LG&E Energy Corp. Submits Proposal For Big Rivers
LOUISVILLE, Ky., Feb. 10, 1997 - LG&E Energy Corp. (NYSE: LGE) has submitted a proposal to the board of directors
of Big Rivers Electric Corporation to lease or acquire the assets of the Henderson, KY-based power cooperative.
The proposal outlines two alternative plans to Big Rivers, which is currently in bankruptcy proceedings. Under the first plan,
LG&E Energy would lease the power generation assets of Big Rivers for 25 years and provide power to Big Rivers' member
cooperatives at reduced rates. That proposal mirrors the transaction structure outlined in Big Rivers' reorganization plan filed
with the bankruptcy court on January 22, but provides $35 million in rate reductions to Big Rivers and an additional $2 million
to be distributed to its unsecured creditors.
Under the second proposal, LG&E Energy would acquire all assets, properties and contracts not rejected in the plan. The
purchase alternative would provide the same economic value to creditors as LG&E Energy's lease option, but provides $50
million in rate reductions to customers.
LG&E Energy has indicated to the Big Rivers board of directors that, based upon the information available through the
bankruptcy proceedings, both proposals offer greater benefit to Big Rivers but that the purchase option offers more certainty
to Big Rivers' customers. LG&E Energy has requested that Big Rivers' board of directors respond to the bid by February 17,
LG&E Energy Corp., is an industry-leading energy services holding company headquartered in Louisville, Kentucky. The
company has assets and operations in retail and wholesale power and natural gas services and marketing. It has offices,
operations and partnership projects throughout the U.S., as well as in Canada, Argentina and Spain.
SOURCE LG&E Energy Corp. /CONTACT: Paul Heagen, LG&E Energy Corp., 502-627-2877, or home 502-425-4002/
/LG&E Energy Corp.'s press releases available through Company News On-Call by fax, 800-758-5804, ext. 515672, or at
Jayhawk Acceptance Corporation Announces Carl Westcott Assumes Chairman Position
DALLAS, TX - Feb. 10, 1997 - Jayhawk Acceptance Corporation (Nasdaq: JACC) announced that Carl H. Westcott has
been elected chairman of the board and chief executive officer of the company, and that, in accordance with its previously
announced intention, the company had filed a voluntary petition for reorganization under Chapter 11 of the U.S.
Bankruptcy Code in the United States Bankruptcy Court, Northern District of Texas, Dallas Division. Westcott said, "I intend
to devote my full time and attention to the company's continuing operations." Westcott also stated that the filing was necessary
for the company to adequately serve its dealers and preserve shareholders' equity.
Jayhawk Acceptance Corporation is a specialized financial services company headquartered in Dallas, Texas.
SOURCE Jayhawk Acceptance Corporation /CONTACT: Virginia L. Cleveland of Jayhawk Acceptance Corporation,
MobileMedia Enters Into Long-Term Supply Agreement with Motorola; Company Gains Access to DiP Financing
RIDGEFIELO PARK, N.J., Feb. 10, 1997 - MobileMedia Corporation (Nasdaq: MBLMQ 3/8 announced today that it has
entered into supply agreements with certain key suppliers, including Motorola, Inc., Glenayre Electronics, Inc., NEC and
Panasonic, and that the Company's request to pay the pre- petition claims of each of these key suppliers was approved by the
bankruptcy court on February 6, 1997. The Company stated that it has paid the pre- petition claims of each of these suppliers.
The Company said that it has placed orders with Motorola, the Company's largest supplier of pagers, and Glenayre, the
Company's largest supplier of infrastructure equipment, and that Motorola and Glenayre will commence shipping product
The Company has entered into a debtor-in-possession ("DiP") loan agreement with The Chase Manhattan Bank, as agent, that
will provide the Company with up to $200 million of DiP financing. The Company's agreements with Motorola, Glenayre and
the other key suppliers satisfied one of the conditions under the DiP agreement, and the Company can now borrow up to $70
million under the DiP facility, of which it has used $48 million to pay the key suppliers, among other things.
A court hearing for final approval of the DiP facility is scheduled for February 19, 1997, and assuming final approval is granted
at that hearing, the Company will gain access to an additional $30 million of DiP funds for a total of $100 million. The
remaining $100 million of DiP funds will become available on May 1, 1997 when the Company delivers a business plan by
April 15, 1997 that is approved by the banks' financial advisor.
