Printer Friendly

CHOCK FULL O' NUTS RESTRUCTURING WILL RESULT IN ONE-TIME PRE-TAX CHARGE OF $5.5 MILLION, MOSTLY NON-CASH

 CHOCK FULL O' NUTS RESTRUCTURING WILL RESULT IN
 ONE-TIME PRE-TAX CHARGE OF $5.5 MILLION, MOSTLY NON-CASH
 NEW YORK, Sept. 1 /PRNewswire/ -- Chock full o' Nuts Corporation (NYSE: CHF) said today that it will restructure and consolidate some of its operations, and will take an estimated one-time pre-tax charge of $5.5 million, the majority of it non-cash, in the fourth quarter of fiscal 1992 ended July 31.
 After tax benefits, the Company said, the charge will amount to about $3.6 million, or 36 cents per share. The charge is in addition to the previously announced charge of 13 cents per share in the fourth quarter.
 "We have overcapacity that we simply must address," said Joseph Breslin, Chairman and Chief Executive Officer. "We regret that we have to take such actions in these difficult times, but we have no choice but to reduce costs if we are going to remain competitive."
 Breslin declined to identify any specific actions "until after we have informed all of our people of exactly what we are going to do and why."
 Through the end of the third quarter of 1992, Chock had reported net income of 9 cents per share.
 Chock full o' Nuts Corporation roasts, packs and markets regular, instant and decaffeinated coffees under the Chock full o' Nuts label. Its best known coffee product is its premium vacuum packed, all-method grind coffee. Hillside coffee, a Chock subsidiary, a leading roaster, distributor and marketer of specialty whole bean coffees, provides a unique direct store delivery and full-service merchandising program to supermarkets utilizing attractive end-of-aisle, free-standing display kiosks with self-service grinders. Chock is also one of the largest mpackaged in-the-shell peanuts in the United States.
 -0- 9/1/92
 /CONTACT: Joseph Breslin, Chairman and Chief Executive Officer of Chock full o' Nuts, 212-532-0300/
 (CHF) CO: Chock full o' Nuts Corporation ST: New York IN: FOD SU: RCN


LR -- NY062 -- 5499 09/01/92 14:33 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 1, 1992
Words:323
Previous Article:UNIT TRUSTS ISSUE $967.6 MILLION IN JULY
Next Article:EMERY WORLDWIDE AWARDED CONTRACT FROM GENERAL MOTORS AS PRIMARY AIR FREIGHT CARRIER
Topics:


Related Articles
CHOCK FULL O' NUTS REPORTS FIRST QUARTER RESULTS
CHOCK FULL O' NUTS REPORTS SECOND QUARTER RESULTS
CHOCK FULL O' NUTS REPORTS THIRD QUARTER RESULTS
CHOCK FULL O' NUTS CORPORATION REPORTS YEAR END RESULTS
CHOCK FULL O' NUTS REPORTS 4TH QUARTER, YEAR RESULTS
Chock full O' Nuts Reports Results for 1996 Fiscal Year, Announces Provision for Discontinued Cafe Operations
Chock full o'Nuts Reports First Quarter Earnings
Chock Full o'Nuts Reports Second Quarter Results
Chock Full O'Nuts Reports Third Quarter Results
Chock full o' Nuts Reports Strong Gains in Income and Revenue In Fourth Quarter and Full 1997 Fiscal Year

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