Andersen Group, Inc. Corrects and Replaces Previous Second Quarter Results Announcement BW2637, NY-ANDERSEN-GROUP.Business Editors NOTE: The following news release replaces and corrects the previous Andersen Group, Inc. news release, which ran earlier Wednesday Wednesday: see week. on Business Wire, BW2637 (NY-ANDERSEN-GROUP) NEW YORK--(BUSINESS WIRE)--Oct. 4, 2000 Andersen Group, Inc. Reports Second Quarter Results NEW YORK--(BUSINESS WIRE)--Oct. 4, 2000 Andersen Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :"ANDR ANDR Anhydrite (lithological term) ANDR Additional National Design Requirement ") today announced the results of its operations for the three and six months ended August 31, 2000. For the three months ended August 31, 2000, the Company reported a net loss applicable to common shares of $137,000, or $0.07 per share, basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , compared to a net loss applicable to common shares of $223,000, or $0.12 per share, basic and diluted, in the second quarter of 1999. Revenues in the current fiscal quarter totaled $10,318,000, as compared to revenue of $7,309,000 in the prior fiscal year's second quarter. For the six months ended August 31, 2000, the Company's net loss applicable to common shares totaled $339,000, or $0.17 per share, basic and diluted, compared to the prior fiscal year's six months results net income applicable to common shares of $37,000, or $0.02 per share, basic and diluted. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. revenues total $19,923,000, as compared to $15,510,000 through the first six months of the prior fiscal year. Francis Francis, French prince, duke of Alençon and Anjou Francis, 1554–84, French prince, duke of Alençon and Anjou; youngest son of King Henry II of France and Catherine de' Medici. E. Baker, Chairman, stated, "This quarter represents the first time that the results of ComCor-TV are incorporated in our financial results for an entire quarter. The inclusion of our equity in Moscow Moscow, city, Russia Moscow (mŏs`kou, –kō), Rus. Moskva, city (1991 est. pop. 8,802,000), capital of Russia and of Moscow region and the administrative center of the Central district, W central European Russia, on the Broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). Communication's losses, which are comprised primarily of its nearly 50% equity interest in ComCor-TV, resulted in the inclusion of $201,000 of non-cash losses in the quarter. Year-to-date, our equity in Moscow Broadband's losses total $316,000." "For the quarter, the Company's consolidated income from operations of $89,000 was the result of increases in the value of our Russian Russian associated in some way with Russia. Russian blue a breed of cats with short, dense, silver-tipped blue-colored coat and vivid green eyes. and Ukrainian trading port-folio, and improved operating results from J. M. Ney." Andersen Group, Inc. Andersen Group, Inc. is a US-based company quoted on NASDAQ (ANDR). Andersen Group is focused on direct investment opportunities in 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 and broadband communications in Moscow, and the FSU FSU Florida State University FSU Former Soviet Union FSU Ferris State University FSU Fayetteville State University (North Carolina) FSU Frostburg State University FSU Finance Sector Union (Former Soviet Union). Through its 25% ownership interest in and, voting control of, Moscow Broadband Communication LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability , a Cyprus-based limited liability company which has an approximately 50% ownership interest in ComCor-TV, Andersen Group provides management and financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . ComCor-TV is a broadband cable operator in Moscow licensed to provide video, Internet and telephony Meaning "sound over distance," it refers to electronically transmitting the human voice. In the beginning, telephony dealt only with analog signals in the circuit-switched networks of the telephone companies. to up to 1.5 million homes and businesses and is also currently developing a new Moscow Internet portal. Andersen Group also maintains passive investments in Russia Russia, officially the Russian Federation, Rus. Rossiya, republic (2005 est. pop. 143,420,000), 6,591,100 sq mi (17,070,949 sq km). and Ukraine Ukraine (y  `krān, ykrān`), Ukr. Ukraina, republic (2005 est. pop. , and
consolidates its wholly owned subsidiary Wholly Owned SubsidiaryA subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , The J.M. Ney Company, a precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. and precision parts manufacturer located in Bloomfield Bloomfield. 1 Town (1990 pop. 19,483), Hartford co., N Conn., a suburb of Hartford, in a tobacco and dairy region; settled c.1642, inc. 1835. Helicopter parts are made there. 2 City (1990 pop. 45,061), Essex co., NE N.J. , CT. This press release contains 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. , estimates of plans, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from results or plans expressed or implied by such forward-looking statements. Andersen Group, Inc. is a diversified diversified (di·verˑ·s holding company with a subsidiary that manufactures electronic contacts, components and precious metal materials. It also holds a variety of other investments, including a portfolio of Russian and Eastern European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. securities, common stock of certain financial institutions, and investments in Russian companies This is a list of companies from Russia. See List of banks in Russia for banks. Company Industry MICEX RTS 1C Company Software - - Acron (company) Chemicals - RTS:B>AKRN Aeroflot Airlines MICEX:B>AFLT RTS:B>AFLT Alfa Group Investment - - that produce and process titanium titanium (tītā`nēəm, tĭ–) [from Titan], metallic chemical element; symbol Ti; at. no. 22; at. wt. 47.88; m.p. 1,675°C;; b.p. 3,260°C;; sp. gr. 4.54 at 20°C;; valence +2, +3, or +4. and are involved in developing data transmission networks in Russia.
