Bureau of Electronic Publishing announces pro forma 1996 results of approximately 14 cents per share.PRINCETON, N.J.--(BUSINESS WIRE)--April 30, 1997--Bureau of Electronic Publishing 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 : BEPI BEPI Budget Estimates Presentation Instruction , BOSTON: BUP BUP Barn- och Ungdomspsykiatri (Sweden) BUP Bachillerato Unificado Polivalente BUP Barracks Upgrade Program BUP Bloomsburg University of Pennsylvania BUP Build Up Pallet (shipping) ) released its 1996 results on both an actual and pro forma basis. As previously announced, the company has substantially discontinued its interactive multimedia software business and in January 1997 completed its acquisition of a 51% joint venture interest in the second largest purified terephthalic acid ("PTA PTA or parent-teacher association: see parent education. ") plant in the People's Republic of China. PTA is a primary raw material in the manufacture of polyester resin. Because the acquisition was closed after the year end, actual results only included the former business. For this business, sales were $553,566 for the year with a net loss of $5,326,874. However, on a pro forma basis which incorporates the 1996 results for the company's new business, sales are $72,787,000 with a net income of $13,610,000. The company estimates that on a fully diluted basis pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per share would be approximately 14 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. . Pro forma results are based on an exchange rate of $US1.00 equal to Rmb8.2955 on March 17, 1997. Commencing with the first quarter of 1997, the company's actual results will include results from the new business from the closing date of Jan. 23, 1997. Bureau of Electronic Publishing Inc., which plans to change its name to Pacific Chemical Inc., owns a 51% interest in a joint venture which owns the second largest PTA plant in the People's Republic of China. The plant is part of a major polyester production complex located in the city of Jinan in northern China. CONTACT: Joseph Salvani, 212/593-5321 |
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