Saks Holdings, Inc. and Isetan Company Limited Agree to a
Joint Reorganization Plan for Barney's Inc.
NEW YORK, NY --April 22, 1997--Saks Holdings, Inc. (NYSE:SKS)
and Isetan Company Limited today announced that they have agreed
to the terms of a proposed Joint Plan of reorganization for
debtor subsidiaries, and that they intend to seek the approval of
the Bankruptcy Court for the Southern District of New York to
file the Joint Plan with the Court. Under the terms of the
proposed Joint Plan, Saks would acquire 100% of the stock or
substantially all of the assets of the Barney's debtors for a
consideration of $290 million, subject to adjustment in certain
circumstances. The reorganized company will enter into leases
with Isetan for its three flagship stores. It is estimated that
unsecured creditors would receive approximately twenty cents on
the dollar under the Joint Plan.
In a joint statement, the two companies said, "We believe
the Saks-Isetan Joint Plan offers a global settlement to, and is
the most viable resolution for, all parties in the Barney's
bankruptcy. It is a significant increase over the prior
publicly-announced offer. The combination of Saks and Isetan
represents the strongest possible pairing of retailing and real
estate expertise."
In a separate statement, Saks said, "The acquisition of
Barney's is consistent with Saks' long-term objective of
enhancing its presence in the domestic and international luxury
goods markets. We expect this strategic investment will be
accretive to Saks shareholders."
Isetan also stated, "Isetan has agreed to the Joint Plan
despite having to accept rents that are substantially below
current market rates and the existing lease rates. In addition,
Isetan will experience a significant loss on its emergency loans
to Barney's affiliated companies totaling nearly $200 million.
While we have held, and may in the future hold, discussions with
other interested investors in Barney's, we have concluded that
Saks presented the most attractive transaction. We believe the
Joint Plan is fair to all parties and that it will bring to
Barney's the management skills of one of the world's finest
retailers of luxury goods. This Plan treats all parties in
accordance with their legitimate legal and contractual rights and
will bring to an end Barney's baseless litigation
initiatives."
Saks Holdings, Inc. is the holding company for Saks Fifth
Avenue, founded in 1924. Today, Saks comprises 40 full-line
stores, 8 resort stores and 3 main street stores led by its
landmark flagship on New York's Fifth Avenue. In addition, Saks
operates 34 Off 5th outlet stores and Folio, a separate direct
mail business.
Isetan Company Limited is one of Japan's foremost retailing
groups. Its operations are centered on department stores. Isetan
has seven full-scale department stores in the Tokyo area,
including its flagship store in Shinjuku and subsidiary stores in
Niigata and Shizuoka. The Company's expanding international
operations now comprise 10 department stores in Asia and
specialty stores in Asia and Europe.
CONTACT: Saks Holdings, Inc. Jaqui Lividini, 212/940-4245 or
Saks Contacts: Morgen-Walke Associates Jennifer Mann (Media),
212/940-4259 Stacy Bibi (Investors), 212/940-5262 David
Walke/Naomi Rosenfeld, 212/850-5600 or Isetan Contact: Dentsu
Communications Inc. William Cox, 609/896-3250
Dart Group Corporation Announces
Conditional Settlement in Principle With Herbert H. Haft
LANDOVER, Md., April 22, 1997 - Dart Group Corporation
(Nasdaq: DARTA) announced today that it has reached a conditional
settlement agreement in principle with Herbert H. Haft, the
Company's founder and its present Chairman and Chief Executive
Officer. If the settlement contemplated by the agreement in
principle is implemented, Herbert Haft, 76, will retire from his
positions as Chairman of Dart and its three major operating
subsidiaries: Shoppers Food Warehouse Corp., Trak Auto
Corporation and Crown Books Corporation. Mr. Haft also will
relinquish his claim to voting control of Dart.
Under the settlement contemplated by the agreement in
principle, Herbert Haft would sell to the Company all of his
shares of stock and stock options in Dart, Trak Auto and Crown
Books. The settlement also would terminate Herbert Haft's
employment agreement with Dart and would resolve all outstanding
litigation and disputes between Dart and Herbert Haft. Mr. Haft
would also assign certain real estate interests to the Company.