ANDERSEN GROUP, INC.
Consolidated Statements of Operations
(In thousands, except per share data)
Three months ended Six months ended
August 31, August 31, August 31, August 31,
2000 1999 2000 1999
----------- ----------- ----------- -----------
(unaudited) (unaudited)
Sales and revenues:
Net sales $ 9,894 $ 7,051 $ 19,360 $ 14,349
Investment and
other income
(loss) 424 258 563 1,161
----------- ----------- ----------- -----------
10,318 7,309 19,923 15,510
----------- ----------- ----------- -----------
Costs and expenses:
Cost of sales 7,478 4,944 14,440 9,897
Selling, general
and administrative 1,695 1,602 3,204 3,298
Research and
development 608 561 1,232 1,133
Interest expense 448 383 1,037 771
----------- ----------- ----------- -----------
10,229 7,490 19,913 15,099
----------- ----------- ----------- -----------
Income (loss) from
operations before
equity in losses
of unconsolidated
subsidiary and
income taxes 89 (181) 10 411
Equity in losses
of Moscow Broadband
Communications (201) -- (316) --
----------- ----------- ----------- -----------
(112) (181) (306) 411
Income tax expense
(benefit) (52) (54) (120) 182
----------- ----------- ----------- -----------
Net income (loss) (60) (127) (186) 229
Preferred
dividends (77) (96) (153) (192)
----------- ----------- ----------- -----------
Income (loss)
applicable to
common shares ($ 137) ($ 223) ($ 339) $ 37
=========== =========== =========== ===========
Earnings (loss)
per common share
Basic and diluted
Continuing
operations ($ 0.07) ($ 0.12) ($ 0.17) $ 0.02
----------- ----------- ----------- -----------
Net income
(loss) ($ 0.07) ($ 0.12) ($ 0.17) $ 0.02
=========== =========== =========== ===========
Weighted average
common and common
equivalent shares
outstanding 2,054,546 1,932,305 2,046,984 1,930,269
See accompanying notes to consolidated financial statements
PART 1: FINANCIAL INFORMATION
Item 1: Financial Statements
ANDERSEN GROUP, INC.
Consolidated Balance Sheets
(In thousands)
August 31, February 29,
2000 2000
---------- ------------
ASSETS
Current assets:
Cash and cash equivalents $ 766 $ 1,854
Marketable securities 1,139 926
Accounts and other receivables less
allowances of $108 and $111 6,605 4,657
Inventories 7,215 8,019
Prepaid expenses and other assets 277 468
-------- --------
Total current assets 16,002 15,924
Property, plant and equipment, net 9,627 10,148
Prepaid pension expense 4,947 4,917
Investment in Moscow Broadband
Communications Ltd. 3,768 4,084
Other assets 2,209 2,045
-------- --------
$ 36,553 $ 37,118
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt $ 521 $ 521
Note payable to officer, net of unamortized
discount $ 1,142
Short term borrowing 2,900 3,054
Accounts payable 751 1,015
Other current liabilities 1,533 1,674
Current deferred income taxes 545 456
-------- --------
Total current liabilities 7,392 6,720
-------- --------
Long-term debt, less current maturities 3,141 3,190
Note payable to officer, net of unamortized
discount -- 933
Subordinated note payable, net of unamortized
discount 7,373 7,358
Other liabilities 2,023 1,973
Deferred income taxes 1,558 1,682
-------- --------
Total liabilities 21,487 21,856
-------- --------
Stockholders' equity:
Cumulative convertible preferred stock 3,799 4,033
Common stock 21 20
Additional paid-in capital 6,338 6,141
Retained earnings 5,005 5,344
Treasury stock (97) (276)
Receivable from Stockholder 0 0
-------- --------
Total stockholders' equity 15,066 15,262
-------- --------
$ 36,553 $ 37,118
======== ========
See accompanying notes to consolidated financial statements
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