The Company also announced two management additions. Joseph A. Bondi has been named Chairman - Restructuring and
Ronald R. Grawert has been named Chief Executive Officer, both effective immediately. Mr. Bondi is a Managing Director
with Alvarez & Marsal, a turnaround consulting firm, and has worked with MobileMedia as a consultant since December
1996. Mr. Bondi has also been involved in the turnarounds of other companies, including Phar-Mor, Inc., the drug store chain,
and Republic Health Corporation.
Mr. Bondi said: "While a major step forward was taken with the chapter 11 filing, significant work remains to address
MobileMedia's financial and operational challenges. Reaching an agreement with Motorola was a key objective in our filing for
chapter 11 protection. With that accomplished and having gained access to interim financing, we can now turn our attention to
developing an operational turnaround plan."
Mr. Grawert was previously Executive Vice President - Operations of GTE Mobilnet, responsible for the field operations of
the cellular operating company of GTE Corporation. Prior to that, he held the position of Vice President - Technology for
GTE Telecommunications and Services, the non- regulated businesses of GTE including the cellular operations. Mr. Grawert is
also the Chairman of the Board of Directors of the Telecommunications Industry Association.
Mr. Grawert said: "I joined MobileMedia because I believe strongly in the future of the company and the exciting opportunities
in the wireless messaging industry. MobileMedia has a solid customer base and excellent technological infrastructure. I look
forward to working with Joe Bondi and the rest of the management team to achieve our objective of making MobileMedia a
stronger, more competitive company.
David A. Bayer had been Acting Chief Executive Officer since November 1996 and will remain as Chairman of the Board of
Directors. Mr. Bayer said, "I am delighted that we are putting in place the senior members of the turnaround team and that we
have been able to attract a leader in the wireless industry of Ron Grawert's stature."
MobileMedia is the second largest provider of paging and personal communications services in the United States, offering
local, regional and nationwide coverage to approximately 4.4 million subscribers in all 50 states, Canada and the Caribbean.
The Company operates two one-way nationwide networks and owns two nationwide narrowband PCS licenses.
The agreement relating to the DiP facility and the agreements with Motorola, Glenayre and the other key suppliers are publicly
available through the bankruptcy court. Statements contained in this release that are not based on historical fact are "forward-
looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The "Risk Factors" and
cautionary statements identifying important factors that could cause actual results to differ materially from those in the
forward-looking statements are detailed in the Company's 1995 10-K filing with the Securities and Exchange Commission.
SOURCE MobileMedia Corporation /CONTACT: Krista Grossman, media, 212-484-7760, or Laura Wilker, investor,
201-462-4959, for MobileMedia Corporation/
NOXSO Believes That Olin Has Violated Injunction; NOXSO Announces Intent to Respond to Involuntary Bankruptcy
PITTSBURGH, PA - Feb. 10, 1997 - NOXSO Corporation (Nasdaq: NOXO) announced today that it believes that Olin
Corporation (NYSE: OLN) has violated the preliminary injunction entered against Olin on February 4, 1997. Olin previously
purported to terminate the Supply Agreement between NOXSO and Olin and to take title to the facility constructed by
NOXSO under the Supply Agreement. The preliminary injunction enjoined Olin from terminating the Supply Agreement,
interfering with NOXSO's title to the facility or performing any work on the facility. NOXSO states that Olin has continued to
operate the facility after the preliminary injunction was entered.
NOXSO also announced that it has until February 26, 1997 to respond to the involuntary petition in bankruptcy filed on
February 6, 1997 by Olin and two other creditors. Among the responses which NOXSO could raise is a motion to dismiss
the petition as an improper filing.
L.G. Neal, President of NOXSO, said: "After considering the petition and Olin's violation of the preliminary injunction,
NOXSO believes that the bankruptcy petition is simply a continuation of Olin's attempt to seize the substantially complete
facility without paying for it. We will continue to pursue our remedies against Olin."
SOURCE NOXSO Corporation /CONTACT: Joel M. Walker of NOXSO, 412-355-2758/ (NOXO OLN)
Multicom Announces Equity Transaction, Operations Restructuring and Second Quarter Results
SAN FRANCISCO, CA --Feb. 10, 1997--Multicom Publishing, Inc. (NASDAQ:MNET) today announced that it had
completed equity transactions totaling a gross equity infusion of $2,400,000.
The first transaction was a private placement of restricted Common Stock for a total of $1,600,000. Purchasers included the
CEO, President, Meredith Corporation and a board member. Proceeds from the sale of the stock will be used to fund
operations. The second transaction was the conversion of long-term debt in the amount of $750,000 to 150,000 shares of
Series A Preferred Stock.
