Jan. 27, 1996 ("Fiscal 1995").
Sales for the 13 weeks of the fourth quarter of Fiscal 1995
decreased 19 percent to $67.9 million, as compared to $83.4 million
during the fourth quarter of the prior fiscal year. Net loss for
the fourth quarter was $35.9 million compared to a net loss of $48.5
million during the same quarter of the previous fiscal year. The
loss per share for the quarter was $2.53 compared to a loss per
share of $0.60 for the comparable quarter in the previous fiscal
The loss includes reorganization charges which reduced pre-tax
results by $22 million. The charges related to the closing of
underperforming stores, lease claims and other professional fees
relating to the Company's Chapter 11 filing.
Sales for the 52 weeks of Fiscal 1995 decreased 10 percent to
$308.2 million, compared to $340.8 million for the previous fiscal
year. Net loss and loss per share for the year were $43.0 million
and $3.03, respectively. This compared to a net loss and loss per
share of $11.2 million or $0.79, respectively, in the previous
Summary Results of Operations
(000's omitted, except per share amounts)
Fourth Quarter Jan. 27, 1996 Jan. 28, 1995
Net Sales $67,863 $83,435
Loss Before Reorganization
Costs and Income Tax Benefit $19,776 $14,298
Net Loss $35,905 $8,505
Loss Per Share $2.53 $0.60
Average Shares Outstanding 14,198 14,176
Full Year Jan. 27, 1996 Jan. 28, 1995
Net Sales $308,231 $340,801
Loss Before Reorganization
Costs and Income Tax Benefit $31,042 $18,474
Net Loss $43,002 $11,241
Loss Per Share $3.03 $0.79
Average Shares Outstanding 14,190 14,161
On Dec. 8, 1995, The Clothestime Stores Inc., and five of its
subsidiaries filed for protection under Chapter 11 of the U.S.
Clothestime Stores currently operates 397 woman's apparel stores
in 20 states and Puerto Rico, offering primarily in-season,
moderately-priced sportswear, dresses and accessories, emphasizing
fashion at a discount from department and specialty stores.
CONTACT: Clothestime, Anaheim, Calif.
Jeff Dake, 714/779-5881, ext. 2255
FORT LAUDERDALE, Fla., April 5, 1996 - Rx Medical
Services Corp. (AMEX: RXM) today announced that its medical
diagnostic subsidiary, Manatee Medical Laboratories, Inc.
("Manatee"), had filed a voluntary petition under Chapter 7 of the
United States Code in the Bankruptcy Court for The Southern District
of Florida. The filing was necessitated by the Company's inability
to reach the required percentage of acceptances from Manatee's
creditors of an offer of compromise and settlement made to the
creditors in mid-March.
Manatee owns and operates clinical testing laboratories in
Florida and a magnetic resonance Imaging center in Pinole,
California. By virtue of the bankruptcy of Manatee, the Company has
ceased its medical diagnostic operations.
Rx Medical Services Corp. owns and operates hospitals in rural
markets. The Company's operations are located in the southeast,
primarily in Mississippi.
CONTACT: Joseph C. Wasch, General Counsel, Rx Medical Services
Corp., 954-462-1711, ext. 105