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InterNet Bankruptcy Library - News for August 29, 1997







Bankruptcy News For August 29, 1997




        
  1. Clothestime Announces Second
            Quarter Financial Results

  2.     
  3. Michael Anthony Jewelers, Inc. Reports
            Second Quarter, Six Months Results

  4.     
  5. Toy Biz Issues Update on Negotiations
            with Marvel






Clothestime Announces Second Quarter
Financial Results



ANAHEIM, Calif.---Aug. 29, 1997--The href="chap11.clothestime.html">Clothestime Inc. (OTC:CTMEQ)
Friday announced results for the second quarter ended July 26,
1997.



Sales for the second quarter were $46.3 million, compared with
$59.5 million for the same period last year. For the first six
months of fiscal 1997, total sales were $88.8 million, compared
with $103.2 million for the first six months of last year.



Net income for the second quarter was $140,000, or 1 cent per
share, compared with a net loss of $4.2 million, or 30 cents per
share, in the same quarter last year. For the first six months of
fiscal 1997, the net loss was $3.2 million, or 23 cents per
share, compared with a net loss of $10 million, or 71 cents per
share, for the same period last year.



Clothestime currently operates 264 women's apparel stores in
15 states, offering primarily in-season, moderately-priced
sportswear, dresses and accessories, emphasizing fashion at a
discount from department and specialty stores.



                             The Clothestime Inc.
                  Summary Results of Operations
                  (Unaudited) (000's Omitted,
                  Except Per Share Amounts)


                              Second Quarter     
                                 Six Months Ended
                           July 26,    July 27,
                           July 26,      July 27,
                             1997        1996    
                              1997          1996


  Net Sales              $ 46,345    $ 59,492  $
  88,827      $103,159


  Net Income/(Loss)           140      (4,189)  
  (3,241) (10,041)


  Income/(Loss) Per Share  $ 0.01      $(0.30)  
  $(0.23) $(0.71)


  Average Shares 
   Outstanding             14,198      14,198   
   14,198        14,198


On Dec. 8, 1995, The Clothestime Inc. and five of its
subsidiaries filed for protection under Chapter 11 of the U.S.
Bankruptcy Code.



CONTACT: The Clothestime Inc., Anaheim Douglas L. Pereira,
714/779-5881, ext. 2410






Michael Anthony Jewelers, Inc. Reports
Second Quarter, Six Months Results



MT. VERNON, N.Y., Aug. 29, 1997 - Michael Anthony Jewelers,
Inc. (Amex: MAJ), a leading marketer and manufacturer of gold
jewelry, today reported results for the second quarter and six
months ended August 2, 1997.



Sales for the second quarter were $22,618,000, a decrease of
$5,088,000 or 18% from sales of $27,706,000 in the prior year's
comparable period. The net loss for the quarter was $1,267,000 or
$.16 per share on 7,706,000 weighted average shares outstanding,
compared to a net loss of $625,000, or $.08 per share on
8,256,000 weighted average shares outstanding in last year's
comparable period.



Sales for the six month period were $50,224,000, a decrease of
$6,685,000 or 12% from sales of $56,909,000 in the prior year's
comparable period. The net loss for the six month period was
$1,690,000 or $.22 per share on 7,787,000 weighted average shares
outstanding, compared to a net loss of $617,000 or $.08 per share
on 8,265,000 weighted average shares outstanding in last year's
comparable period.



Commenting on the Company's performance, Michael Paolercio,
Chief Executive Officer stated, "Although our reported sales
figures were down 12% for first six months compared to last
year's comparable period, the decrease was primarily attributed
to lower gold prices. Our sales were also lower due to reduced
shipments to several accounts which had filed for bankruptcy
protection, namely Barry's Jewelers and Montgomery Ward. In
addition, retailers in general continued their efforts to lower
their inventories in a very soft gold market." Mr. Paolercio
also noted that selling, general and administrative expenses for
the six-month period were higher than last year due to a number
of factors, including higher bad debt provisions, increased
marketing expenses and expenses incurred in connection with the
termination of a merger agreement.



"Our slowest two quarters are now behind us. We are
optimistic that, in the longer term, the achievement of our sales
objectives will allow Michael Anthony to realize its earning
potential and enhance shareholder value."



Michael Anthony Jewelers is a leading designer, marketer and
manufacturer of affordable fine jewelry, whose customers include
jewelry chain stores, discount stores, department stores,
television shopping networks, catalogue retailers, and
wholesalers.