"We are pleased with the shared commitment to our strategy and the improvement in our balance sheet as a result of these
transactions," said Tamara L. Attard, CEO.
Total gross sales for the quarter ended December 31, 1996 decreased 7% over the quarter ended December 31, 1995. In the
quarter ended December 31, 1996, net revenues include an allowance for product returns and price protection of
approximately $1.0 million.
The higher allowances resulted from the Company's decision to reduce pricing on certain types of packaging, sales of certain
holiday products not being as high as expected, and a general slowness of the traditional software distribution channels. As a
result, second quarter net revenues were $820,000, down from $1.7 million recorded in the second quarter last year.
The net loss for the second quarter of fiscal 1997 was $2.1 million, compared to $1.5 million for the second quarter of fiscal
1996. Net loss per share was ($.38) compared to ($.31) for the fiscal quarters ended December 31, 1996 and 1995
Attard commented, "These results do not reflect our recent focus on profitability or the impact of the HarperCollins product
acquisition. We expanded our product line significantly, reduced operating expenses across the board and reduced our
packaging costs. Actions taken in this quarter have positioned us to meet our goal of profitability going forward."
Multicom has continued to execute its strategy to advance its award-winning home and family titles to the mass-consumer
channels. The Company has increased the total number of multimedia titles it sells and markets to 47, an 88% gain in the
number of titles offered since June 30, 1996.
While the 11 titles acquired from HarperCollins were not in place in time for a holiday season launch, the Company believes it
will begin to realize the benefits from these products in the current quarter.
To further support this mass consumer strategy, the Company is taking an aggressive position in lowering prices and
introducing new lower cost packaging for retailers and consumers of its brand-name multimedia titles. Retail price points will
now be at less than $13 for a new line of jewel case titles, and under $20 for the majority of retail box products.
While, in some cases, these reductions represent a discount of over 30% from past pricing, gross margins are expected to
improve as a result of lower packaging costs.
"The impact these lower prices may have on our sales volumes is substantial when factored with this broadened
award-winning, brand- name product line-up. Preliminary results indicate that retailers have positively responded to the lower
price points, including for the first time, placement of dedicated racks of Multicom titles in mass consumer locations," said
Multicom has completed a restructuring to focus on sales and marketing and immediate profitability. Headcount has been
reduced by 28%. Combined with other streamlining efforts, an overall cost savings on a quarterly basis of approximately 35%
The Company has retained industry leading development teams with expertise in DVD-ROM, Custom Publishing and Internet
development. Multicom recently completed the development of the first of several new DVD-ROM products, Warren Miller's
Best Moments in Extreme Winter Sports/Ski World.
Except for the historical information presented herein, this release contains forward-looking statements that involve risks and
uncertainties, including without limitation, the company's ability to penetrate alternative markets, the risk assumed with project
development, the timely availability and acceptance of new products, and the impact of competitive products and pricing.
Further information on potential factors which could affect the company's financial results are included in the company's
10-QSB for the quarter ended September 30, 1996.
Founded in 1991, Multicom Publishing, Inc. is an interactive multimedia company concentrating on new media projects and
services in the home/family/lifestyle category. Multicom has strategic relationships with major partners, along with a solid base
of existing code and assets and experienced in-house development teams.
The company is located in Seattle, Washington and San Francisco, California. The telephone number is 415/777-5300.
Multicom's Web site can be located at http://www.multicom.com.
Multicom Publishing, Inc.
A proforma balance sheet as of December
31, 1996, assuming the equity
transactions described in this press
release had been completed on or before
December 31, 1996, is shown below.
$1,386,000(a)(b) $1,712,777 Other
Current Assets 3,520,804
--- 3,520,804 Total Current
Assets 3,847,581 1,386,000
5,233,581 Other Assets
1,881,823 209,000(a)(c) 2,090,823
Total Assets $5,729,404
Current liabilities $4,437,232
$4,437,232 Long-term debt
1,695,608 Shareholder Debt, net of
current portion 90,000
Total Liabilities 6,794,840
(572,000) 6,222,840 Total
Equity (Deficit) (1,065,436)
Total Liabilities and
Equity (Deficit) $5,729,404
(a) Sale of 697,368 shares of Common
Stock for $1,590,000, of which $1,340,000
was received in cash and $250,000 in
fixed assets. (b) Exercise of options to
purchase 102,500 shares of Common Stock
at exercise prices ranging from $.25 to
$1.00. Proceeds from the exercise were
$46,000. (c) Conversion of $750,000 of
Long-Term Debt to Equity, net of debt
discount and debt issue costs.
