Printer Friendly

ARISTOTLE CORPORATION REPORTS JUNE 30 RESULTS

 NEW HAVEN, Conn., July 23 /PRNewswire/ -- The Aristotle Corporation (NASDAQ: ARTLE) reported a loss of $4.6 million or 42 cents per share for the quarter ending June 30, 1993, compared with $20.6 million or $1.88 per share for the same period last year. The company also announced that it will change its fiscal year end to June 30. The company's loss for the twelve month period ending June 30, 1993, was $30.0 million or $2.71 per share compared with $70.6 million or $6.44 per share last year.
 "The loss for the latest 1993 quarter is primarily due to the establishment of a reserve of $4.3 million for claims of the Federal Deposit Insurance Corporation ("FDIC") on tax refunds received or to be received by the company. The possibility of these claims was disclosed in prior shareholder and regulatory reports," said John Crawford, president and chief executive officer. "Although we believe that these tax refunds are based on contractual agreements between the company and its former subsidiary, First Constitution Bank, we have now received from the FDIC correspondence indicating they will assert a claim. Thus, we felt it proper to establish a reserve at this time."
 "The company continues to actively seek the acquisition of a profitable business," stated Crawford. "Expenses associated with the review of possible acquisition targets contributed to the increase in administrative expenses from last year," Crawford said.
 The Aristotle Corporation common shares are traded on The NASDAQ National Market System. The trading symbol is ARTLE. At June 30, 1993, there were 10,989,952 shares outstanding.
 ARISTOTLE CORPORATION
 Statements of Operations
 (in thousands except for share data)
 Three Months Years Ended
 Ended June 30 June 30,
 1993 1992 1993 1992
 Income and expenses:
 Investment income (loss):
 Interest and dividend
 income $118 $39 $317 $39
 Gain on sale of
 securities --- 376 91 608
 Write-down of
 securities (38) --- (38) (5)
 Total 80 415 370 642
 Other income:
 Recoverable legal fees --- 448 --- 448
 Administrative expenses:
 Compensation and
 benefits 69 83 417 388
 Professional fees 147 136 524 964
 All other 161 33 (758) 1,775
 Total 377 252 183 3,127
 Gain (loss) from
 continuing operations
 before income taxes (297) 611 187 (2,037)
 Income tax expense
 (benefit) 4,287 (1,699) 4,415 (1,430)
 Gain (loss) from contin-
 uing operations (4,584) 2,310 (4,228) (607)
 Discontinued operations:
 Loss from operations of
 subsidiary prior to
 seizure --- (22,911) --- (70,038)
 Loss on write-off of
 subsidiary upon
 seizure --- --- (25,447) ---
 Loss from discontinued
 operations --- (22,911) (25,447) (70,038)
 Net loss $(4,584) $(20,610) $(29,675) $(70,645)
 Gain (loss) per share
 from continuing
 operations (42 cents) 21 cents (39 cents) (5 cents)
 Loss per share from
 discontinued
 operations --- (2.09) (2.32) (6.39)
 Net loss per share (42 cents) $(1.88) $(2.71) $(6.44)
 Weighted average
 shares
 outstanding 10,975,078 10,956,519 10,958,091 10,956,077
 Balance Sheets
 (in thousands except for share data)
 June 30, June 30,
 1993 1992
 Assets:
 Cash and cash equivalents $5,832 $6,901
 Investments held for sale 3,977 342
 Income tax receivable, net --- 4,363
 Investment in seized
 subsidiary --- 25,447
 Other assets 736 565
 Total assets $10,545 $37,618
 Liabilities and Shareholders'
 Equity
 Accrued expenses and other
 liabilities $4,386 $1,808
 Shareholders' equity
 Preferred shares $1 par
 value authorized --
 3 million shares
 Issued -- none --- ---
 Common shares $1 par value
 authorized 20 million
 Issued 11,058,019 shares,
 outstanding 10,989,952,
 and 10,956,519 shares
 respectively 11,058 11,058
 Additional paid-in capital 149,633 150,313
 Retained deficit (153,636) (123,961)
 Less: treasury stock 68,067
 and 101,500 shares respect-
 ively at cost (896) (1,600)
 Total shareholders equity 6,159 35,810
 Total liabilities and
 shareholders' equity $10,545 $37,618
 -0- 7/23/93
 /CONTACT: John J. Crawford or George Brooks-Gonyer, both of the Aristotle Corporation, 203-867-4090/
 (ARTLE)


CO: Aristotle Corporation ST: Connecticut IN: FIN SU: ERN

CM -- NE004 -- 5267 07/23/93 15:46 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 23, 1993
Words:681
Previous Article:NATIONAL TIRE SERVICES ANNOUNCES ACQUISITION AND OTHER DEVELOPMENTS
Next Article:MONEY SMALL INVESTOR INDEX: SMALL INVESTORS FLEE ENERGY STOCKS
Topics:


Related Articles
THE ARISTOTLE CORPORATION ANNOUNCES THAT KPMG PEAT MARWICK WILL NO LONGER SERVE AS INDEPENDENT ACCOUNTANT FOR THE COMPANY
ARISTOTLE CORPORATION ANNOUNCES AGREEMENT TO PURCHASE STROUSE, ADLER COMPANY
ARISTOTLE CORPORATION REPORTS FIRST QUARTER RESULTS: SIGNS DEFINITIVE PURCHASE AGREEMENT
ARISTOTLE CORPORATION REPORTS THIRD QUARTER RESULTS
ARISTOTLE CORPORATION REPORTS FOURTH QUARTER PROFIT AND YEAR END LOSS
ARISTOTLE CORP. REPORTS FIRST QUARTER PROFIT
Aristotle Settles Litigation with FDIC and Shareholders
Aristotle Corporation Reports Fourth Quarter Results
The Aristotle Corporation Announces Fiscal Year 2001 Earnings.
The Aristotle Corporation Announces Second Quarter Revenue and Net Income.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters