SANTA ANA, Calif. -- Aug. 5, 1996 -- AmeriQuest
Technologies, Inc. (NYSE:AQS) announced improved financial results
for the third quarter ended June 30, 1996.
Net loss for the quarter was $8,472,000, compared to a net loss
of $58,123,000 reported for the same period in 1995. Loss per share
for the quarter was $0.14, compared to a net loss of $2.85 per share
for the same period in 1995, and includes a $2,700,000 charge for
the relocation of the corporate headquarters.
Year-to-date results also showed marked improvement. While year-
to-date revenues decreased to $320,953,000, compared to $367,095,000
in the same period last year, this year's net loss of $22,440,000
for the nine-month period ending June 30, 1996, was about one-third
of the $66,453,000 loss for the same period in 1995. That
translates to a $0.59 loss per share versus a $3.28 loss per share
for the first three quarters of fiscal year 1995.
The current year-to-date loss includes a non-recurring charge of
$3,700,000 relating to the sublease of a significant property, and
$2,700,000 relating to restructuring costs associated with the
headquarters move.
While the Company expects continuing losses, senior management
expects them to substantially diminish during the next fiscal year.
"AmeriQuest has taken the difficult steps needed to put us on
the road toward profitability," says AmeriQuest Chairman and Chief
Executive Officer Steve DeWindt, "and the continued financial
support and know-how of our majority investor, Computer 2000, will
definitely help us complete our journey."
Also, in a recent press conference, Computer 2000's parent
holding Company, VIAG, pledged its continued support and commitment
to the strengthening of AmeriQuest.
Substantially Reduced Operating Expenses
While third quarter revenue was flat at $110,983,000, compared
to $110,907,000 in the same quarter last year, the Company reduced
operating expenses from $51,913,000 to $14,013,000. Overall
operating expenses during the same period last year included a
$23,777,000 write-off of intangibles which did not recur this year.
Selling, general and administrative expenses also fell 59 percent
from $28,136,000 in the third quarter of 1995 to $11,313,000.
AmeriQuest Names Michael Dressen President
The AmeriQuest board named Michael Dressen as president of
AmeriQuest. Dressen brings more than nine years of experience at
Computer 2000, most recently as a managing director of Computer
2000's Italian subsidiary where he was directly responsible for
returning that Company to profitability.
Prior to his tenure in Italy, Dressen held a number of senior
posts within Computer 2000, Germany. Dressen now fills a position
that has been vacant since May, when Mark Mulford's contract ended
as President/COO of AmeriQuest. Harry Krischik, co-chairman of
AmeriQuest and co-president of Computer 2000 AG, stated that the
appointment of Michael Dressen "underscores Computer 2000's
commitment to AmeriQuest to provide experience and knowledge gained
in other countries around the world."
Headquarters Move to Florida
The Company also announced plans to streamline and consolidate
operations aimed at restoring the firm to profitability. It is
planned that by October 7, 1996, AmeriQuest will move the Southern
California headquarters to existing facilities in the greater Miami,
Florida area. The move and the elimination of redundant operations,
facilities and personnel is expected to reduce operating expenses
significantly beginning in early 1997.
"By bringing our operations together in one location, we will
not only reduce operational expenses, but should be able to improve
communication, service and support to both customers and vendors,
and eliminate the redundancies we have today," said DeWindt.
AmeriQuest will move purchasing, marketing and administration
together with their extensive sales and customer service
organization already stationed in Florida. The consolidation is
expected to significantly improve synergy between departments.
AmeriQuest's Advanced Systems Group will remain in its current
location in Horsham, Pennsylvania. Also, CMS Enhancements, Inc.,
the AmeriQuest mass storage manufacturing subsidiary, will remain
located at its manufacturing and distribution facilities in Anaheim,
California.
Adds Two New Board Members
In a recent board meeting Manfred Guenzel, co-president of
Computer 2000 AG, and Richard Iverson, past President of the
American Electronics Association, joined the seven member AmeriQuest
board of directors, filling recently vacated positions.
This news release contains forward-looking statements, including
statements as to the expectation of reducing future losses and the
possibility of achieving future profitability. These statements
involve a number of risks and uncertainties.
Among other factors that could cause actual results to differ
materially are general economic and business conditions, the
possibility that the anticipated cost reductions will not
materialize or will adversely affect revenue and profitability, the
rate of growth in the computer industry, competitive factors and
pricing pressures, changes in product mix, inventory risks due to
shifts in market demand, the effect of continued losses on the
Company's supplier and customer relationships and the Company's
needs for additional capital.
