InterNet Bankruptcy Library - News for March 10, 1997

Bankruptcy News For March 10, 1997

  1. Edison Brothers Clarifies Plan Of Reorganization Describes Warrants Current Shareholders Would

  2. Brothers Gourmet Coffees, Inc. Announces Fourth Quarter Earnings

  3. Coleman reports fourth quarter and full year results for 1996; CEO Levin says new cost-cutting measures
    have been implemented

  4. The Emporium

Edison Brothers Clarifies Plan Of Reorganization Describes Warrants Current Shareholders Would Receive

ST. LOUIS, MO - March 10, 1997 - As previously announced, Edison Brothers Stores Inc. (NYSE: EBS) set
the stage for emergence from Chapter 11 by filing its plan of reorganization with the U.S. Bankruptcy Court in
Wilmington, Del., on Feb. 27, 1997. The plan currently on file proposes that Edison would cancel all of its
existing common stock and issue 10 million shares of new common stock, all of which would be distributed to
the company's creditors. The plan also provides creditors with a combination of cash, new corporate debt and
other assets in settlement of the approximately $440 million in creditor claims.

The plan as filed proposes that Edison shareholders would receive two sets of warrants that would entitle them
to buy up to 9 percent of the new common stock on a fully diluted basis at pre- determined prices. The first set
of warrants, which would have a three-year term, would entitle shareholders to purchase 4 percent of the new
stock at a strike price of $13.85 per share. The second set of warrants, which would have a six-year term,
would entitle shareholders to purchase 5 percent of the new common stock at a strike price of $22.10 per
share. The warrants would be issued at the time of the company's emergence from Chapter 11.

Edison Brothers expects to file its proposed disclosure statement with the bankruptcy court by March 31, 1997.
Assuming the court approves the disclosure statement, the company's creditors and shareholders will be asked
to approve the plan.

The company then will move for confirmation of the plan by the bankruptcy court, which could occur by
mid-summer 1997. The proposed plan is subject to negotiation among Edison Brothers and its creditors' and
equity committees and, accordingly, the plan is subject to change throughout the process until confirmed by the
bankruptcy court.

Edison Brothers Stores Inc. operates JW/Jeans West, Coda, Oaktree, J. Riggings and REPP Ltd Big & Tall
menswear stores; REPP Ltd and Phoenix Big & Tall men's catalogs; 5-7-9 Shops junior apparel stores;
Bakers, Leeds, Pricis and Wild Pair footwear stores; and Shifty's and Terrasystems experimental concepts.

SOURCE Edison Brothers Stores, Inc. /CONTACT: David B. Cooper, Jr., CFO, 314-331-6531, or Amy
Calvin, Communications Director, 314-331-6588, of Edison Brothers Stores Inc./

Brothers Gourmet Coffees, Inc. Announces Fourth Quarter Earnings

BOCA RATON, Fla., March 10, 1997 - Brothers Gourmet Coffees, Inc. (Nasdaq: BEAN) today announced
fourth quarter earnings of $.345 million, or $.03 per share, from continuing operations (before extraordinary
items and losses from discontinued retail operations) as compared to $1.6 million, or $.14 per share, a year ago.
After giving effect to extraordinary items and the loss from discontinued retail operations, the net loss for the
quarter was $1.2 million, or $.11 per share, as compared to a net loss of $1.6 million, or $.14 per share, a year

Donald D. Breen, President and CEO, said, "The positive results in our core business this quarter were primarily
attributable to our focus on profitable branded business and cost savings from plant consolidations. Continued
reductions in operating expenses also contributed to our improved operating results."

Operating results improved by more than $6.5 million for the year ended December 27, 1996, as compared
with a year ago. Before extraordinary items, losses from discontinued retail operations and a $5.5 million
non-cash litigation settlement charge, the loss from continuing operations was $3.1 million, or $.28 per share, as
compared to a net loss of $9.7 million or $.87 per share, a year ago. Net loss for the year (including
extraordinary items and discontinued retail operations) was $10.2 million, or $.91 per share, as compared to a
net loss of $53.5 million, or $4.78 per share, a year ago.

