NEW YORK, NY -- April 22, 1996 -- Judge Lewis A. Kaplan
of the Southern District of New York has granted href="chap11.rcp.html">Rockefeller Center
Properties Inc.'s motion to dismiss a complaint alleging that
improperly failed to disclose material information in its
registration statement filed on Sept. 29, 1993 in connection with
the offer to certain RCPI securities.
The complaint was filed by L.L. Capital Partners, L.P., which had
purchased 700,000 shares of RCPI stock, for approximately $5 million
in the offering.
The complaint alleged that, as of the fourth quarter of 1993,
RCPI had been aware of and, accordingly, improperly failed to
disclose information concerning Mitsubishi's and the Rockefeller
family's intention to cease funding the continuing deficits in
connection with the property and that the two partnerships that
owned Rockefeller Center were likely to default on the mortgage held
by RCPI. These allegations were based on RCPI's purported attempt
to urge Mitsubishi to restructure the mortgage or acquire RCPI and
Mitsubishi's purported refusal to meet with RCPI's representatives
to discuss these matters. Approximately eighteen months after
plaintiff's purchase of stock, Mitsubishi did cease its funding of
the deficits and the two partnerships filed a voluntary petition for
The district court held that RCPI's registration statement
"accurately disclosed the existence of the deficits, the prior
funding by Mitsubishi and the Rockefellers, the lack of any
obligation on their part to continue to fund the deficits, and the
risk that they might cease to do so at any time."
Joseph T. McLaughlin of Shearman & Sterling, a New York-based
international law firm, who represented RCPI in the case, said:
"Securities issuers and underwriters now have a clearer path through
the minefield of disclosing forward-looking information thanks to
this very well-reasoned opinion by Judge Kaplan."
CONTACT: Shearman & Sterling, New York
Tom Coster, 212/848-7433
LUBBOCK, Texas -- April 22, 1996--Furr's/Bishop's,
Incorporated (NYSE:CHI) today announced its financial results for the
13 week first quarter ended April 2, 1996.
The company reported Operating Income improved 350 percent to
$2.1 million in the first quarter of 1996 vs. $600 thousand in the
first quarter of 1995. The company also reported Net Income of $2.0
million in the first quarter of 1996 vs. a net loss of $6.7 million
in the first quarter of 1995. The improved results reflect lower
food cost, reduced operating and depreciation expenses and the
impact of the recently completed financial restructuring.
Sales for the first quarter of 1996 were $48.8 million as
compared to $52.8 million for the first quarter of 1995. The
decrease is primarily a result of fewer units being included in
operations in the 1996 period.
Restaurant sales in comparable units in the first quarter of
1996 were nearly flat to the 1995 period despite severe January
weather and substantially reduced advertising expenditures in 1996.
"We are pleased to see guests responding to our improved food
quality and service," said Kevin E. Lewis, chairman and chief
executive officer of Furr's/Bishop's, Incorporated. "With the
financial restructuring behind us, we are focusing all of our
attention on rebuilding our cafeteria business."
Furr's/Bishop's, Incorporated is one of the largest operators of
cafeterias and buffets in the United States, operating 113
cafeterias, buffets and specialty restaurants in 13 states in the
Southwest, West and Midwest under the names "Furr's," "Bishop's"
FINANCIAL DATA (UNAUDITED)
(Amounts in thousands, except per share amounts)
Thirteen Weeks Thirteen Weeks
April 2, 1996 April 4, 1995
Sales $ 48,817 $
Operating Income 2,091
Interest Expense 66
Net Income (Loss) $ 2,025 $
Weighted average number of shares
of common stock outstanding:
Primary 48,650,496 48,648,955
Fully Diluted 51,350,817 51,350,817
Net income (loss) per share:
Primary $ 0.04 $ (0.13)
Fully Diluted $ 0.04 $ N/A
CONTACT: Furr's/Bishop's, Incorporated,
Alton R. Smith, executive vice president,
FORT WORTH, Texas, April 22, 1996 - Tandycrafts, Inc.
(NYSE: TAC) announced today results for its fiscal third quarter and
the nine months ended March 31, 1996.
For the three months ended March 31, 1996, net sales were
$53,556,000, a 2.4% decrease compared to the $54,891,000 reported
for the comparable period of the prior year. Net income was
$364,000, or $0.03 per share compared to a net loss of $1,056,000 or
$0.09 per share for the same quarter of fiscal 1995. Excluding the
results of operations to be divested as part of the Company's
strategic restructuring program, net sales for the quarter were
$46,620,000, a 5.1% increase over the $44,367,000 reported for the
same operations last year.
Total retail sales for the quarter increased 7.2% when compared
to the same period in fiscal 1995. Manufacturing sales for the
quarter decreased 12.0% when compared to the same period last year.
For the nine months ended March 31, 1996, net sales were
$190,252,000, a 2.9% decrease compared to the $196,022,000 reported
for the comparable period of the prior year. The net loss for the
nine months ended March 31, 1996 was $12,006,000, or $1.01 per share
as compared to net income of $5,095,000, or $0.45 per share for the
corresponding period of the prior fiscal year. The Company's
earnings for the nine-month period reflect a $12.6 million charge,
net of income taxes, associated with the strategic restructuring
program recorded in December 1995.
