Printer Friendly

AGP & CO. INC. ANNOUNCES AGREEMENT IN PRINCIPLE TO ACQUIRE ROBMAR CORPORATION

 NEW YORK, Aug. 25 /PRNewswire/ -- AGP & Co. Inc. (NASDAQ: AGPC) today announced it has reached an agreement in principal to acquire the 75 percent interest it does not already own of Robmar Corporation, a Derry, N.H. based privately held holding company for the TMC Group, Inc. for approximately 1,600,000 shares of AGP & Co. Inc. common stock. The operations of TMC, a manufacturer and distributor of wedding and bridal accessories and juvenile impulse gifts with $12 million in annual revenues and approximately $675,000 in net income, will be combined with those of AGP's Dynasound Organizer subsidiary.
 This acquisition is contingent upon the signing of a definitive agreement and closing on or around Sept. 30, 1993, will be accounted for using the purchase method of accounting and in the opinion of management will not result in earnings per share dilution.
 Steven W. Bingaman, president and chief executive officer, stated, "this acquisition is extremely important in that it establishes the foundation on which we will build a significant consumer products business according to our four year plan." He indicated more details and financial projections would be available in mid-September after the definitive agreement is signed.
 AGP & COMPANY INC.
 Pro Forma Income Statement
 Including Combined Historical Results of Robmar
 (Audited)
 As of December 31, 1992 1991 1990
 Fee income $ 1,220,000 $ 1,293,000 $ 1,273,000
 Product income 20,983,000 19,661,000 17,579,000
 Total revenues 22,203,000 20,954,000 18,852,000
 Cost of goods sold 13,589,000 12,410,000 11,758,000
 Operating expenses:
 Fee (1,569,000) (1,137,000) (1,178,000)
 Product (6,970,000) (5,200,000) (5,087,000)
 Depreciation and amort. (315,000) (156,000) (136,000)
 Operating income (240,000) 2,051,000 683,000
 Interest expense (1,052,000) (717,000) (652,000)
 Other income 431,000 187,000 222,000
 Income (loss) before
 provision for inc. taxes (861,000) 1,521,000 253,000
 Provision for inc. taxes 327,000 (329,000) (127,000)
 Net income (loss) (534,000) 1,192,000 126,000
 Net income (loss)
 per common share $(.13) $.29 $.03
 Common shares outstng. 4,100,000 4,100,000 4,100,000
 -0- 8/25/93
 /CONTACT: Steven M. Frenkel of Steven M. Frenkel Associates, Inc., 800-827-4763, or fax, 201-947-1845/
 (AGPC)


CO: AGP & Co. Inc. ST: New York IN: SU: TNM

SM-MS -- NY012 -- 5739 08/25/93 09:36 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 25, 1993
Words:413
Previous Article:THE MATHWORKS TO HOLD WORLDWIDE MATLAB CONFERENCE OCT. 18-20
Next Article:NATURAL CHILD CARE SIGNS DEFINITIVE AGREEMENT
Topics:

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