Brooke Group reports first quarter 1997 financial results.MIAMI--(BUSINESS WIRE)--May 15, 1997--Brooke Group Ltd. (NYSE NYSE See: New York Stock Exchange : BGL BGL The pre-July 1999 ISO 4217 currency code for Bulgarian Lev. ) today announced financial results for the first quarter ended March 31, 1997. First quarter 1997 revenues were $80 million, compared to revenues of $90.5 million in the first quarter of 1996. The company recorded operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $0.9 million in the 1997 first quarter versus an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $1.4 million in 1996. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the before income taxes was $6.6 million in the 1997 first quarter, versus a loss of $17.6 million in the 1996 period, and included for the 1997 period a gain of $22.0 million from the sale of assets. Net income applicable to common shares in the 1997 quarter was $6.2 million, or 34 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to a loss of $16.0 million, or 86 cents per share, in the first quarter of 1996. Brooke Brooke , Rupert 1887-1915. British poet known for his war poetry suffused with a romantic patriotic quality. Noun 1. Brooke - English lyric poet (1887-1915) Rupert Brooke Group is a holding company which owns Liggett Group Liggett Tobacco, formerly known as Liggett & Myers Tobacco Company is the 4th largest tobacco company in the United States. Its headquarters are located in Durham, North Carolina. Its CEO is Bennett S. LeBow. Inc. and controlling interests controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Liggett-Ducat Ltd. and New Valley Corp. -0-
BROOKE GROUP LTD. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousand, Except Per Share Amounts)
(Unaudited)
Three Months Ended March 31,
1997 1996
Revenues(a) $80,005 $90,516
Cost of goods sold(a) 41,845 47,048
Gross Profit 38,160 43,468
Operating, selling,
administrative, and
general expenses 37,522 44,892
Operating Income (loss) 858 (1,424)
Other income (expenses)
Interest income 559 18
Interest Expense (15,467) (14,777)
Equity in (loss) earnings
of affiliate (8,557) (1,577)
Sale of assets 22,021 -
Retirement of debt 2,963 -
Proceeds from legal settlement 4,125 -
Other, net 119 115
Income (loss) from continuing
operations before income taxes 6,601 (17,645)
Provision (benefit) for income
taxes 744 435
Income (loss) from continuing
operations 5,857 (18,080)
Income from discontinued
operations 363 303
Net income (loss) 6,220 (17,777)
Proportionate share of New Valley
capital transaction, retirement
of class A preferred shares -- 1,782
Net income (loss) applicable
to common shares $ 6,220 $(15,995)
Per common share:
Income (loss) from continuing
operations $ 0.32 $ (0.86)
Income from discontinued
operations $ 0.02 $ --
Net income (loss)
applicable to common shares $ 0.34 $ (0.86)
Weighted average common shares
outstanding 18,385,985 18,497,096
(a) Revenues and Cost of goods sold include federal excise taxes of
$16,860 and $21,197 for the periods ended March 31, 1997 and 1996,
respectively.
CONTACT: Sard Verbinnen & Co., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of George Sard/Anna Cordasco/Paul Caminiti, 212/687-8080 |
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