CORRECTING TABULAR INFORMATION IN MERIDIAN SPORTS EARNINGS RELEASE.--(BUSINESS WIRE)-- IN BW1359 (MERIDIAN-SPORTS) REPORTS SECOND QUARTER RESULTS, in the table of Comparative Results, for Six Months Ended June 30, 1995 and 1994, under Equipment read it 1.9 and 1.8, respectively, (sted $6.0 and $6.0). Also for Three Months Ended June 30, 1994, under Provision for income tax read it 0.2 (sted 3.5). The corrected table follows. MERIDIAN SPORTS INCORPORATED FINANCIAL SUMMARY (Dollars in million, except share data) COMPARATIVE RESULTS Three Months Ended Six Months Ended June 30, June 30, 1995 1994 1995 1994 (Unaudited) (Unaudited) Net Sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight : Marine $48.1 $40.5 $97.0 $74.6 Equipment 10.6 10.5 20.9 18.2 Total net $58.7 $51.0 $117.9 $92.8 sales Operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon contribution: Marine $2.8 $4.0 $6.0 $6.0 Equipment 1.0 1.5 1.9 1.8 Total operating unit contribution 3.8 5.5 7.9 7.8 Headquarters expenses 0.8 0.7 1.8 1.4 Earnings before interest, taxes and amortization 3.0 4.8 6.1 6.4 Amortization of intangibles 0.1 0.1 0.3 0.3 Interest and related related amortization expense 0.8 1.2 1.6 2.2 Earnings before income taxes 2.1 3.5 4.2 3.9 Provision for income tax 0.7 0.2 1.4 0.3 Net Earnings $1.4 $3.3 $2.8 $3.6 Earnings per shar $0.18 $0.63 $0.35 $0.69 Weighted average shares outstanding (000s) 8,000 5,200 8,000 5,200 SUMMARY BALANCE SHEETS June 30, December 31, 1995 1994 (Unaudited) Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. $68.8 $67.1 Property, plant and equipment, net 31.3 30.4 Intangible and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 19.5 20.0 $119.6 $117.5 Current Liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. $25.8 $25.4 Debt 34.5 35.3 Other Liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. 4.7 4.9 Stockholders' equity 54.6 $25.4 54.6 51.9 $119.6 $117.5 CONTACT: Mary Ann Dunnell (212) 484-7797 or John Quirk (212) 484-7699 |
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