Herbert Haft will receive $29.7 million from Dart if the
settlement is implemented. Herbert Haft would also receive an
additional $11.6 million from escrowed funds previously paid by
Dart to Ronald Haft as part of its October 1995 settlement with
Ronald Haft (and $700,000 interest on those funds). The agreement
in principle also contemplates that Dart would make a $10 million
loan to a partnership owned by Herbert and Ronald Haft, which
loan would be secured by such partnerships interests in three
shopping centers located in suburban Washington, D.C. and would
be personally guaranteed by Ronald Haft.
Implementation of the agreement in principle is subject to the
negotiation of a definitive settlement agreement satisfactory to
Dart and Dart's receipt of satisfactory advice from its
investment bankers. The agreement in principle states that it
will terminate if a definitive settlement agreement is not
entered into by May 9, 1997. The agreement in principle is also
conditioned on Dart's entering into a supplemental settlement
with Ronald Haft and a comprehensive settlement with Gloria,
Robert and Linda Haft. Negotiations with respect to these related
settlements are currently underway.
Closing of the transactions contemplated by the agreement in
principle also is subject to (1) final and non-appealable action
by the Delaware court of Chancery or the Delaware Supreme Court
approving all of the terms of the settlement, terminating certain
putative derivative actions pending with respect to Dart in the
Delaware Court of Chancery, and approving the October 1995
settlement between Dart and Ronald Haft and the supplemental
settlement between Dart and Ronald Haft, and (2) final and non-
appealable action by the U.S. Bankruptcy Court approving the
effectiveness of Chapter 11 plans of reorganization for certain
real estate entities owned by Mr. Haft and members of his family.
There can be no assurance that a definitive settlement
agreement between Dart and Herbert Haft will be entered into and
that the transactions contemplated by the conditional agreement
in principle will be implemented.
In its negotiation with members of the Haft family, Dart is
represented by the Executive Committee of its Board of Directors,
comprised of Larry G. Schafran, Chairman, Douglas M. Bregman,
Esq. and Bonita A. Wilson.
SOURCE Dart Group Corporation /CONTACT: Larry G. Schafran for
the Dart Group Corporation, 301- 731-1502/
Koo Koo Roo Purchase of 14 Hamburger
Hamlet Locations Approved
LOS ANGELES, April 22, 1997 - Koo Koo Roo, Inc. (Nasdaq NNM:
KKRO) and Hamburger Hamlet
Restaurants, Inc. (HAMB) announced jointly today the
bankruptcy court approved the purchase of 14 Hamburger Hamlet
locations for approximately $11.45 million, consisting of $9.70
million in cash and 150,000 shares of restricted common stock. Of
the units purchased, ten are located in California and four are
in the Washington, D.C. Beltway area. Koo Koo Roo currently
operates 28 locations; 24 of which are in California, two in
Florida, one in Colorado, and one in New York.
The purchase agreement is expected to close the first week of
May at which time Koo Koo Roo will assume full management of
operations. Over time, the company plans to integrate its Koo Koo
Roo California Kitchen concept into several of the acquired
restaurants. In the meantime, the company will test a menu insert
featuring several selected Koo Koo Roo signature items including,
The Original Flame-Broiled Skinless Chicken(R), Hand-Carved
Turkey and many of their made-fresh-daily fresh vegetable items.
SOURCE Koo Koo Roo, Inc. -0- 04/22/97 /CONTACT: Rob Kautz,
President & CFO of Koo Koo Roo, 310-479-2080/
Kerr Announces New Working Capital Loan
Facility And Two Marketing Partnerships
LANCASTER, Pa., April 22, 1997 - Kerr Group, Inc. (NYSE: KGM)
announced today that it had obtained an $8,500,000 working
capital facility, secured by accounts receivable, for a one-year
term. Borrowings will bear interest at 3% above the prime rate
and the lending institution will receive warrants to purchase
95,000 shares of the Company's common stock at a purchase price
of $0.50 per share. The facility replaces an existing accounts
receivable sales agreement under which the purchaser would not
provide advances because the Company has been in default with
respect to financial covenants under loan agreements for
$50,900,000 of unsecured debt since March 7, 1997. The grant of
the lien on receivables and borrowings under the new facility
will constitute additional defaults under the existing loan
agreements.
The Company has had discussions with the owners of the
unsecured debt regarding a waiver of the defaults and the
purchase of the debt by the Company. The funds for the purchase
would be provided by a senior secured loan and a subordinated
loan which the Company is negotiating with institutional lenders.
During April 1997, the Company received $3,669,000 from the
sale of real property located in Santa Ana, California. Including
this cash, the Company had $5,280,000 in cash and cash
equivalents on April 18, 1997 and had no advances outstanding
under its Accounts Receivable Agreement. The Company believes
that it will have sufficient funds available to finance its
working capital requirements through the balance of 1997.
