DENVER, CO -- July 1, 1996 -- Tommyknocker Casino Corp.
(TKCC), a wholly owned subsidiary of New Allied Development Corp.
(NADC), whose bulletin board identification is NEAL, received a
payment of $988,390.52 from Country World Casinos Inc. (CWCI).
The payment represents the undisputed portion of the amount due
to satisfy the note and deed of trust on the Casino property in
Black Hawk, Colo., sold by TKCC to CWCI in 1993.
The payment was made in connection with CWCI's closing on May
31, 1996 of a $5 million financing package previously announced by
CWCI.
A hearing to resolve the disputed portion of the amount due has
been scheduled for July 25, 1996. TKCC claims an additional
$1,758,722.97 as the amount due as of June 27, 1996 plus interest at
the rate of 18% per annum until paid. CWCI has segregated funds
from the financing to pay the disputed amount.
These events transpired pursuant to a March 12, 1996 order of
the Bankrupty Court in CWCI's bankruptcy proceeding under Chapter
11. The order authorized CWCI to obtain a financing package of $5
million secured by a first deed of trust on the casino property.
The proceeds from the financing are to be used to pay TKCC's lien
and all other liens in full as well as unsecured creditors of CWCI.
Country World Casinos seeks to construct a casino for limited-
stakes gambling in Black Hawk, Colo.
New Allied Development Corp., headquartered in Denver, has one
subsidiary, Tommyknocker Casino Corp.
CONTACT: New Allied Development Corp., Denver
Erica J. Hull, 303/778-8125 -
fax: 303/670-9390
NEW YORK -- July 1, 1996 -- Rockefeller Center
Properties, Inc. (RCPI) announced today that it has agreed with the
Goldman Sachs - led Investor Group to extend the outside date for
the closing of the $8 per share merger approved by RCPI's
stockholders in March from June 30, to July 19, 1996. As part of
the extension agreement, Goldman Sachs Mortgage Company has agreed
to make an additional $2.35 million loan to RCPI to cover its cash
needs in July. RCPI has been informed by the Investor Group that it
expects that the Merger will be consummated by July 12.
As part of the extension agreement RCPI and the Goldman Sachs
- led Investor Group agreed that if the merger is not concluded by
July 12, 1996 the merger consideration payable to stockholders of
RCPI will be increased by $1.7 million divided by the number of
shares of common stock outstanding rounded to the nearest $0.01 per
holder.
RCPI is a mortgage real estate investment trust whose principal
asset is a $1.3 billion participating convertible mortgage loan to
the owners of Rockefeller Center (collectively, "the Borrower").
The Borrower is 100% controlled by Rockefeller Group, Inc. (RGI).
Mitsubishi Estate Company, Ltd. controls an 80% equity interest in
RGI and Rockefeller Family Interests hold the remaining 20%. On May
11, 1995, the Borrower commenced cases under Chapter 11 of the
federal bankruptcy law in the United States Bankruptcy Court for the
Southern District of New York. RCPI is listed on the New York Stock
Exchange as "RCP". As of June 28, 1996, there were 38,260,704
shares of common stock outstanding.
CONTACT: Bozell Sawyer Miller Group
Gary Holmes - 212/484-7736
BOCA RATON, Fla. -- July 1, 1996 -- Levitz
Furniture Inc. (NYSE:LFI) Monday reported sales and net income for
the fiscal year ended March 31, 1996.
Net sales for the fourth quarter were $223.4 million compared to
$245.1 for the quarter last year. Net loss amounted to $7,895,000
or $.26 a share as compared to a net loss of $5,049,000 or $.17 per
share for the fourth quarter last fiscal year.
For the fiscal year, net sales amounted to $986.6 million, a
decrease of 5.8% from $1,047.2 million for the prior fiscal year.
Net loss amounted to $23,753,000 or $.80 a share. For the prior
year, net income amounted to $2,386,000 or $.08 a share. Operating
income for the fiscal year amounted to $16.4 million as compared to
$54.1 million the prior year.
During fiscal 1996, Levitz recorded restructuring charges
totalling $9,000,000. The restructuring plan included the
elimination of six regional/divisional offices and centralized all
buying, inventory management and advertising in Levitz' home office
in Boca Raton, Florida. The restructuring increased net loss by
$5.8 million or $0.20 per share in fiscal 1996.
Michael Bozic, Chairman and Chief Executive Officer, stated:
"Fiscal '96 was the toughest year in the company's history. We are
making progress on multiple fronts to invigorate the company's
marketing and merchandising while simultaneously reducing our cost
structure. Obviously, our entire organization looks forward to an
improved 1997."
Levitz is the largest specialty retailer of furniture in the
United States, with a chain of 68 warehouse-showrooms and 66
satellite stores located in major metropolitan areas in 26 states.
LEVITZ FURNITURE INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands except share data)
Three months ended Twelve months ended
March 31, March 31,
1996 1995 1996 1995
Net sales 223,380 245,124 986,622 1,047,226
Cost and Expenses
Cost of sales 122,785 129,548 534,953 555,860
SG&A 90,209 103,691 397,041 408,746
Restructuring exp. 0 0 9,000 0
Depr. & amort. 7,188 7,324 29,272 28,484
------- ------- ------- -------
220,182 240,563 970,266 993,090
Operating income 3,198 4,561 16,356 54,136
Int. expense, net 15,100 12,522 53,035 47,797
------- ------- ------- -------
Inc.(loss) before inc.
taxes (11,902) (7,961) (36,679) 6,339
Inc. tax exp.
(benefit) (4,007) (2,912) (12,926) 2,387
------- ------- ------- -------
Net inc.(loss)
before extraordinary
items (7,895) (5,049) (23,753) 3,952
Extraordinary items,
net of tax benefit
of $983 0 0 0 (1,566)
------- ------- ------- -------
Net income (loss) (7,895) (5,049) (23,753) 2,386
Earnings(loss) per
common share:
Inc.(loss) before
extraordinary items (0.26) (0.17) (0.80) 0.13
Extraordinary item 0 0 0 (0.05)
------- ------- ------- -------
Net inc.(loss) per
common share (0.26) (0.17) (0.80) 0.08
Weighted avg. number of
common shares
outstanding 29,664,791 29,620,628 29,664,791 29,620,628
SARASOTA, Fla., July 1, 1996 -- Elcotel, Inc. (Nasdaq: ECTL),
a company that develops, manufactures and markets smart payphone
products and software for both domestic and international telephone
networks, announced today that it would not be filing its Annual Report
on Form 10-KSB for the fiscal year ended March 31, 1996, by its due date
of July 1, 1996 because of the inability to complete its financial
statements.
As previously reported, on August 3, 1995, one of the Company's
customers, Amtel Communications, Inc., and four related entities filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy Code.
On the date of the bankruptcy filing, Amtel owed the Company
approximately $3.2 million. Amtel is in the process of preparing a new
plan of reorganization which would cover the proposed treatment of the
Company's claims against Amtel. Because the Company does not yet know
the proposed treatment of its claims under such a plan (although it does
expect that such proposed treatment will result in a reduction of the
receivable from Amtel), the Company was unable to complete its financial
statements on a timely basis. The Company believes that it will be able
to evaluate the proposed treatment of its claims under such
reorganization plan and complete its financial statements in time to
file its Form 10-KSB by July 16, 1996.
CONTACT: Tracey L. Gray, President and COO of Elcotel, Inc.,
941-758-0389; or Tom Ennis of Cameron Associates, 212-644-9560