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AMDURA CORPORATION ANNOUNCES CONSOLIDATED STATEMENT OF OPERATIONS

AMDURA CORPORATION ANNOUNCES CONSOLIDATED con·sol·i·date  
v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates

v.tr.
1. To unite into one system or whole; combine:
 STATEMENT OF OPERATIONS See Income statement.  
    TULSA, Okla., June 10 /PRNewswire/ -- Amdura Corporation (NYSE:ADU) released today its consolidated statement of operations which was included in its audited financial statements included in its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 1991 (the "1991 Form 10-K") previously filed by Amdura with the Securities and Exchange Commission.  Such statement of operations is set forth below.
    Because of Amdura's emergence from bankruptcy during the fourth quarter of its 1991 fiscal year and its corresponding application of fresh start reporting as required by Statement of Position 90-7 of the American Institute of Certified Public Accountants, such consolidated statement of operations includes a number of non-recurring items including a one time extraordinary gain.  Accordingly, such consolidated statement of operations should be read in conjunction with the detailed footnotes and other disclosures included in Amdura's 1991 Form 10-K.
    Given the non-recurring items relating to Amdura's bankruptcy which are included in the consolidated statement of operations, data with respect to the years ended Dec. 31, 1990 and 1991 set forth in Amdura's earlier press release on this date provided revenue and net income (loss) data for Amdura's heavy manufacturing operations, The Crosby Group, Inc. and The Harris Waste Management Group, Inc.  Such revenue data in the aggregate are derived directly from the net sales line item for the 1990 and 1991 periods included in the following consolidated statement of operations.  Such net income (loss) data for such periods, however, is not directly traceable to such statement of operations.
     The net income from heavy manufacturing operations of $9,694,000, less expenses incurred by the bankruptcy estates of Amdura of $17,810,000 and interest expense incurred in the first quarter on Amdura's pre-bankruptcy debt of $9,689,000, comprised the net loss for the fiscal year ended Dec. 31, 1990 of $(17,805,000).  The net income from heavy manufacturing operations of $151,000 less the expenses incurred by the bankruptcy estates of Amdura of $8,124,000, plus the required fresh start adjustment of $32,248,000 and the extraordinary gain on forgiveness of debt of $135,987,000, comprised the net income for the 10 months ended Oct. 31, 1991 of $160,262,000.  The net loss from heavy manufacturing operations of $(795,000), combined with the ongoing Amdura corporate expenses of $829,000, comprised the net loss for the two months ended December 31, 1991 of $(1,624,000).
    Copies of Amdura's 1991 Form 10-K are available, without charge, upon written or oral request.  Requests for such copies should be directed to Doug Pimple at 918-834-4611, or 2801 Dawson Rd., P.O. Box 3128, Tulsa, Okla., 74101.  Because Amdura has been delayed in the holding of its 1992 annual meeting of stockholders, it intends to transmit by mail a copy of its 1991 Form 10-K to each of its stockholders by June 17, 1992.
    Amdura, headquartered in Tulsa, is through its subsidiaries a specialty manufacturer of products for the overhead lifting and waste recycling and disposal markets.
                 AMDURA CORPORATION AND SUBSIDIARIES
                Consolidated Statements of Operations
               (In thousands except per share amounts)
                              Successor
                               Company       Predecessor Company
    Periods                   Two months  10 months       Year
    ended                     12/31/91    10/31/91  12/31/90 12/31/89
      Revenues:
    Net sales                  $ 19,453  $124,635  $150,436  $150,704
    Other                           466     1,125     1,928     3,488
    Total revenues               19,919   125,760   152,364   154,192
     Costs and Expenses:
    Cost of products sold        16,634   105,508   122,673   126,172
    Selling and administration    3,970    20,468    29,150    28,297
    Moving and relocation            --        --        --     2,769
    Consent solicitation             --        --        --     6,648
    Valuation adjustment             --     2,443        --    10,000
    Interest                        846       718    10,382    34,940
    Total costs and expenses     21,450   129,137   162,205   208,826
     Reorganization items:
    Professional fees                --    10,605     9,149        --
    Interest income                  --    (5,887)   (3,947)       --
    Other                            --       731     1,298        --
    Fresh start adjustment           --   (32,248)       --        --
    Total reorganization items       --   (26,799)    6,500        --
    Income (loss) from
     continuing operations
     before income taxes           (1,531)   23,422   (16,341)  (54,634)
    Income tax on continuing
     operations                        93       319       695       815
    Income (loss) from
     continuing operations         (1,624)   23,103   (17,036)  (55,449)
    Income (loss) from
     discontinued operations           --     1,172      (769) (159,124)
    Income (loss) from
     operations before
     extraordinary item            (1,624)   24,275   (17,805) (214,573)
    Extraordinary gain on the
     forgiveness of debt               --   135,987        --        --
    Net income (loss)            $ (1,624) $160,262  $(17,805)$(214,573)
    Net loss per common share    $   (.14)
    Weighted average number of
     equivalent shares used in
     computing net loss per share  11,968
    -0-                              6/10/92
    /CONTACT:  Doug Pimple of AMDURA Corporation, 918-834-4611/
    (ADU) CO: Amdura Corporation ST: Oklahoma IN: SU: ERN


AH -- NY076 -- 9035 06/10/92 18:44 EDT EDT
abbr.
Eastern Daylight Time


EDT Eastern Daylight Time

EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York

EDT 
 
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Publication:PR Newswire
Date:Jun 10, 1992
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