ELMSFORD, N.Y. -- June 7, 1996 -- V Band Corp.
(Nasdaq/NML:VBAN) reported sales for the second quarter of fiscal
1996, ended April 30, 1996, of $7,205,000 were slightly lower than
the $7,293,000 reported in the second quarter of 1995.
For the six months ended April 30, 1996, sales of $15,755,000
were $2,162,000, or 16 percent higher than the $13,593,000 reported
for the same period of 1995. This increase in sales was
attributable primarily to an increase in sales of the company's
eXchange Phone, Power Deck and DXi products.
Equipment sales of $5,835,000, in the second quarter of 1996,
represent a $153,000 decrease, or 3 percent from the equipment sales
of $5,988,000 in second quarter of 1995. For the six months ended
April 30, 1995, equipment sales of $13,147,000 were $2,256,000, or
21 percent higher than the $10,891,000 reported for the same period
of 1995. Sales from the company's service business were $1,370,000
for the second quarter of 1996, an increase of 5 percent, compared
to $1,305,000 for the second quarter of 1995. Service sales for the
six months ended April 30, 1996, of $2,608,000 were $94,000, or 3
percent, lower than the $2,702,000 reported in 1995.
The net loss reported for the second quarter ended April 30,
1996, was $344,000, or 6 cents per share as compared to a net loss
of $1,272,000, or 24 cents per share, for the second quarter of
1995. The net loss reported for the six months ended April 30,
1996, was $276,000, or 5 cents per share, as compared to a net loss
of $3,622,000, or 68 cents per share, for the same period in 1995.
The improvement in operating results for the three and six
months ended April 30, 1996, as compared to the same periods for
fiscal 1995 were primarily attributable to improved gross margins
and reduced operating expenses as a result of the company-wide
restructuring initiative undertaken in fiscal 1995, which included
out-sourcing of the company's manufacturing process and the
reorganization of the company's management.
V Band is a leading supplier of instant access voice
communication systems. These systems include sophisticated
communications workstations, switching equipment, peripheral
products, project management, technical services and WAN solutions.
V Band products and services are used worldwide by financial
services organizations for the trading of stocks, bonds and other
financial instruments. Other industries served include the mission
critical communication requirements of the electric power industry
and emergency services providers.
V BAND CORP.
(in thousands, except per share data)
Three months ended April 30,
Equipment $ 5,835 $ 5,988
Service 1,370 1,305
Total Sales $ 7,205 $ 7,293
Net income (loss) $ (344) $ (1,272)
Average shares outstanding 5,328 5,323
Net income (loss) per share $ (.06) $ (.24)
Six months ended April 30,
Equipment $ 13,147 $ 10,891
Service 2,608 2,702
Total Sales $ 15,755 $ 13,593
Net income (loss) $ (276) $ (3,622)
Average shares outstanding 5,328 5,322
Net income (loss) per share $ (.05) $ (.68)
LONDON and ISELIN, N.J. -- June 6, 1996 -- U.S.
Industries, Inc. (NYSE-USI) announced today that an affiliate of its
Ames garden tool company has signed an agreement to purchase the
ladder operations of Keller Industries, Inc. for $37.3 million in
cash plus the assumption of certain liabilities.
Keller, a privately-held company based in Fort Lauderdale,
Florida, is the second largest manufacturer and marketer of ladders
in the United States. Keller's ladder revenues for its fiscal year
ended July 31, 1995, totaled approximately $71 million with
operating income of $7.5 million. The Company anticipates that
substantially all of the purchase price will be accounted for as
goodwill. The United States Bankruptcy Court for the District of
Delaware, under whose supervision Keller Industries, Inc. has been
operating in Chapter 11 since April 2, 1996, approved the
transaction today. Closing is subject to certain governmental
approvals but is expected to occur within about thirty days.
David H. Clarke, Chairman and Chief Executive Officer of U.S.
Industries, said, "We are delighted to see Ames make this purchase
which is part of our overall strategy to grow our core businesses by
strategic acquisitions. As the acquisition will be completed late
in our fiscal year, we expect it to only be marginally accretive
this year but expect a more positive impact in 1997."
Rick E. Keup, President and Chief Executive Officer of Ames,
stated, "We are excited at the prospect of owning the second largest
ladder manufacturer in the U.S. Keller has high brand name
recognition, a strong reputation for product excellence and channels
of distribution similar to Ames. We look forward to working with
current management of Keller to strengthen their position in the
home improvement marketplace."
Keller Industries, founded in 1951, designs, manufactures and
assembles ladders at its facilities in Swainsboro, Georgia, Merced,
California, and Milford, Virginia. Its products include
residential, commercial and specialty ladders.
Ames, a subsidiary of U.S. Industries, is the leading
manufacturer in the United States of spring and winter tools,
including shovels, long handled tools, wheelbarrows, spreaders and
other hand tools.
U.S. Industries is a diversified industrial management
corporation. Its companies include such well known businesses as
Jacuzzi, Ames garden tools, Ertl toys, Rexair vacuum cleaners,
Lighting Corporation of America, EJ Footwear, Garden State Tanning
and Tommy Armour Golf.
CONTACT: U.S. Industries, Iselin
Diana Burton, 908/767-2255
NEW YORK -- June 7, 1996 -- Chic By H.I.S. Inc.
(NYSE:JNS) today reported that net income for the second quarter
ended May 4, 1996, was $675,000 or 7 cents per share.
Net income for the second quarter last year was $2,375,000 or 24
cents per share.
As previously announced, the company took a non-cash
restructuring charge of $15 million primarily attributable to the
continuing downturn in the retail market. This charge includes the
closing of certain manufacturing facilities and an accompanying
reduction in the work force. The company believes that these
actions will result in cost savings to the company in excess of $3.6
million over the next 12 months.
CHIC BY H.I.S. INC.
Quarter Ended May 4
Net sales $84,344,000 $107,405,000
Gross profit 18,530,000 21,107,000
Licensing income 1,279,000 1,322,000
Sell., gen. & admin. expenses 16,379,000 17,059,000
Operating income 3,430,000 5,370,000
Interest expense 1,618,000 1,539,000
Pretax income 1,812,000 3,831,000
Taxes 1,137,000 1,456,000
Net income 675,000 2,375,000
Outstanding shares 9,753,868 9,753,868
E.P.S. - net income $0.07 $0.24
26 Weeks Ended May 4
Net sales $155,173,000 $183,711,000
Gross profit 34,703,000 37,990,000
Licensing income 2,898,000 2,524,000
Sell., gen. & admin. expenses 29,794,000 31,567,000
Restructure charge 15,000,000 --
Operating income (loss) (7,193,000) 8,947,000
Interest expense 3,481,000 2,587,000
Pretax income (loss) (10,674,000) 6,360,000
Taxes 2,423,000 2,561,000
Net income (loss) (13,097,000) 3,799,000
Outstanding shares 9,753,868 9,753,868
E.P.S. - before restructuring
charge $0.20 $0.39
E.P.S. - net income (loss) ($1.34) $0.39