NEW CANAAN, Conn. -- Aug. 28, 1996 -- Century
Communications announced results of the quarter and year ended May
31, 1996 today.
Total revenues for the fourth quarter of fiscal 1996 were
$135,554,000, an increase of 24.5 percent over the $108,866,000 in
the comparable fiscal 1995 quarter.
Operating income before depreciation and amortization (excluding
the effect of a prior year restructuring charge and the impact of
its Australian Pay TV Investments) was equal to 53.3 percent of
revenues or $66,866,000, an increase of $12,542,000 or 23.1 percent
above the $54,324,000 of the fourth quarter of fiscal 1995. The
loss for the quarter was $35,429,000 (49 cents) per share compared
to a loss of $30,993,000 (42 cents) per share for the corresponding
1995 fiscal quarter.
During the fourth quarter of fiscal 1996 revenue from Century's
cable television operations increased to $95,871,000 or 13.6 percent
above the $84,411,000 in the fourth quarter of fiscal 1995.
Operating income before depreciation and amortization in Century's
cable television operations grew to $52,002,000 or 23.4 percent
above the fourth quarter of fiscal 1995.
Total revenues for the year ended May 31, 1996 were
$495,274,000, an increase of $78,587,000 or 18.9 percent over the
year ended May 31, 1995. Operating income before the company's 1995
restructuring charge, depreciation and amortization and the impact
of Century's investments in the Australian Pay TV Business was equal
to 52.5 percent of revenues or $252,521,000, an increase of
$49,888,000 or 24.6 percent above the $202,633,000 reported in the
prior fiscal year. The net loss for the year was $102,117,000
($1.44) per share comparable to a net loss of $82,625,000 ($1.01)
per share for the year ended May 31, 1995.
Century's cable television operations produced revenue of
$368,506,000 an increase of 11.2 percent over fiscal 1995.
Operating income before depreciation and amortization of
$200,641,000 was generated by its cable television operations, an
increase of 24.3 percent over fiscal 1995.
Century owns and operates 70 cable television systems in 25
states and Puerto Rico serving in excess of 1,250,000 basic
subscribers and owns and operates 4 radio stations. Century,
through its 31.8 percent owned subsidiary Centennial Cellular Corp.
(Nasdaq: CYCL), owns, operates and invests in cellular telephone
systems throughout the United States. Centennial's current wireless
telephone interests represent approximately 10 million net pops.
Approximately 5.3 million of this population is represented by
interests in cellular systems the company owns (either 100 percent
or a controlling interest) and manages, serving primarily three
geographic areas.
Approximately 1.1 million of the population represents minority
investments in limited partnerships owning cellular telephone
systems which primarily serve the Sacramento Valley and San
Francisco Bay areas in California. The company was recently the
winning bidder for one of MTA licenses to provide Personal
Communications Services "PCS" service in the commonwealth of Puerto
Rico and the U.S. Virgin Islands, representing approximately 3.6
million pops.
CENTURY COMMUNICATIONS CORPORATION
FYE 1995 FYE 1996
3 Months 3 Months
Ended Ended
5/31/95 5/31/96 % Change
Revenues $108,866,000 $135,554,000
24.5
Operating income before
restructuring charge,
depreciation and amortization
and Australian operations 54,324,000 66,866,000
23.1
Operating loss of Australian
operations --- (13,739,000)
---
Operating income 1,562,000 1,417,000
9.3
Tax benefit 4,212,000 12,244,000
190.7
Net loss (30,993,000) (35,429,000)
14.3
Net loss per share (.42) (.49)
Average number of shares
outstanding 76,317,000 73,925,000
CENTURY COMMUNICATIONS CORPORATION
1995 1996
Year Year
Ended Ended
5/31/95 5/31/96 % Change
Revenues $416,687,000 $495,274,000
18.9
Operating income before
restructuring charge,
depreciation and amortization
and Australian operations 202,633,000 252,521,000
24.6
Operating loss of Australian
operations --- (30,848,000)
---
Operating income 26,702,000 26,248,000
1.7
Tax benefits 8,061,000 34,326,000
325.8
Net loss (82,625,000) (102,117,000)
23.6
Net loss per share (1.01) (1.44)
Average number of shares
outstanding 73,748,000 86,277,000
CONTACT: Century Communications Corp., New Canaan
Bernard P. Gallagher or Scott N. Schneider
203/972-2000
or
W.M. Kraus, 608/258-1511
PRINCETON, N.J. -- Aug. 28, 1996 -- Bankruptcy Creditors'
Service, Inc., today announced publication of FOXMEYER BANKRUPTCY
NEWS. This new bankruptcy newsletter follows yesterday's
announcement by FoxMeyer Corporation and its affiliates that it has
commenced a reorganization under chapter 11 of the United States
Bankruptcy Code.