In commenting on the strategic restructuring program, the
Company stated that it is moving ahead aggressively and expects the
actions contemplated in the plan to be substantially completed by
Tandycrafts, Inc. is a specialty retailer and manufacturer.
Included in its Specialty Retail segment are Tandy Leather Company,
Joshua's Christian Stores, Cargo Furniture & Accents, and Sav-On
Discount Office Supplies. The Specialty Manufacturing segment is
comprised of two manufacturing divisions: Frames and Framed Art and
Tandy Wholesale International ("TWI").
TANDYCRAFTS, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
March 31, March 31, March 31, March 31,
1996 1995 1996 1995
Net sales $53,556 $54,891 $190,252 $196,022
Operating costs and
Cost of goods sold 32,834 33,160 119,532 117,534
Selling, general and
administrative 18,186 20,902 62,362 63,790
Restructuring charge (501) -- 18,317 --
amortization 1,482 1,465 4,722 4,021
Total operating costs
and expenses 52,001 55,527 204,933 185,345
(loss) 1,555 (636) (14,681) 10,677
Interest expense, net 996 1,001 3,198 2,777
Income (loss) before
income taxes 559 (1,637) (17,879) 7,900
income taxes 195 (581) (5,873) 2,805
Net income $364 $(1,056) $(12,006) $5,095
Net income (loss)
per share $.03 $(0.09) $(1.01) $0.45
Weighted average common
and common equivalent
shares 12,109 11,500 11,937 11,366
Anacomp also clarified today that a tender offer announced last
week by a third party is not for shares of existing common stock.
Questor Partners Fund, L.P., said on Friday that it was seeking to
purchase 15% to 44% of the new common stock that Anacomp will issue
when it emerges from Chapter 11. Under Anacomp's plan of
reorganization, the existing common and preferred stock will be
exchanged at that time for warrants to purchase an aggregate of 1%
of the new common stock.
Anacomp's primary focus continues to be its successful emergence
from Chapter 11. The company filed its Chapter 11 petition on
January 5, 1996, and since then its business operations have
continued as normal.
Although Anacomp did not solicit or negotiate the Questor offer,
Anacomp understands that Questor is supportive of both management
and the company's restructuring plan. "We believe that Questor's
interest in the company shows confidence in Anacomp's new business
plan and strategic direction," said P. Lang Lowrey III, Anacomp's
president and chief executive officer. "We are pleased that our
restructuring and business prospects have attracted the attention of
a respected investment firm such as Questor." The Questor offer is
conditioned upon the successful confirmation of Anacomp's
Anacomp is a leading provider of multiple-media data management
solutions, delivering cost-effective strategies that incorporate
micrographic, digital, and magnetic output media.
CONTACT: Jeff Withem, Corporate Communications, 404-876-3361,
Ext. 8527, or E-mail: firstname.lastname@example.org, or Nancy Vandeventer,
Investor Relations, 800-350-3044, or E-mail:email@example.com,
ST. PAUL, Minn., April 22, 1996 - Harmony Brook, Inc.
(Nasdaq: HBRK) announced a 21 percent increase in revenues for its
first quarter ended March 31, 1996, to $1,882,000 from $1,562,000.
The company reported a net loss of $226,000 or $0.03 per share for
the quarter, an improvement over last year's first quarter net loss
of $456,000 or $0.09 per share, which included a one-time charge of
$123,000 or $0.03 per share related to the write-off of a
questionable account receivable.
James C. Hawley, president and chief executive officer, said,
"The first quarter performance has Harmony Brook on track to meet
its 1996 targets. The revenue increase was right in line with our
goal to grow at twice the estimated ten percent growth rate for the
U.S. bottled water market, with our core water revenue sharing
business growing 30 percent. Another of our key objectives is to
continue to make progress toward achieving annual operating
earnings: while we did not expect to report operating earnings in
the first quarter, we did make progress toward break-even with an
operating loss of $58,000 compared to an operating loss of $207,000
a year ago - not including a one-time charge in last year's first
quarter. Operating activities generated cash - also a key objective
- of $131,000 during the quarter. We continue to explore
opportunities to restructure the company's debt financing."
Harmony Brook, Inc. develops, manufactures, markets and operates
equipment which processes ordinary tap water into high quality
drinking water at the point of sale. The company's principal
product line consists of the Harmony Brook(R) Premium Drinking Water
System, a self- serve purification and dispensing system for use in
supermarkets and other retail stores. In addition, the company
develops, manufactures and markets a line of reusable plastic
containers for sale with its dispensing systems and to other
HARMONY BROOK, INC.
FINANCIAL SUMMARY INFORMATION
First Quarter Ended March 31
Total revenues $1,882,000 $1,562,000
Gross profit 1,003,000 807,000
Operating loss (58,000) (330,000) ....
Net loss (226,000) (456,000) ....
Net loss per share ($.03) ($.09) ....
Number of shares used
to compute per share amounts 7,791,000 4,799,000
CONTACT: James C. Hawley, President and Chief Executive Officer of
Harmony Brook, 612-681-9000