Kerr entered into a joint marketing agreement with Josef
Wischerath GmbH & Co. KG, Pulheim, Germany (WIKO). Under
terms of the agreement, Kerr will develop the U. S.
pharmaceutical market for WIKO's airless pump systems, which can
deliver a measured dose of viscous products. WIKO's specialized
product line will broaden Kerr's product offering to the U. S.
pharmaceutical industry. Kerr will also have access to WIKO's
design and technical skills in the areas of inhalation devices
and multiple component assembly. WIKO will market Kerr's
extensive line of child-resistant closures, tamper-evident
closures and plastic injection blow molded bottles to the
pharmaceutical market in Western and Eastern Europe.
Kerr has named C&M Enterprises, Inc., of Seoul, South
Korea its exclusive marketing and distribution partner in South
Korea. C&M will market Kerr child-resistant closures and
tamper-evident closures in addition to other Kerr products.
C&M is a newly formed company which primarily markets and
manufactures plastic products in South Korea.
Kerr, headquartered in Lancaster, Pennsylvania, is a major
producer of plastic packaging products.
SOURCE Kerr Group, Inc./CONTACT: Geoffrey A. Whynot, Vice
President, Finance and Chief Financial Officer of Kerr Group,
717-390-8439/
Comshare reports third quarter results;
includes previously announced restructuring charges of $6.2
million
ANN ARBOR, Mich.-April 22, 1997--Comshare, Incorporated
(Nasdaq-NM Symbol: CSRE), The Decision Support Company, today
announced results for the third quarter and nine months ended
March 31, 1997. Without the $6.2 million restructuring charge
which was announced in January, the net loss for the third
quarter was $2.7 million, or $0.27 per share, compared with net
income of $2.0 million or $0.20 per share for the third quarter
of last year. Including the charge, the Company reported a net
loss for the third quarter of $6.9 million, or $0.71 per share.
The net loss for the nine months, without the $6.2 million
restructuring charge, was $10.4 million, or $1.06 per share,
compared with a net loss of $9.3 million or $1.05 per share for
the nine months of last year, which included a $15.5 million
after-tax write down of capitalized software. Including the
charge, the Company reported a net loss for the nine months of
$14.6 million, or $1.50 per share.
"We took action early in the quarter to reduce costs, and
speed our return to profitability," said T. Wallace
Wrathall, President and Chief Executive Officer of Comshare.
"As a result, we achieved most of the benefit in the third
quarter. Evidence of our actions is reflected in the significant
decline in operating expenses compared to last quarter. The
expected annual cost savings from these actions is approximately
$7 million."
"During the quarter we experienced a continued
improvement in sales momentum in North America," said
Wrathall, "but we have not yet recovered our sales momentum
in Europe, and it will take time to do so. On a positive note, we
were pleased by the new sales of BudgetPLUS and BOOST Sales
Analysis this quarter, both of which were released at the end of
last fiscal year. For example, Sedgwick's, a London-based, global
insurance broker, selected BudgetPLUS following an assessment
that the software's functionality would successfully meet their
business needs. Likewise, PacifiCorp, a major U.S. utility, chose
BudgetPLUS and plans to implement a redesigned enterprise
budgeting process to provide significant cost savings."
"During the quarter we announced agreements with Oracle
and Applix furthering our strategy of making our decision support
applications open to the leading databases," continued
Wrathall. "Commander Decision on Oracle's Express database
and Applix's TM1 database are now available and were recently
showcased at our European Users Conference in early March.
Opening up our applications to alternatives databases lets our
customers benefit from the specific capabilities of the
technology platforms we support," added Wrathall.
About Comshare
Comshare, The Decision Support Company, develops, markets and
supports complete client/server decision support applications
designed to improve business analysis, planning, and operations
for effective decision making, enhanced competitiveness, and
improved profits. The Company focuses its applications software
in seven major markets - retail, consumer goods, financial
services, utilities, energy services, manufacturing and service
organizations. One of the top 50 independent software companies,
Comshare has over 3,000 customers worldwide, many of which are
Fortune 1000 and Financial Times Top 1000 companies.
