TCR_Public/960613.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For:  June 13, 1996



  1. Oakhurst announces results of operations
  2. BONNEVILLE PACIFIC CORPORATION ANNOUNCES SETTLEMENT
  3. KEENE CORPORATION PLAN OF REORGANIZATION CONFIRMED





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Oakhurst announces results of operations


        


GRAND PRAIRIE, Texas -- June 13, 1996 -- Oakhurst
        Company (NASDAQ: OAKC) today announced results of operations for the
        fourth quarter and fiscal year ended February 29, 1996.  
        


            There was a fourth quarter loss from continuing operations of
        $958,000 on revenues of $9.2 million, compared with a loss from
        continuing operations of $257,000 on revenues of $12.1 million in
        the prior fourth quarter.  
        


            For the year, there was a loss from continuing operations of
        $4.0 million on revenues of $47.3 million, compared with a profit of
        $819,000 on revenues of $43.1 million in fiscal 1995.  Of the
        current year loss, a net income tax charge of $2.0 million reflects
        management's re-evaluation of tax loss carryforwards, and $439,000
        is attributable to goodwill amortization related to acquisitions
        made in 1994.  
        


            Although revenues increased by $4.2 million, this was due to the
        effect of including Dowling's Fleet Service and Puma Products for
        all of the current year; these companies were acquired in 1994 and
        their results were included for only part of the prior fiscal year.
        However, on a comparative basis, both of these companies suffered
        lower sales in fiscal 1996 than in their prior year.  The Company's
        existing businesses also reported lower revenues.  Steel City
        Products lost its two largest customers in the second half of the
        fiscal year, contributing to a sales decrease of $2.7 million and
        Harry Survis AutoCenters reported a 15% revenue decline.  
        


            Commenting on the results, Mark Auerbach, Oakhurst's Chairman
        and CEO, noted that significant strides had been accomplished in
        addressing the Company's operating problems.  
        


            Auerbach said: "Although the loss of its two largest customers
        caused a $1.2 million decrease in its operating profits in fiscal
        1996, in the fourth quarter Steel City achieved a significant
        decrease in expenses (including personnel reductions and salary
        cuts) so that, before bad debt expense of about $150,000, its
        operating loss for the quarter was lower than in the fourth quarter
        last year.
        


            "In the first quarter of fiscal 1997 Steel City continued to
        suffer from the loss of these two customers, but achieved an
        increase of about 20% in sales to other customers, mainly by adding
        three large customers since last year.  Also in the first quarter,
        Steel City established its pet products division; first shipments
        are not expected to take place until the second quarter, but initial
        customer reaction has been favorable."  
        


            Auerbach continued: "Following a very difficult fiscal 1996,
        when it reported an operating loss compared with a profit in the
        prior year, Dowling's sales have shown strong improvement in the
        first quarter of fiscal 1997.  Its Bridgeport, CT facility reported
        a 145% sales increase reflecting the successful defense of this
        market against aggressive competition last year; the new competitor
        has since exited the market.  Other facilities reported a 25% sales
        increase due to stronger demand and a larger market share, and a new
        Philadelphia warehouse was opened in March.  The Company also
        settled, on favorable terms, an arbitration proceeding related to
        the acquisition of Dowling's in fiscal 1996.  
        


            "Puma also incurred an operating loss in fiscal 1996 compared
        with a profit in the prior year.  In the first quarter of fiscal
        1997 it added van wood kits to the existing light truck line, and
        has seen some improvement in the demand from converters.  Sales of
        non-wood accessories continued to increase."  
        


            Auerbach said that, based on preliminary data, management
        expects a much smaller consolidated net loss in the first quarter
        than in the fourth quarter of last year, but because last year's
        first quarter included sales of more than $3 million to the two
        Steel City customers since lost, the first quarter loss is expected
        to be somewhat larger than last year.  
        


            To support its restructuring efforts and ensure sufficient
        working capital for future growth, the Company closed on a new
        revolving credit facility and a new term loan facility in March,
        1996, providing for a substantial increase in working capital
        availability, and the terms of certain other debt were extended.