Multicom Publishing, Inc.
Statement of Operations
$1,826,562 $1,971,222 Returns
and Allowances (977,064)
(257,728) Net Sales
Cost of goods sold
1,086,610 859,646 Gross
853,848 Operating Expenses:
Research and Development
Sales and marketing
654,228 1,166,592 General and
380,720 Total operating expenses
Other income (expense)
(151,243) (166,070) Loss before
0 0 Net loss
Net loss per share
Weighted average of shares
CONTACT: Multicom Publishing, Inc. Paul Attard (President)/Ellen Boyer (CFO), 415/777-5300
SPX Corporation Announces 1996 Financial Results, $1.76 Per Share Before Non-Recurring Charges
MUSKEGON, Mich., Feb. 10, 1997 - SPX Corporation (NYSE: SPW) today announced financial results for the full year
and fourth quarter of 1996. Revenues for full year 1996 of $1,109.4 million were flat compared to 1995 revenues of $1,098.1
Earnings from operations before non-recurring costs were $1.76 per share. The reported net loss for full year 1996 of $62.3
million, or $4.45 per share, included a $67.8 million, or $4.85 per share, write-off of goodwill related to the former
Automotive Diagnostics division, restructuring charges of $12.4 million ($20.0 million pretax), or $0.89 per share, associated
with the company's cost reduction initiatives, and an extraordinary loss of $6.6 million, or $0.47 per share, resulting from costs
to repurchase $100 million of the company's 11 3/4% senior subordinated notes.
Revenues for the fourth quarter of 1996 were $251.5 million, or 3 percent less than fourth quarter 1995 revenues of $260.1
million. The decrease was primarily due to the sale of the company's Hy-Lift division at the beginning of November.
Earnings from operations before non-recurring costs for the fourth quarter of 1996 were $0.32 per share. The reported net
loss for the fourth quarter of $71.2 million, or $4.96 per share, included a $67.8 million, or $4.72 per share, write-off of
goodwill related to the former Automotive Diagnostics division, restructuring charges of $2.6 million ($4.2 million pretax), or
$0.18 per share, associated with the previously announced reorganization of several specialty service tools divisions, and an
extraordinary loss of $5.5 million, or $0.38 per share, resulting from costs to repurchase $74 million of the company's 11
3/4% senior subordinated notes.
The decision to write-off Automotive Diagnostics' goodwill resulted from the company's strategic eview process completed in
December. The conclusions indicated that the business, as it was purchased, would not be able to generate the returns
necessary to support the recorded goodwill. Our recently announced alliances with Hewlett-Packard and Mac Tools are
clearly taking this business in a new direction.
The restructuring costs include pretax charges of $5.3 million for early retirement programs, $3.5 million to streamline certain
international specialty service tool operations, and $11.2 million associated with the previously announced reorganization of
several domestic specialty service tool divisions.
Commenting on the results for 1996, John B. Blystone, Chairman, President and Chief Executive Officer of SPX Corporation
said, "We are very pleased to report 1996 earnings of $1.76 before non- recurring charges, exceeding analysts' expectations.
The results were a very solid performance for our leadership team's first year and I thank all SPX people for their outstanding
We completed most of our strategic initiatives to correct situations that contributed to the company's past poor financial
performance, and we did that well ahead of the schedule we set. We reduced net debt by $86 million; we improved EVA by
$26.6 million; and we raised SPX shareholder wealth by over $300 million. We also completed other restructuring and cost
reduction actions during the year, all of which will enhance future earnings.
The sale of Sealed Power to Dana Corporation was completed last Friday, February 7, and that has given us financial
flexibility to pursue various alternatives to create shareholder wealth. Our strategic growth assessment of all SPX businesses
has led us to expand our view of our core market to include the entire $350 billion global market for motor vehicle service.
And we have redefined our strategic intent to become a solutions provider rather than only a supplier of tools and equipment.