Breen went on to say, "In 1996, we achieved many of our goals. We set a product strategy, solidified our
financial foundation, completed the execution of our 1995 Restructuring Plan, improved customer service levels
and rededicated our commitment to quality. In 1997, we intend to focus on improving profitability by continuing
to increase sales volume."

Brothers Gourmet Coffees, Inc. is a leading wholesale supplier of branded gourmet coffees, offering 75 gourmet
coffee roasts, blends and flavors in a variety of packages that meet specific consumer brewing needs. Brothers
operates its own roasting facility in Houston, Texas and distributes its coffee products from local distribution
centers located throughout the United States.

                            BROTHERS GOURMET
                            COFFEES, INC.
                         Consolidated Statement
                         Of Operations
                       (In thousands, except per
                       share amounts)

                                  December 27
                                  December 29  
                                  December 27
        December 29

                                 1996        1995

        Net Sales              $21,333      
        $26,052      $72,577

        Cost of goods sold      10,803       
        13,096       38,585

        Gross profit            10,530       
        12,956       33,992

        Operating Expenses
          Selling, general and
           administrative        8,785        
           9,669       31,826
          Restructuring             28          
          ---          291
          Amortization of
           intangibles             669          
           795        2,784
          Total operating
           expenses              9,482       
           10,464       34,901

        Operating income (loss)
         from continuing
         operations              1,048        
         2,492        (909)

        Litigation charge          ---          
        ---        5,500
        Interest expense, net      619          
        831        2,140
        Other (income) expense      84           
        43           76

        Income (loss) from
         continuing operations     345        
         1,618      (8,625)

        Discontinued Operations:
         Loss from discontinued
         retail operations       1,400        
         3,200        1,400

        Loss prior to
         extraordinary item    (1,055)      
         (1,582)     (10,025)

        Extraordinary item - loss
         from early extinguishment
         of debt                   156          
         ---          156
        Net loss              $(1,211)     
        $(1,582)    $(10,181)

        Income (loss) per common share:
         Income (loss) per common
          share from continuing
          operations             $0.03        
          $0.14      $(0.77)
        Loss prior to
         extraordinary item    $(0.09)      
         $(0.14)      $(0.89)

        Loss per common share  $(0.11)      
        $(0.14)      $(0.91)

        Weighted average common
         shares outstanding     11,202       
         11,184       11,202

SOURCE Brothers Gourmet Coffees, Inc./CONTACT: Barry Bilmes, Brothers Gourmet Coffees,


Coleman reports fourth quarter and full year results for 1996; CEO Levin says new cost-cutting measures have
been implemented

GOLDEN, Colo.--March 10, 1997--The Coleman Company, Inc. (NYSE: CLN) today reported financial
results for the fourth quarter and full year 1996. Revenues were a record $1.2 billion, an increase of nearly 31%
over 1995. However, costs associated with acquisitions, restructuring and other charges had a pronounced
impact on profitability. "We at Coleman recognize that 1996 was a difficult and disappointing year. However,
the fundamentals of Coleman's business are solid, and its growth prospects are strong," said Jerry W. Levin,
Chairman and Chief Executive Officer.

In the fourth quarter, net sales reached $224.4 million, a 20% increase from $186.5 million in the same period
last year. Net loss before restructuring and other charges for the quarter was $27.9 million, or $(.52) per share.
Net loss after restructuring and other charges for the quarter was $35.9 million, or $(.67) per share compared
to a net loss of $9.8 million or $(.18) per share in the fourth quarter of 1995.

For the year, net sales rose nearly 31% to $1,220.2 million compared with $933.6 million for 1995. Income
before restructuring and other charges fell to $11.3 million, or $.21 per share from $49.9 million or $.94 per
share in 1995. Bad weather during camping season in North America and the weak economy in Japan
contributed to the results. Net loss after restructuring and other charges was $41.9 million for the year, or $(.79)
per share compared to a net profit of $39.3 million, or $.74 per share in 1995. Restructuring and other charges
included the costs of integrating the Camping Gaz acquisition into the Company and charges in connection with
the previously announced coil light patent litigation settlement.