"Another billion-dollar debtor bites the dust," said Peter A.
Chapman, President of Bankruptcy Creditors' Service, Inc., and
Editor of FOXMEYER BANKRUPTCY NEWS, "and we're here to chronicle all
of the juicy details.
"FOXMEYER BANKRUPTCY NEWS - like our other case-specific
bankruptcy newsletters - will provide on-going, in-depth news and
reporting about the chapter 11 reorganization undertaken by
FoxMeyer."
Chapman explains that attorneys, large creditors, and investors
involved in chapter 11 bankruptcy cases the size of FoxMeyer's case
find BCSI's case- specific newsletters to be an invaluable resource
to help wade through the mountains of paper that are filed with the
Bankruptcy Court and long hours of court hearings.
Today's first issue of FOXMEYER BANKRUPTCY NEWS includes:
FOXMEYER BANKRUPTCY NEWS is distributed on a subscription basis
by e-mail or fax for $45 per issue. Delivery is free by e-mail;
nominal fax charges apply. New issues are published as significant
activity occurs (generally every 10 to 20 days) in the FoxMeyer
cases.
Chapman stated that one copy of today's first issue of FOXMEYER
BANKRUPTCY NEWS is available at no charge upon request. Chapman
further advised that individuals with access to the Internet can
obtain copies of the first issue of FOXMEYER BANKRUPTCY NEWS at
href="chap11.foxmeyer.f001.html">http://bankrupt.com/chap11.foxmeyer.f001.html
CONTACT: Peter A. Chapman, of Bankruptcy Creditors' Service, Inc.,
609-924-8949, or telecopier, 609-924-8963, or e-mail: href="mailto:peter@bankrupt.com">peter@bankrupt.com
DALLAS, TX -- Aug. 28, 1996 -- NeoStar Retail Group,
Inc. (NASDAQ: NEOS), the nation's leading chain of consumer software
specialty stores, today announced an 18 percent decrease in sales to
$75,188,000 for the second quarter ended Aug. 3, 1996, compared with
$91,957,000 for the same quarter last year.
Net loss for the quarter was $21,503,000, or $1.44 per share,
compared to net loss of $5,668,000 or $.38 per share, for the same
quarter last year. Results for this year's quarter were affected by
one- time charges of $5.3 million related to a major organizational
restructuring in May and a sale of assets in July. The quarter also
included a valuation allowance of $4.5 million related to net
operating loss carryforwards. Last year's quarter included no such
allowance.
For the six months ended Aug. 3, 1996, sales decreased 9 percent
to $173,035,000 from $190,074,000 for the same period last year.
The company reported a net loss of $29,823,000, or $2.00 per share,
compared to a net loss of $9,262,000, or $.63 per share, for the
same period last year.
Same store sales for the quarter declined 25 percent primarily
as a result of a significant drop-off in sales of personal computer
software and related computer supplies and accessories. "We
responded to the unexpectedly weak sales by taking major steps
intended to reduce both expenses and capital requirements," said
James B. McCurry, chairman and chief executive officer. "In May we
consolidated three separate field store organizations, one each for
Babbage's, Software Etc. and leased departments within Barnes &
Noble book superstores into one unified store organization. The
restructuring was carried out under the leadership of Alan C. Bush,
formerly president of the Computer City division of Tandy Corp., who
joined the company in the new position of executive vice president-
Store Operations."
"In July we sold 126 stores operating within Barnes & Noble book
superstores and 10 stores operating within B. Dalton book stores to
Barnes & Noble for approximately $9 million in order to improve our
cash position, reduce our capital requirements and forego the losses
we were incurring from these stores while they were in the early
stages of building their sales. Our new, leaner store management
organization is now testing and implementing new programs to improve
the operating performance of our core group of mall stores focused
on video games and computer software intended for use in the home,"
said McCurry.
The company, which incurred severance and related expenses
associated with the organizational restructuring of $2.6 million,
estimates that the store management consolidation will result in
annual savings of approximately $3 million. The company also
incurred non-cash charges of $2.7 million for certain items of
equipment and other assets which remained in the stores sold to
Barnes & Noble.
"Although the recent sale of stores to Barnes & Noble
represented a positive step toward improving our cash position, we
now believe that we will need additional debt or equity financing to
meet our working capital demands for the remainder of the year,"
said McCurry. The company said that it has retained Price
Waterhouse to help it evaluate various financing proposals.
NeoStar opened 14 stores, closed two stores and transferred 136
stores to Barnes & Noble during the quarter, bringing total stores
in operation at quarter-end to 712, down from 736 stores at the same
time last year. As of Aug. 28, 1996, NeoStar operated 711 company-
owned stores in 49 states, Puerto Rico and Canada. The company's
stores are located primarily in major regional shopping malls.