Safe Harbor Statement
Certain information in this press release contains
"forward looking statements" within the meaning of the
Securities Exchange Act of 1934, including those concerning the
Company's future results and expected cost savings from cost
reduction actions. Actual results could differ materially from
those in the forward looking statements due to a number of
uncertainties, including, but not limited to, the demand for the
Company's products and services; the size, timing and recognition
of revenue from significant orders; increased competition; the
Company's success in and expense associated with developing,
introducing and shipping new products; new product introductions
and announcements by the Company's competitors; changes in
Company strategy; product life cycles; the cost and continued
availability of third party software and technology incorporated
into the Company's products; the impact of rapid technological
advances, evolving industry standards and changes in customer
requirements; the impact of recent transitional changes in North
American and international management and sales personnel; the
impact of the investigation into violations of the Company's
revenue recognition policies on the Company's ongoing operations;
cancellations of maintenance and support agreements; software
defects; variations in the amount and timing of cost savings
anticipated to result from cost reduction actions; the impact of
off-setting increases in operating expenses; the impact of cost
reduction actions on the Company's operations; fluctuations in
foreign exchange rates; and economic conditions generally or in
specific industry segments.
COMSHARE,
INCORPORATED
CONDENSED CONSOLIDATED STATEMENT
OF OPERATIONS
(unaudited; in thousands, except
per share data)
Three Months
Nine
Months
Ended
Ended
March 31,
March 31,
_________________
_
_________________
_
1997 1996
1997
1996
________
________
________
________
Revenue
Software licenses $ 9,596 $
15,586 $ 27,868 $ 46,740 Software
maintenance 9,178 9,232
27,285 27,494 Implementation,
consulting
and other services 5,271
6,716 15,071 18,136
________
________
________
________
Total revenue 24,045
31,534 70,224 92,370
Costs and expenses
Selling and marketing 13,221
13,144 41,363 38,205 Cost of
revenue and
support 8,140
8,045 23,138 22,533
Internal research and
product development 3,385
4,302 12,084 12,388
Internally capitalized
software (1,818)
(1,130) (5,018) (4,564)
Software amortization 1,848
1,191 5,156 4,934 General and
administrative 3,222
3,223 9,337 9,299
Unusual charge -
- - 23,167 Restructuring
related
costs 6,245
- 6,245 -
________
________
________
________
Total costs and expenses 34,243
28,775 92,305 105,962
________
________
________
________
Loss from operations (10,198)
2,759 (22,081) (13,592)
Other income (expense)
Interest income (expense) 64
265 377 178 Exchange gain
(loss) (77) 31 (321)
(81)
________
________
________
________
Total other income (expense) (13)
296 56 97
Income (loss) before taxes (10,211)
3,055 (22,025) (13,495) Provision
(benefit) for
income taxes (3,288)
1,017 (7,409)
(4,179)
________
________
________
________
Net income (loss) $ (6,923) $
2,038 $(14,616) $ (9,316)
________
________
________
________ ________
________
________
________
Weighted average number of
common and dilutive common
equivalent shares 9,796
10,109 9,747 8,843
________
________
________
________ ________
________
________
________
Net (income) loss per common
share $ (0.71) $
.20 $ (1.50) $
(1.05)
________
________
________
________ ________
________
________
________
COMSHARE, INCORPORATED
CONDENSED CONSOLIDATED BALANCE
SHEET
(in thousands)
March
31,
June
30,
1997
1996
(Unaudited
)
(Audited)
__________
__________
Assets
Current Assets
Cash and cash equivalents
$ 12,030 $ 27,468
Accounts receivable, net
28,721 34,853 Other current
assets 6,986
6,491
__________
__________
Total current assets
47,737 68,812
Property and equipment, net
5,195 4,519 Computer
software, net 9,176
9,064 Deferred income taxes
13,740 7,940
Other assets
7,582 7,903
__________
__________
$ 83,430
$
98,238
__________
__________
__________
__________
Liabilities and Shareholders'
Equity
Current Liabilities
Current portion of
long-term
debt $ 2,574
$ -
Deferred revenue
19,660 18,364 Other current
liabilities 23,119
25,890
__________
__________
Total current liabilities
45,353 44,254
Long-term debt
- 1,913 Other
liabilities 3,381
3,407
Shareholders' equity
34,696 48,664
__________
__________
$ 83,430
$
98,238
__________
__________
__________
__________
CONTACT: Comshare, Inc. Company Contacts: Kathryn Jehle,
313/769-6723 Douglas Hockstad, 313/994-6036 or Financial
Communications: Lippert/Heilshorn & Associates, Inc. Kris
Otridge, 415/433-3777
Ithaca Industries Reports Year-End
Results
WILKESBORO, N.C., April 22, 1997 - Ithaca Industries, Inc.
today announced its year-end results. For the 52-week period
comprising fiscal year ended February 1, 1997, net sales were
$340.3 million while earnings before interest, taxes,
depreciation and amortization (EBITDA), excluding asset
writedowns and recoveries, restructuring charges and
extraordinary items, amounted to $21.3 million.
