ARTRA GROUP Reports Second Quarter Results, Shareholders to Vote On Entrade Merger On September 22, 1999.NORTHFIELD Northfield, city (1990 pop. 14,684), Rice co., SE Minn., near Minneapolis–St. Paul, on the Cannon River; inc. 1875. It is the trade center for a dairy and farming region. Manufactures include printed circuit boards, toys, feeds and seeds, and cereals. On Sept. , Ill.--(BUSINESS WIRE)--Aug. 19, 1999-- ARTRA GROUP Incorporated (NYSE NYSE See: New York Stock Exchange :ATA (1) (AT Attachment) The specification for IDE drives. See IDE. (2) See analog telephone adapter. ATA - Advanced Technology Attachment ) today reported a net loss of $3,053,000 (or $.37 per share) for the second quarter ended June June: see month. 30, 1999 compared to a net loss of $166,000 (or $.03 per share) a year earlier. The 1999 second quarter loss included a compensation charge of $1,475,000 for stock options related to both ARTRA's planned entry into the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the business-to-business  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. and on-line auction business and the employment of ARTRA's new President and Chief Executive Officer plus $867,000 of working capital expenses relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc entrade.com. As previously announced, ARTRA expects to complete its merger with Entrade Inc. during the third quarter ending September September: see month. 30, 1999. ARTRA has received confirmation from the Securities and Exchange Commission that Entrade's Form S-4 registration statement is effective as of today. Accordingly, ARTRA has set its annual meeting on September 22, 1999 for purposes of obtaining shareholder approval of the merger (for shareholders of record as of June 25, 1999) and other general corporate matters. Note: the attached statistical array includes ARTRA's results for both the second quarter and first-half of 1999. (FYI "For your information." See digispeak. FYI - For Your Information : Internet websites related to the Entrade Inc. acquisition are entrade.com, utiliparts.com and asseTrade.com.) ARTRA also owns approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 9% (1,525,500 common shares) of COMFORCE Corporation (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. : CFS CFS abbr. chronic fatigue syndrome CFS, n.pr See syndrome, chronic fatigue. CFS Chronic fatigue syndrome, see there ), a leader in professional staffing, consulting and outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. solutions to high-tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. industries. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : Statements contained in the press release, which are not historical facts are forward-looking statements. Such forward-looking statements are necessary estimates reflecting the best judgement of the party making such statements based upon current information and involve a number of risks and uncertainties. Forward-looking statements contained in this press release or in other public statements of the parties should be considered in light of those factors. There can be no assurances that such factors or other factors will not affect the accuracy of such forward-looking statements.
ARTRA GROUP INCORPORATED AND SUBSIDIARIES
SUMMARY FINANCIAL DATA
(In thousands except per share data)
THREE MONTHS ENDED SIX MONTHS ENDED
--------------------- --------------------
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
--------------------- --------------------
(Unaudited) (Unaudited)
Summary results of operations:
Net sales (a) $ - $ - $ - $ -
========= ========= ========= ========
Operating loss (b) -$3,174 -$530 -$4,528 -$1,152
========= ========= ========= ========
Loss from continuing
operations -$3,053 -$1,114 -$4,321(c) -$2,893
Loss from discontinued
operations - 948 - 810
--------- --------- --------- --------
Net loss -3,053 -166 -4,321 -2,083
Dividends applicable to
redeemable preferred stock -130 -95 -194 -219
--------- --------- --------- --------
Loss applicable to common
shares -$3,183 -$261 -$4,515 -$2,302
========= ========= ========= ========
Earnings (loss) per share
Basic
Continuing operations -$0.37 -$0.15 -$0.54 -$0.39
Discontinued operations - 0.12 - 0.10
--------- --------- --------- --------
-$0.37 -$0.03 -$0.54 -$0.29
========= ========= ========= ========
Diluted
Continuing operations -$0.37 -$0.15 -$0.54 -$0.39
Discontinued operations - 0.12 - 0.10
--------- --------- --------- --------
-$0.37 -$0.03 -$0.54 -$0.29
========= ========= ========= ========
Weighted average shares and
equivalents outstanding
Basic 8,655 7,864 8,331 7,914
========= ========= ========= ========
Diluted 8,655 7,864 8,331 7,914
========= ========= ========= ========
June 30, June 30,
1999 1998
----------------------------
(Unaudited)
Summary balance sheet data:
Cash and cash equivalents $10,495 $ -
============ ============
Working capital $4,725 $1,140
============ ============
Total assets $16,921 $71,084
============ ============
Long-term debt - $43,784
============ ============
Shareholders' equity (deficit) $3,191 -$24,771
============ ============
ARTRA GROUP INCORPORATED AND SUBSIDIARIES
NOTES TO SUMMARY FINANCIAL DATA
(a) Effective November 20, 1998, the Company sold the assets of its
operating subsidiary, Bagcraft Corporation of America. Accordingly,
Bagcraft's results of operations for the three and six months ended
June 30, 1998 have been reflected in discontinued operations. The
operations of entrade.com will be included the ARTRA's consolidated
financial statements upon approval of the merger by ARTRA's
shareholders.
(b) Loss before interest, other income (expense), net and income
taxes.
(c) Includes $1,300,000 of expenses (principally start-up costs) and
$1,200,000 of stock option compensation costs relating to ARTRA's
planned entry into the Internet business-to-business e-commerce and
on-line auction business.
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