"THE SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES
LITIGATION ACT OF 1995. This press release contains forward-looking
statements that involve risks and uncertainties, including but not
limited to, projections of future operating results and the
financial condition of the company, obtaining the required financing
mentioned above and other risks detailed from time to time in the
company's Securities and Exchange Commission filings
NEOSTAR RETAIL GROUP INC.
Consolidated Statements of Operations
(unaudited)
(in thousands, except per share amounts)
Three months ended Six months ended
------------------- -------------------
Aug. 3, July 29, Aug. 3, July 29,
1996 1995 1996 1995
-------- -------- -------- --------
Net sales $ 75,188 $ 91,957 $173,035
$190,074
Cost of sales 59,572 67,368 135,048
137,418
-------- -------- -------- --------
Gross profit 15,616 24,589 37,987
52,656
Store operating expenses 32,569 28,627 62,954
57,502
General and administrative
expenses 4,619 4,528 9,134
8,932
Termination costs 2,600 -- 2,600
--
Sale of leased department
assets 2,735 -- 2,735
--
Store closing expense 201 287 401
588
-------- -------- -------- --------
Operating loss (27,108) (8,853) (39,837)
(14,366)
Net interest expense (1,039) (608) (2,060)
(943)
-------- -------- -------- --------
Loss before income taxes (28,147) (9,461) (41,897)
(15,309)
Income tax benefit (6,644) (3,793) (12,074)
(6,047)
-------- -------- -------- --------
Net loss $(21,503) $ (5,668) $(29,823) $
(9,262)
Net loss per share $ (1.44) $ (.38) $ (2.00) $
(.63)
Weighted average shares
outstanding 14,972 14,764 14,947
14,750
NeoStar Retail Group, Inc.
Consolidated Condensed Balance Sheets
(unaudited)
(in thousands)
Aug. 3, July 29,
1996 1995
-------- --------
Cash and cash equivalents $ 536 $ 810
Merchandise inventory 85,187 117,218
Current deferred tax assets,
net of valuation allowance 17,212 11,640
Property and equipment, net 63,416 63,788
All other assets 9,702 11,101
-------- --------
$176,053 $204,557
Note payable to bank $ 23,696 $ 24,400
Current portion of long-term debt 14,000 4,000
Other current liabilities 79,903 84,905
Long-term debt -- 14,000
Deferred credits 4,335 4,326
Stockholders' equity 54,119 72,926
-------- --------
$176,053 $204,557
CINCINNATI, OH -- Aug. 28, 1996 -- href="chap11.epi.html">Eagle-Picher Industries (OTC:
EPIHQ.U) announced that a Third Amended Consolidated Plan of
Reorganization (the Plan) and the accompanying proposed Disclosure
Statement were filed today with the U.S. Bankruptcy Court in
Cincinnati. The Bankruptcy Court entered an order approving the
Disclosure Statement. Pursuant to such order, voting on the Plan by
the various classes of creditors must be completed by November 4,
1996. The order also set a hearing to consider confirmation of the
Plan for November 13, 1996. The Plan, which was filed jointly by
the Company, the Injury Claimants' Committee (ICC), and the
Representative for Future Claimants (RFC), is based on a settlement
of $2.0 billion for the Company's liability for present and future
asbestos-related personal injury claims. The Unsecured Creditors'
Committee (UCC) supports the Plan. If the Plan becomes effective,
the UCC's appeal before the Federal District Court of the Bankruptcy
Court's estimation of $2.5 billion for the Company's liability for
present and future asbestos-related personal injury claims will be
dismissed.
The ICC represents approximately 150,000 persons alleging injury
due to exposure to asbestos-containing products manufactured by
Eagle-Picher from 1934 until 1971. Future personal injury claimants
are represented by the RFC.
Based on the settlement of $2.0 billion for the Company's
liability with respect to present and future asbestos-related
personal injury claims, the Company's estimate that all other
prepetition unsecured claims aggregate approximately $157 million,
and the expected value of the equity of the reorganized Company, the
Company anticipates that each holder of prepetition general
unsecured claims, including environmental claims, will receive a
distribution equal to approximately 33% of its claims. Such
distribution will be paid 1/2 in cash and 1/2 in notes with a three-
year maturity.
Pursuant to the Plan, the trust to be established to resolve and
satisfy all asbestos and lead-related personal injury claims will
receive consideration consisting of cash, notes and all of the stock
of the reorganized Company. Based upon the above assumptions, the
Company estimates that the aggregate value of the consideration to
be distributed to the trust is equal to approximately 33% of the
$2.0 billion settlement amount for the Company's liability for
present and future asbestos-related personal injury claims.
As was the case with previous plans, the Company's equity
security holders will receive no distribution under the Plan and
their shares will be canceled.
CONTACT: J. Rodman Nall of Eagle-Picher Industries, 513-721-7010