The Company also announced that it has amended its bank credit facility. "The relationship with our banks
remains strong and they are fully supportive of the actions being taken by the Company. Our credit facility
provides sufficient capital to support our plans," said Levin.

Coleman has a powerful competitive position in a growing market, with leading market shares, high quality
products and the most prominent brand names in the industry. Looking ahead in 1997, Levin identified several
areas he expects to address immediately: "We are going to concentrate the Company's resources on reinforcing
its fundamental strengths and core businesses. We are vigorously scrutinizing every one of the Company's
businesses. We have already put in place more rigorous cost and working capital controls throughout the
Company and intend to continue this process. Going forward," Levin added, "Coleman will work to increase its
market shares by increasing brand support, introducing new technologically advanced products and by
continuing efforts to globalize its core brands such as Coleman, Camping Gaz, Powermate and Eastpak."

Coleman is traded as CLN on the New York Stock Exchange. It manufactures and distributes widely
diversified product lines for camping, leisure time, hardware and home safety and security markets in the United
States, Canada and more than 100 other countries.

Information in this Press Release includes forward looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. All such forward looking statements involve
risks and uncertainties. In addition to factors that are described in the Company's SEC filings, the following
factors could cause actual results to differ materially from those expressed in the forward looking statements: (i)
difficulties or delays in developing and introducing new products or failure of consumers to accept new product
offerings; (ii) difficulties or delays in the Company's continued expansion outside the United States and into new
markets; and (iii) actions by competitors including business combinations, technological breakthroughs, new
product offerings and marketing and promotional successes.

                         (In thousands, except per share data)

                                  Three Months Ended       Year Ended
                                     December 31,          December 31,
                                   1996       1995      1996       1995

        Net revenues                $ 224,395 $ 186,452 $ 1,220,216 $
        Cost of sales                 191,074   136,308     928,497

        Gross profit                   33,321    50,144     291,719
        Selling, general and
          administrative expenses      76,715    46,532     291,669
        Interest expense, net           9,932     6,276      38,727
        Asset impairment charges            -    12,289
        -    12,289
        Amortization of goodwill
         and deferred charges           2,508     2,030      10,473
        Other (income) expense, net       (84)      270       1,151

        (Loss) earnings before income 
         taxes, minority interest     (55,750)  (17,253)    (50,301)
        and extraordinary item

        Income tax (benefit) expense  (19,879)   (7,423)    (10,927)
        Minority interest                   2         -       1,872

        (Loss) earnings before 
          extraordinary item          (35,873)   (9,830)    (41,246)
        Extraordinary item                  -         -        (647)

        Net (loss) earnings         $ (35,873) $ (9,830) $  (41,893) $

        (Loss) earnings per share 
         before extraordinary item  $   (0.67) $  (0.18) $    (0.78)  $ 0.75
        Extraordinary item              -         -       (0.01)   (0.01)     

        Net (loss) earnings*    $   (0.67)    (0.18) $    (0.79) $  0.74

        Weighted average common shares 
         outstanding                   53,219    53,156      53,197   53,226

        *Before restructuring and other charges and extraordinary
        item in 1996 and asset impairment and extraordinary
        item charges in 1995     $  (0.52)     0.00     $  0.21  $  0.94

                                  (In thousands)

                                                   December 31,
                                             1996               1995
           Cash                       $         17,299   $         12,065
           Accounts receivable                 209,942            165,309
           Inventories                         287,502            216,236
           Deferred tax assets and other        76,894             45,189

               Total Current Assets        591,637            438,799

           Property, plant and equipment - net 199,182            162,691
           Intangibles and other assets        369,267            242,997

               Total Assets         $    1,160,086     $      844,487 

           Accounts and notes payable          132,841             90,679
           Other current liabilities           113,653             59,188

               Total Current Liabilities   246,494            149,867

           Long-term debt                      582,866            354,206
           Other liabilities                    76,173             48,072
           Minority interest                     1,608                  -
           Stockholders' equity                252,945            292,342

               Total Liabilities
               and Stockholders' Equity $1,160,086     $      844,487


CONTACT: The Coleman Co. Inc. James T. Conroy, 212/572-5980 (press contact) Marc R. Shiffman,
303/202-2547 (IR contact)