                            MICHAEL ANTHONY
                            JEWELERS, INC.
                           Financial Highlights
                           (Unaudited)


                                             For
                                             the
                                             Thre
                                             e
                                             Mont
                                             hs
                                             Ende
                                             d
                                     August 2,
                                     1997
  July 27, 1996


      Net sales          $22,618,000       
      100.0%  $27,706,000
  100.0%


      Gross profit on sales3,651,000         
      16.1    4,065,000
  14.7


        Selling, general
         and administrative
       expenses            5,845,000         
       25.8    4,482,000
  16.2
      Other income (expense) 105,000          
      0.0      (591,000)
  (2.1)
      Loss before taxes    2,089,000          
      9.2    1,008,000
  3.6


      Net loss             1,267,000          
      5.6      625,000
  2.3


      Loss per share            $.16           
      --         $.08
  --


        Weighted average
         number of shares
       outstanding         7,706,000           
       --    8,256,000
  --


                                          For the
                                          Six
                                          Months
                                          Ended
                                     August 2,
                                     1997
  July 27, 1996


      Net sales          $50,224,000       
      100.0%  $56,909,000
  100.0%


      Gross profit on sales8,713,000         
      17.3    9,018,000
  15.8


        Selling, general
         and administrative
       expenses           11,097,000         
       22.1    8,817,000
  15.5
      Other income (expense)(387,000)        
      (.8)   (1,197,000)
  (2.1)
      Loss before taxes    2,771,000          
      5.5      996,000
  1.8


      Net loss             1,690,000          
      3.4      617,000
  1.1


      Loss per share            $.22           
      --         $.08
  --


        Weighted average
         number of shares
       outstanding         7,787,000           
       --      265,000
  --


Except for historical information contained herein, the
matters set forth in this news release are forward-looking
statements that involve certain risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements. These uncertainties include general
economic conditions, jewelry industry conditions, the effects of
competition and the success of new products and programs.



SOURCE Michael Anthony Jewelers, Inc. /CONTACT: Allan Corn,
Chief Financial Officer of Michael Anthony Jewelers, 914-699-0000
Ext. 464/






Toy Biz Issues Update on Negotiations with Marvel



NEW YORK, NY - Aug. 29, 1997 - Toy Biz, Inc. (NYSE: TBZ)
announced today that a number of significant business issues
remain unresolved in its negotiations with href="chap11.marvel.html">Marvel Entertainment Group, Inc.
(NYSE: MRV) and its senior secured lenders concerning a
previously announced proposal to combine Marvel and Toy Biz. Toy
Biz is issuing this announcement in response to a press release
issued by Marvel on August 28 which stated that it is unlikely
that an agreement can be reached with respect to that proposal.



Joseph Ahearn, President and Chief Executive Officer of Toy
Biz, said, "We are very disappointed that our negotiations
appear to have stalled. Toy Biz continues to be willing to
discuss the proposed combination of Toy Biz and Marvel if it can
be accomplished on terms that are fair to Toy Biz and its
shareholders. Toy Biz has a strong core business and will
vigorously protect itself from any of the challenges previously
threatened by Marvel if an agreement cannot be reached."



Under the proposed arrangement, Marvel and Toy Biz would have
combined in a transaction which provided the stockholders of Toy
Biz, other than Marvel, with 49% of the common stock of the
combined entity and would have provided Marvel's equity holders,
including the unsecured creditors, with 51% of the common stock
of the combined entity.



As a matter of policy, Toy Biz will not comment on ongoing
discussions or rumors with respect to its discussions.



Toy Biz, Inc. designs, markets and distributes new and
traditional toys in the boys, girls, preschool and activity toy
categories featuring major entertainment and consumer brand name
properties under agreements with Marvel, NASCAR, Coleman, Disney,
Gerber, Henson, MCA/Universal and Warner Bros.



Forward-Looking Statements: Except for historical information
contained herein, the statements in this news release regarding
the Company's products, licensing relationships and growth plans
are forward-looking statements that are dependent upon certain
risks and uncertainties, including those relating to the outcome
of the Marvel bankruptcy, the level of media exposure or the
popularity of the Company's characters and trademarks, consumer
acceptance of the Company's new product introductions, the
Company's dependence on manufacturers in China, U.S. trade
relations with China, changing consumer preferences, production
delays or shortfalls and general economic conditions. Those and
other risks and uncertainties are described in the Company's
filings with the Securities and Exchange Commission, including
the Company's Annual Report on Form 10K and Quarterly Reports on
Form 10Q.



SOURCE Toy Biz, Inc. /CONTACT: Media, Kerry O'Brien,
212-704-8292, or Analysts, Joseph Kist, 212-704-8239, or Devin
McDonell, 212-704-4523, all of Edelman Financial, for Toy Biz/