The redefinition of our strategic intent is also leading to new opportunities for profitable growth, such as the exciting new
alliances we have with Hewlett-Packard Company and Mac Tools. Our acquisition of controlling interests in IBS Filtran
(Morsbach, Germany) and JATEK (Tokyo, Japan) will provide a springboard for rapid growth in European and Far East
Mr. Blystone also said, "It is unfortunate the goodwill recorded at the time of the acquisitions of Bear Automotive (1988) and
Allen Testproducts (1993) has not proven to be of value. Our strategic review process has confirmed that the actions we
initiated in 1996 regarding this business will provide our customers with enhanced and state-of-the-art engine diagnostics,
emissions testing, wheel service equipment and universal service solutions in the future."
"Looking at 1997," Mr. Blystone said, "we are confident the company will complete another year of improved performance.
The company is getting better every day, and the dramatic turnaround in results last year shows we are focused on meeting our
commitment to deliver continued increases in shareholder wealth."
SPX Corporation is a global leader in the market for specialty service tools and equipment, services to franchised dealers of
motor vehicles, and original equipment components to the worldwide motor vehicle industry.
SPX CORPORATION AND
STATEMENTS OF INCOME
Revenues $ 251,512 $
260,168 $ 1,109,422 $ 1,098,103 Costs
Cost of products sold 194,365
206,400 850,160 853,537
and admin. 43,526
44,423 186,477 194,485
2,063 7,179 8,824
Minority interest loss --
4,767 -- 3,278
Earnings from equity
(533) (5,288) (3,836)
Restructuring charge and
writeoff of goodwill 71,980
10,724 87,863 10,724
Operating income (loss)
operations $ (58,843) $
(7,676) $ (16,969) $ 31,091
(income), net (1,228)
(1,121) (702) (3,060)
Interest expense, net 6,902
8,484 31,767 35,729 Income
income taxes $ (64,517) $
(15,039) $ (48,034) $ (1,578)
for income taxes 1,255
(5,711) 7,610 (227)
Income (loss) from continuing
operations $ (65,772) $
(9,328) $ (55,644) $ (1,351)
Income (loss) from
net of tax $ -- $
-- $ -- $ 140
Loss on sale, net
of tax --
-- -- (2,987)
Income (loss) from
net of tax $ -- $
-- $ -- $ (2,847)
Income (loss) before
extraordinary loss $ (65,772) $
(9,328) $ (55,644) $ (4,198)
net of tax (5,474)
(329) (6,627) (1,078)
Net income (loss) $ (71,246) $
(9,657) $ (62,271) $ (5,276)
Income (loss) per share:
operations $ (4.58) $
(0.70) $ (3.98) $ (0.10)
-- -- (0.22)
net of tax (0.38)
(0.03) (0.47) (0.08)
Net income (loss) $ (4.96) $
(0.73) $ (4.45) $ (0.40)
Dividends per share $ 0.10 $
0.10 $ 0.40 $ 0.40
Weighted average number of
13,317 13,998 13,174
SOURCE SPX Corporation/CONTACT: John Tyson of SPX Corporation, 616-724-5406/
TRANSCEND SERVICES, INC. ANNOUNCES RESULTS FOR 1996
ATLANTA, GA ---Feb. 10, 1997--Transcend Services, Inc. (formerly TriCare, Inc.)(NASDAQ:TRCR), today announced
results for its fiscal year ended Dec. 31, 1996.
Revenues for the year increased 42% to $37,970,000 from $26,825,000 recorded in fiscal year 1995. The net loss for the
year was $7,151,000, or $0.38 per share, as compared to a $4,200,000 net loss, or $0.23 per share, in fiscal year 1995. The
1996 net loss of $7.15 million included one-time charges and charges from discontinued operations totaling $4.28 million, or
$0.23 per share, including: i) a $1.7 million write down of the Company's unsecured note due from AmHealth in connection
with the sale of Occu-Care in December, 1994; ii) a net loss of $1.58 million from discontinued operations as the Company
expensed legal fees incurred in connection with its $115 million civil suit filed against certain insurance companies in 1993; and
iii) one-time non-recurring charges of approximately $1.0 million that were related to the Company's third quarter
reorganization and its cancellation of a planned third quarter secondary offering to raise additional equity.
For the three month period ended December 31, 1996, revenues increased 14% to $10,001,000 from $8,756,000 over the
same period last year. The net loss for this three month period was $1,100,000 or $0.06 per share, as compared to a net loss
of $559,000, or $0.03 per share, for the three months ended December 31, 1995. Included in this net loss of $1,100,000 for
the fourth quarter ended December 31, 1996 was a loss from discontinued operations of $789,000, or $0.04 per share
resulting in a loss from continuing operations of $229,000, or $0.01 per share. The charges to discontinued operations were
the legal fees and expenses incurred in connection with the Company's $115 million civil suit filed against certain insurance
companies in 1993.
