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ANDAL REPORTS FISCAL 1991 RESULTS

 ANDAL REPORTS FISCAL 1991 RESULTS
 NEW YORK, Dec. 20 /PRNewswire/ -- Andal Corp. (AMEX: ADL) today


reported a loss from continuing operations of $18,423,000, or $2.80 per share, for the fourth quarter of its fiscal year ended Sept. 30, 1991, compared with a loss of $296,000, or $.04 per share, in the fourth quarter of last year.
 The loss from continuing operations in 1991 included a one-time charge of $16,781,000 to record the write-off of goodwill related to the company's investment in its Multi-Arc Scientific Coatings division ("Multi-Arc"). For the fiscal year ended Sept. 30, 1991, Andal reported a loss from continuing operations of $21,865,000, or $3.32 per share, compared to a loss of $2,721,000, or $.41 per share, in the prior year. Andal also provided for losses from its discontinued construction operations of $2,000,000, or $.30 per share, and $3,000,000, or $.46 per share, in the fiscal fourth quarter of 1991 and 1990, respectively. The net loss for fiscal 1991 was $23,865,000 or $3.62 per share, compared to a net loss of $5,721,000, or $.87 per share, in the prior year.
 Andal's fourth quarter and fiscal 1991 revenues were $4,789,000 and $41,892,000, respectively, compared to $14,912,000 and $61,389,000, respectively, in the prior year. The decline in fourth quarter and full year revenues resulted from the sale in June 1991 of Andal's business of manufacturing stainless steel and high nickel alloy tubing. In addition, Multi-Arc's revenues in 1991 declined by approximately $2.3 million compared to the prior year. After elimination of the business that was sold, pro forma revenues, net loss, and net loss per share would have been $22,179,000, $23,666,000, and $3.59, respectively, for 1991 compared to $24,515,000, $4,835,000, and $.73 in 1990.
 Andal's results of operations have been determined on a going concern basis which contemplates the realization of assets and the liquidation of liabilities in the ordinary course of business. Andal had a working capital deficiency of approximately $13,000,000 at Sept. 30, 1991, and is currently negotiating with its major lenders to restructure its debt and obtain additional credit. Continuation of the Company as a going concern is dependent upon the successful completion of these negotiations. Andal's results of operations do not include any adjustments relating to the possible effects on the recoverability of assets or the amount of liabilities that may be necessary should the company be unable to continue as a going concern.
 Andal Corp., through its Multi-Arc division, is engaged in surface enhancement as a leading provider of thin-film metal coating services and systems.
 Andal owns a 21 percent interest in Steve's Homemade Ice Cream, Inc., a seller, franchiser, and distributor of premium and super-premium ice cream and frozen yogurt.
 ANDAL CORP. AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands of dollars, except per share amounts)
 Periods Ended Three Months Fiscal Year
 Sept. 30 1991 1990 1991 1990
 Operating revenues $4,789 $14,912 $41,892 $61,389
 Operating costs and expenses:
 Cost of revenues 2,623 10,655 28,961 45,822
 Depreciation expense 655 653 3,060 2,887
 Selling, general and
 administrative expenses 2,668 3,307 11,797 12,703
 Total 5,946 14,615 43,818 61,412
 Income (loss) from operations (1,157) 297 (1,926) (23)
 Other income (expense):
 Investment and other income, net 114 519 401 1,144
 Interest expense (571) (1,009) (3,172) (3,376)
 Amortization and write-off of
 goodwill (16,904) (123) (17,273) (492)
 Total (17,361) (613) (20,044) (2,724)
 Equity in net income of
 Steve's Homemade Ice Cream, Inc. 135 -- 145 95
 Income (loss) from continuing
 operations before income taxes (38,383) (316) (21,825) (2,652)
 Provision for income taxes (40) 20 (40) (69)
 Income (loss) from continuing
 operations (18,423) (296) (21,865) (2,721)
 Loss from discontinued operations (2,000) (3,000) (2,000) (3,000)
 Net income (loss) (20,423) (3,296) (23,865) (5,721)
 Net income (loss) per common share
 Income from continuing
 operations $(2.80) $(0.04) $(3.32) $(0.41)
 Income (loss) from discontinued
 operations (0.30) (0.46) (0.30) (0.46)
 Net income (loss) $(3.10) $(0.50) $(3.62) $(0.87)
 Average number of common shares
 outstanding (000) 6,586 6,586 6,586 6,586
 -0- 12/20/91
 /CONTACT: Michael S. Huber of Andal, 212-688-4440/
 (ADL) CO: Andal Corp. ST: New York IN: SU: ERN PS -- NY082 -- 4575 12/20/91 17:30 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Dec 20, 1991
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