The results are divided into two distinct periods due to the
financial restructuring discussed below. Because earnings per
share is not applicable to the pre-confirmation period, the
company is using EBITDA as a common measure across both periods.
The company will use net income and earnings per share for its
primary indices of results of operations in future public
reporting.
Financial Restructuring
Ithaca's plan of reorganization under Chapter 11 was confirmed on
November 22, 1996. The financial restructuring resulted in the
conversion of $125 million of debt plus accrued interest into
equity, significantly decreasing the company's leverage and
reducing the company's ongoing interest expense. Ithaca adjusted
the values of certain assets with the adoption of
"fresh-start" accounting at that time. The financial
statements have been separated into preconfirmation periods,
reflecting Ithaca's financial position and results of operations
up to the date of emergence, and post-confirmation periods. In
the financial statements, the post- confirmation amounts have
been separated from the preconfirmation amount by a bold line to
identify the new entity reporting on a fresh-start basis. The
post-confirmation amounts are not comparable to financial
statements for prior periods.
Ten Weeks ended February 1, 1997
In the 10-week period since emerging from bankruptcy, Ithaca
reported sales of $42.7 million. The sales figure included
approximately $6 million of revenues from discontinued products
which will not recur in future periods. The company posted a net
loss of $2.8 million, or $0.28 per share. EBITDA was a loss of
$1.9 million. While the company does not consider its business to
be seasonal, the 10-week period ended February 1, 1997 is
consistent with a traditional period of relatively low sales
activity, and is not believed to be representative of the
company's sales levels and financial results on an annualized
basis.
Sales across all product lines-men's and boy's underwear,
women's and girls' underwear and women's hosiery-declined on both
a dollar and unit basis from the comparable period in fiscal
1996. However, the decline was expected as it reflected the
company's financial restructuring plan which was designed to
eliminate unprofitable products.
While sales for the 10-week period were below the comparable
prior year's period, gross margin improved significantly. For the
1997 period, the gross margin was 10.5 percent while in the 1996
period, Ithaca experienced a gross margin loss as the cost of
sales was higher than the revenues realized. Selling, general and
administrative expenses are not comparable to the prior year
because of workforce reduction and asset writedown charges in the
prior year's period.
Fiscal Year ended February 1, 1997 (consisting of the 42-week
period ended
November 22, 1996 and the 10-week period ended February 1,
1997) As expected, Ithaca saw sales decline 14.7 percent from
$398.8 million in fiscal 1996 to $340.3 million in fiscal 1997,
reflecting implementation of the company's plan to eliminate
unprofitable products. Sales across all product lines on both a
dollar and a unit basis were down from fiscal 1996. Fiscal 1997
sales included $46 million of revenues from the sale of
discontinued products that will not recur in future periods.
EBITDA more than doubled, climbing from $10.1 million in
fiscal 1996 to $21.3 million in the current period, boosted by
improvements in gross margin and lower selling, general and
administrative expenses both in dollar and percentage terms. The
gross margin rose from 11.3 percent last year to 13.7 percent
currently as a result of lower costs from offshore sourcing of
men's and boy's underwear and women's and girls' underwear,
coupled with improved production efficiency in women's hosiery.
Selling, general and administrative expenses as a percentage of
sales fell from 10.9 percent last year to 10.2 percent currently
primarily as a result of lower employee costs and benefits
realized from consolidating distribution centers.
Establishing a Foundation for Profitability
"Fiscal 1997 was a very difficult, yet positive
year," noted Jim D. Waller, Ithaca's chairman, president and
chief executive officer. "We undertook a significant
restructuring by taking a hard look at our operations and
financial position, and we are pleased with our accomplishments
so far."
During fiscal 1997, Ithaca continued to reduce its cost base
by further increasing its offshore production and sourcing
capabilities, consolidating its distribution centers and
realizing manufacturing efficiencies. The exchange of $125
million of notes for common shares will reduce interest expense
by approximately $14 million annually. The company continues to
focus on improved working capital management.
