SLM INTERNATIONAL DELAYS FILING OF 10-K.NEW YORK--(BUSINESS WIRE)--April 18, 1995--SLM International, Inc. (Nasdaq:SLMI SLMI Scottish Labour Market Intelligence (software) SLMI Skills and Labour Market Information (UK) SLMI Spanish Language Media Initiative (University of Illinois) ) announced today that it has delayed filing its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. with the Securities and Exchange Commission to allow additional time for completion of its financial statements for the fiscal year ended December 31, 1994. The Company currently expects to file the Form 10-K in approximately one to two weeks. Based on information currently available from its ongoing review, the Company expects to report a net loss exceeding $100 million for the year ended December 31, 1994. For the nine months ended October 3, 1994, the Company reported a net loss of $56.8 million, or $3.01 per share, and 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 of $250.9 million. Both the actual nine months and expected full year losses are principally attributable to its Buddy L toy and fitness businesses. It must be emphasized that the 1994 loss is a preliminary estimate based on internal review and is subject to change as additional information becomes available, and completion of the audit by the Company's independent accountants. For the year ended December 31, 1993, SLMI earned $8.1 million or $0.42 per share. On March 2, 1995, Buddy L Inc. filed a voluntary petition for reorganization under Chapter 11 of the Federal Bankruptcy Code Bankruptcy Code may refer to:
On March 6, 1996 the Company's Senior Noteholders, who hold $75 million of 6.76% notes due February 15, 2004, filed involuntary petitions of bankruptcy against the Company and certain of its subsidiaries in both the U.S. and Canada. The petitions in the U.S. were dismissed (except for two insignificant subsidiaries) and a hearing is scheduled in Canadian Court on April 24, 1995. The Company is currently in negotiations with both its Senior Noteholders and bank lenders regarding a Standstill Agreement Standstill agreement Contract by which the bidding firm in a takeover attempt agrees to limit its holdings of another firm. standstill agreement that would ensure continued financing and afford the Company an opportunity to complete its debt restructuring Debt Restructuring A method used by companies with outstanding debt obligations to alter the terms of the debt agreements in order to achieve some advantage. Notes: without further judicial proceedings judicial proceedings n. any action by a judge re: trials, hearings, petitions, or other matters formally before the court. (See: judicial) . However, there can be no assurance that the Standstill Agreement will be completed. Howard Zunenshine, Chief Executive Officer of SLM See service level management system and spatial light modulator. International, stated, "The expected 1994 loss occurred primarily in our toy business, which we intend to exit. This will enable us to focus our attention on continuing to grow our sporting goods division and taking advantage of opportunities as the industry expands." SLM International, Inc. designs, develops, manufacturers and markets a broad range of toys and sporting goods on a worldwide basis. CONTACT: Howard Zunenshine Chief Executive Officer (514) 331-5150 John Sarto Chief Financial Officer (212) 675-0070 or IR CONTACT: Amy Weisman/Melissa Garelick PRESS: Lisa Bradlow Morgen-Walke Associates (212) 850-5600 |
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