        
         OAKHURST COMPANY, INC. & SUBSIDIARIES
   CONDENSED CONSOLIDATED RESULTS OF OPERATIONS

        (dollar amounts in thousands, except per share data)
        
                        Three months Thirteen weeks      
                             Ended      Ended         Fiscal year ended
                            Feb. 29,   Feb. 28,      Feb. 29,   Feb. 28,
                              1996       1995          1996       1995
        
        Sales                   $ 9,216   $ 12,053      $ 47,339   $ 43,142
        Income (loss) from
         continuing operations                                      
         before income taxes     (1,037)      (273)       (2,158)     1,442
        Income taxes:
        
         Current tax
          benefit (expense)          79        (91)          115       (155)
         Deferred tax benefit
          (expense)                            107        (2,000)      (468)
                       
        Income (loss) from
         continuing operations     (958)      (257)       (4,043)       819
                                                                                      
        Discontinued operations,
         net                         65         18            65         90
                       
        Net (loss) income        $ (893)    $ (239)     $ (3,978)     $ 909
        
        Per common share amounts:
        
         Income (loss) from
          continuing operations  $(0.30)    $(0.08)      $ (1.27)    $ 0.27
         Income from discontinued
          operations               0.02                     0.02       0.03
         Net (loss) income      $ (0.28)   $ (0.08)      $ (1.25)    $ 0.30
                                                                                      
        Weighted average number
         of shares outstanding used
         in computing per share
         amounts              3,195,235  3,182,734     3,194,021  3,076,801
        

CONTACT: Oakhurst Co.
                 Mark Auerbach, (214) 660-4499


BONNEVILLE PACIFIC CORPORATION ANNOUNCES SETTLEMENT


        


            SALT LAKE CITY, June 13, 1996  - Bonneville Pacific
        Corporation
, through its Chapter 11 Bankruptcy Trustee (Roger G.
        Segal), announces today that a settlement has been reached with
        Raymond L. Hixson, who at various times, was Bonneville Pacific
        Corporation's Chief Executive Officer, Director and Chairman of the
        Board.
        


            The settlement provides for payment by Mr. Hixson to Bonneville
        Pacific Corporation of the total sum of One Million and no/100
        dollars ($1,000,000.00) plus other considerations.  Mr. Hixson has
        also agreed to meet with the Trustee and his counsel in order to
        disclose his knowledge about all matters related to Bonneville
        Pacific Corporation.
        


            The settlement is conditioned upon approval by the United States
        Bankruptcy Court (the Honorable John H. Allen).
        


CONTACT:  Roger G. Segal, Trustee, of Cohne, Rappaport & Segal,
        801-532-2666



KEENE CORPORATION PLAN OF REORGANIZATION CONFIRMED


        
            NEW YORK, June 13, 1996  - Keene Corporation (OTC Bulletin
        Board: KEENQ) announced that its plan of reorganization has been
        confirmed.  The confirmation order was signed on June 12, 1996, by
        United States Bankruptcy Judge Stuart M. Bernstein and United States
        District Court Judge Michael B. Mukasey of the Southern District of
        New York.
        


            Under the terms of the plan of reorganization, Reinhold
        Industries, Inc., Keene's composites manufacturing subsidiary, will
        be merged into Keene to form New Reinhold.  New Reinhold will emerge
        from Chapter 11 as the reorganized entity.  In addition, a
        Creditors' Trust will be formed as the vehicle exclusively
        responsible for the resolution of all present and future asbestos-
        related personal injury and property damage claims asserted against
        Keene.  Fifty-one percent (51%) of the equity of New Reinhold and
        substantially all of Keene's remaining assets will be distributed to
        the Creditor's Trust.  Forty-nine percent (49%) of the equity of New
        Reinhold will be distributed to Keene's shareholders of record as of
        the close of business on June 30, 1996.  New Reinhold will have the
        benefit of a permanent channeling injunction to protect it from all
        of Keene's asbestos-related personal injury and property damage
        claims.
        


            Keene's plan of reorganization is expected to go effective
        within 60 days.  The resolution of Keene's asbestos-related Chapter
        11 case was accomplished in the shortest amount of time and with the
        largest recovery to existing equity of any asbestos-related
        bankruptcy case to date.  In addition, Keene's case is the first
        Chapter 11 case in the country to meet the requirements of the 1994
        amendment to the Bankruptcy Code so as to gain the benefits of the
        protection of a permanent channeling injunction with respect to
        present and future asbestos-related liabilities.
        


CONTACT:  Janice B. Grubin, Esq., or Edward S. Weisfelner, Esq., of
        Berlack, Israels & Liberman LLP, 212-704-0100