CSL Lighting reports 1994 results, files legal action.VALENCIA, Calif.--(BUSINESS WIRE)--March 31, 1995--CSL Lighting Manufacturing 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 :CSLX) Friday reported results for the year ended Dec. 31, 1994. The company also announced it commenced a lawsuit against its former chairman and chief executive officer, Jack J. Zukerman, alleging misappropriation misappropriation n. the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose, particularly by a public official, a trustee of a trust, an executor or administrator of a dead person's estate, or by any of corporate assets, among other charges. Results for 1994 include reserves related to the legal action and other adjustments. For the full year 1994, sales rose to $15,347,000 from $14.4 million in 1993. The company incurred a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net loss of $2,396,000, or 65 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 with pro forma net income of $466,000, or 19 cents per share, in the prior year. In a filing with the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Central District of California against Zukerman, CSL (Computerese as a Second Language) Said of people who love to speak high-tech words even though they often use them erroneously. See TLA. 1. CSL - Computer Structure Language. A computer hardware description language, written in BCPL. alleges breach of fiduciary duty and conversion related primarily to Zukerman s misappropriation of corporate assets, among other charges. The complaint seeks general damages general damages n. monetary recovery (money won) in a lawsuit for injuries suffered (such as pain, suffering, inability to perform certain functions) or breach of contract for which there is no exact dollar value which can be calculated. in an amount not less than $500,000, treble damages A recovery of three times the amount of actual financial losses suffered which is provided by statute for certain kinds of cases. The statute authorizing treble damages directs the judge to multiply by three the amount of monetary damages awarded by the jury in those cases , punitive damages Monetary compensation awarded to an injured party that goes beyond that which is necessary to compensate the individual for losses and that is intended to punish the wrongdoer. of at least $5 million and the imposition of a constructive trust with respect to all Company property improperly acquired by Zukerman, together with interest and the costs of the suit. The company intends to vigorously prosecute this action. Results for 1994 reflect significant reserves and adjustments related to inventory adjustments, warranty reserves, application of returned goods and losses on credits against accounts receivables, catalogue production expenses, and for legal costs pertaining to the Zukerman lawsuit. "CSL has come through an extremely difficult time. We took decisive action to deal with the problems associated with prior management and I am pleased to say that, with our new team and product lines in place, we are quite enthusiastic about the company's prospects for the new year," stated Sy Gerber, chairman and chief executive officer. CSL designs, manufactures and markets high-end lighting fixtures for both commercial and residential applications. -0-
CSL LIGHTING MANUFACTURING INC.
STATEMENT OF OPERATIONS
Year Ended Dec. 31,
1993 1994
Net Sales $ 14,400,000 $ 15,347,000 Cost of Goods Sold 7,583,000 9,533,000 Selling Expenses 3,718,000 4,708,000 General and Administrative Expenses 2,302,000 3,245,000 Income (Loss) from Operations 797,000 (2,139,000) Other Income (Expense) (295,000) (256,000) Income (Loss) Before Pro Forma Provision for Income Taxes 502,000 (2,395,000) Pro Forma Provision For Income Taxes 36,000 1,000 Pro Forma Net Income (Loss) $ 466,000 $ (2,396,000) Pro Forma Earnings (Loss) 19 cents (65 cents) Pro Forma Weighted Average Number of Common Shares Outstanding 2,400,000 3,698,000 CONTACT: CSL Lighting Manufacturing Inc., Valencia Sy Gerber, 805/257-4155 or Pondel Parsons & Wilkinson, Los Angeles Craig A. Parsons, 310/207-9300 |
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