In a comparison of its two most recent quarters, the Company saw revenues increase $1,300,000 from $8,701,000 in the
third quarter ended September 30, 1996 to $10,001,000 in the fourth quarter of 1996. The loss from continuing operations of
$229,000 for the fourth quarter ended December 31, 1996 compares favorably to a loss of $1,058,000 (excluding one-time
charges) from continuing operations in the previous quarter ended September 30, 1996.
Commenting on these results, Larry Gerdes, President and CEO, stated "We are very pleased with the significant turnaround
in our operating margin from continuing operations in the fourth quarter. We have achieved break-even status in our operations
during the fourth quarter as a result of i) the changes we made in the Company in our third quarter reorganization; ii) the new
sales activity we achieved and the margin contribution from new customers; iii) the expansion of gross margins across all of our
business units; and iv) the favorable impact from leveraging additional business across a relatively fixed S, G&A cost structure.
It is also important to note that, going forward, legal fees incurred in connection with the Company's $115 million civil suit
against certain insurance companies are now capped and the Company will only be responsible for out-of-pocket expenses.
We are very encouraged by these results, as well as our current sales momentum and our innovative application of technology
as we create our first Data Delivery Center in 1997. We remain very focused on achieving profitability throughout 1997."
Transcend, headquartered in Atlanta, provides medical records outsourcing, patient access outsourcing, consulting,
transcription, coding and case management services and has signed multi-year outsourcing contracts with hospitals and health
care systems nationwide. Transcend currently manages 20 hospital medical record departments located throughout the United
This press release contains forward-looking statements that involve a number of risks and uncertainties. Among the important
factors that could cause actual results to differ materially from those indicated by such forward-looking statements are
competitive pressures, the mix of service revenue, changes in pricing policies, delays in sales revenue recognition,
lower-than-expected demand for the Company's solutions, business conditions in the integrated healthcare delivery network
market, general economic conditions and the risk factors detailed from time to time in the Company's periodic reports and
registration statements filed with the Securities and Exchange Commission.
TRANSCEND SERVICES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Twelve Months Ended
December 31 December 31
1995 1996 1995 1996
-------- -------- -------- --------
REVENUE $8,756 $10,001 $26,825 $37,970
DIRECT COSTS 7,324 8,267 22,745 32,691
-------- -------- -------- --------
GROSS PROFIT 1,432 1,734 4,080 5,379
SALES EXPENSE 461 578 2,186 2,480
EXPENSES 1,230 1,256 4,961 5,771
EXPENSE 155 129 633 535
AMHEALTH SECURITIES 0 1,700
LOSS FROM CONTINUING
OPERATIONS (414) (229) (3,700) (5,107)
Interest income 28 17 75 58
Interest expense (53) (99) (96) (320)
Other - - - (200)
-------- -------- -------- --------
(EXPENSE) (25) (82) (21) (462)
INCOME TAXES (439) (311) (3,721) (5,569)
INCOME TAXES - - - -
-------- -------- -------- --------
NET LOSS FROM
OPERATIONS (439) (311) (3,721) (5,569)
-------- -------- -------- --------
NET LOSS FROM
OPERATIONS (120) (789) (479) (1,582)
-------- -------- -------- --------
NET LOSS ($559) ($1,100) ($4,200) ($7,151)
NET LOSS PER COMMON
SHARE AND COMMON
CONTINUING OPERATIONS ($0.02) ($0.02) ($0.20) ($0.30)
OPERATIONS ($0.01) ($0.04) ($0.03) ($0.08)
-------- -------- -------- --------
($0.03) ($0.06) ($0.23) ($0.38)
OUTSTANDING 18,044 19,377 18,017 18,908
TRANSCEND SERVICES, INC. AND AFFILIATES
CONDENSED CONSOLIDATED BALANCE SHEET
DECEMBER 31, 1996
CASH $ 1,660
CURRENT ASSETS 4,137
NET ASSETS RELATED TO DISCONTINUED OPERATIONS 2,577
AMHEALTH SECURITIES 350
EQUIPMENT, net 2,434
OTHER ASSETS 158
INTANGIBLE ASSETS, net 4,828
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES $ 7,348
CONVERTIBLE DEBENTURES 2,000
OTHER LONG TERM LIABILITIES 284
DEFERRED INCOME TAXES 541
CONTACT: Transcend Services, Inc. David W. Murphy, 404/364-8000