AmeriQuest
AmeriQuest Technologies, Inc. is a distributor of advanced
technology solutions including computer systems, peripherals,
networking products and accessories. AmeriQuest offers products
from the best names in computer hardware to its customer base of
value-added resellers throughout the United States and Latin
America. AmeriQuest's headquarters are located in Santa Ana, Calif.
with regional offices in Hollywood, Fla.; Miami, Fla.; and Horsham,
Pa.
The Company distributes products nationwide through its six
warehouses in Visalia, California; Dallas; Chicago; Philadelphia;
Atlanta and Miami. In addition, AmeriQuest distributes products
throughout Latin America via an export operation located in Miami
and Computer 2000 subsidiaries located in several Latin American
countries.
Majority share in the publicly traded Company is owned by
Munich, Germany-based Computer 2000 Group, the largest distributor
of computer products in Europe and the third largest world-wide.
Computer 2000
AmeriQuest's majority investor is Computer 2000 AG of Munich,
Germany, which was founded in 1983. In the fiscal year 1994/95
(September 30), the Computer 2000 Group, with over 40 subsidiaries
in more than 30 countries in Europe, USA, Latin America, Asia and
the Middle East, reached a sales volume of almost DM 5 billion.
This makes Computer 2000 the leading European wholesale and service
Company for PC products and solutions and one of the three largest
world-wide.
SELECTED INCOME STATEMENT DATA
(Dollars in thousands)
Three Months Ended Nine Months Ended
June 30, June 30,
1996 1995 1996 1995
Net Sales $110,983 $110,907 $320,953
$367,095
Net inc./
(loss) ($8,472) ($58,123) ($22,440)(a)
($66,453)
Earnings/
(loss) per share ($0.14) ($2.85) ($0.59)
($3.28)
Avg. no. of shares 60,332,570 20,360,478 38,006,160
20,248,193
(a): includes non-recurring charge of $2.7 million in the three
months ended June 30, 1996, for moving headquarters to Florida
and a $3.7 million charge relating to the sublease of a
significant property in the nine months ended June 30, 1996.
CONTACT: AmeriQuest
Peter Quill, 714/445-5119 (Press contact)
Peter S.H. Grubstein, 714/445-5009 (Financial contact)
or
Shafer Public Relations
Linda Waters, 800/503-1177 (PST)
DENVER, CO -- Aug. 5, 1996 -- PRESIDIO OIL COMPANY
(PRS/A) today announced that it had signed a definitive agreement to
be acquired by Tom Brown, Inc. for $183 million (consisting of
approximately $101 million of cash and 5 million shares of Tom Brown
Common Stock), plus the assumption of certain liabilities.
In as much as such consideration is not sufficient to pay the
full amount of all of Presidio's indebtedness, the transaction will
be consummated through a Chapter 11 bankruptcy proceeding, which was
filed today. The transaction is anticipated to close in the fourth
quarter of 1996.
Presidio is an independent oil and gas company engaged in
onshore oil and gas exploration, development and production in the
continental United States.
For further information contact Investor Relations at 212/593-2244.
CONTACT: Presidio Oil Co., Denver
Investor Relations, 212/593-2244
FAIRVIEW HEIGHTS, Ill., -- Aug. 5, 1996 -- Zeigler Coal
Holding Company (NYSE: ZEI) and NRG Energy, Inc., the non-regulated
affiliate of Minneapolis-based Northern States Power Company (NYSE:
NSP), today reported that their affiliate (Louisiana Generating LLC)
has amended its agreement with the bankruptcy trustee to purchase
the non-nuclear assets of Cajun Electric Power Cooperative, Inc. of
Baton Rouge, Louisiana.
According to a statement by the NRG/Zeigler team, "Our revised
agreement with the trustee resolves concerns that could have
prevented our participation in the plan confirmation process. We
are pleased that the trustee continues to believe that the
Zeigler/NRG proposal represents the best overall option, and look
forward to advancing our plan."
The Zeigler family of companies is among the largest coal
producers and marketers in the United States, and controls more than
1.3 billion tons of economically recoverable coal reserves,
including 1 billion tons of low sulfur coal. The Zeigler family of
companies currently operates underground and surface coal mining
complexes in Illinois, Kentucky, Ohio, West Virginia and Wyoming.
In addition, the company owns and operates two East Coast
transloading terminals, a land company and a clean coal technology
corporation.
CONTACT: Vic Svec of Zeigler Coal Holding Company, 618-394-
2430; or Mike O'Sullivan of NRG Energy, Inc., 612-373-5408/