"We will continue to look for additional ways to
reconfigure our business and reduce our cost base, as we pursue
new and additional programs and continue to diversify our sales
base," Waller stated. "We believe that we have already
established a foundation for future profitability."
Waller noted that the industry continues to be adversely
impacted by overcapacity, especially in the sheer hosiery sector,
which has seen its market shrink with the rising popularity of
"corporate casual" apparel for working women. "Our
sales for the first two months of fiscal 1998 are soft,"
Waller noted. "We do not expect to achieve our budgeted
sales in the first quarter of fiscal 1998."
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from future
results implied by such forward-looking statements. These risks
include business risks such as changes in the price of raw
materials, availability of labor and competitive factors;
industry risks such as changes in the retailing industry and
shifts in consumer preferences; financial risks such as liquidity
and access to capital; and other risks as set forth from time to
time in the company's filings with the Securities and Exchange
Commission.
Ithaca Industries, Inc. is one of the largest manufacturers of
private-label underwear and women's hosiery products in the
Untied States. Products are sold through a wide range of retail
distribution channels and are offered to the public through more
than 10,000 customer outlets, including discount stores,
department stores, specialty stores, drug stores and
supermarkets. On November 22, 1996, Ithaca emerged from a
prepackaged plan of bankruptcy and, as part of the
reorganization, exchanged $125 million in debt for 10 million
shares of common stock. There is currently no established public
trading market for the common stock, however, Ithaca is making an
application to list on Nasdaq.
ITHACA INDUSTRIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
10-Week Period ended February 1, 1997,
42-Week Period ended November 22, 1996, and
Year ended February 2, 1996
(Unaudited)
(In thousands, except per share data)
Post-confirmation Preconfirmation
42-Week
10-Week Period Period ended Year ended
ended Feb. 1, 1997 Nov. 22, 1996 Feb. 2,
1996
Net sales $42,708 297,603 398,819
Cost of sales 38,221 255,543 353,937
Gross profit 4,487 42,060 44,882
Selling, general, and
administrative expenses 7,354 27,670 43,486
(Recovery of) provision
for asset write-downs
and restructuring -- (2,964) 51,591
Operating income
(loss) (2,867) 17,354 (50,195)
Interest Expense (1,385) (17,489) (26,905)
Other income 95 625 299
Income (loss) before
reorganization items,
income taxes, and
extraordinary item (4,157) 490 (76,801)
Reorganization items -- 1,176 --
Income (loss) before
income taxes and
extraordinary item (4,157) 1,666 (76,801)
Income tax (expense)
benefit 1,400 (4,218) 27,157
(Loss) income before
extraordinary item (2,757) (2,552) (49,644)
Extraordinary item - gain
on debt discharge
of $90,980 before income
taxes of $23,056 at
Nov. 22, 1996 -- 67,924 --
Net income (loss) ($2,757) 65,372 (49,644)
Income (loss) per common share:
Net income (loss) ($0.28) N/A N/A
Weighted average
common shares
outstanding 10,000 N/A N/A
Supplemental disclosure
- EBITDA, excluding
asset writedowns and
recoveries, restructuring
charges and
extraordinary items (1,902) 23,235 10,109
ITHACA INDUSTRIES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
February 1, 1997 and February 2, 1996
(Unaudited)
(In thousands, except per share data)
Post-confirmation Preconfirmation
Assets February 1, 1997 February 2,
1996
Current assets:
Cash and cash equivalents $66 10,369
Accounts receivable 26,486 30,562
Inventories 65,680 56,079
Assets held for disposition 3,755 17,139
Other current assets 876 34,938
Total current assets 96,863 149,087
Net property, plant, and
equipment 35,531 54,295
Other assets 1,293 5,260
Total assets $133,687 208,642
Liabilities and Stockholders'
Equity (Deficit)
Current liabilities:
Current installments of
long-term debt $70 240,058
Accounts payable and
accrued expenses 24,140 38,953
Other current liabilities 9,130 15,985
Total current liabilities 33,340 294,996
Long-term debt 66,069 --
Deferred income taxes 14,919 7,204
Stockholders' equity (deficit) 19,359 (93,558)
Total liabilities and
stockholders' equity $133,687 208,642
SOURCE Ithaca Industries, Inc. /CONTACT: Eric N. Hoyle, Sr.
Vice President, of Ithaca Industries, Inc., 910-667-5231; or
General Inquiries, Marilyn Windsor, of The Financial Relations
Board, 312-640-6692/