Printer Friendly

AMERICAN RECREATION CENTERS' SECOND QUARTER RESULTS EXPECTED TO INCLUDE NON-RECURRING NET GAIN OF $400,000

AMERICAN RECREATION CENTERS' SECOND QUARTER RESULTS EXPECTED
 TO INCLUDE NON-RECURRING NET GAIN OF $400,000
 SACRAMENTO, Calif., Nov. 27 /PRNewswire/ -- American Recreation Centers Inc. (NASDAQ: AMRC) today announced it anticipates its second fiscal quarter, ending Nov. 27, 1991, will include a non-recurring net after tax gain of approximately $400,000 , or $.08 per share.
 The net special gain results from the successful completion of a previously announced initial public offering (IPO) by a subsidiary that resulted in a one-time gain to ARC of $4.6 million. The public sale of approximately 37 percent of the stock of its formerly wholly-owned subsidiary, The Right Start, Inc., was completed on Oct. 11, 1991. ARC presently owns 63 percent of The Right Start.
 Offsetting this gain will be a one-time non-cash aftertax write down of approximately $4.2 million relating to ARC's two 50 percent real estate joint ventures in Oakland, California. Robert A. Crist, president and chief executive officer, said that its 50 percent equity partners have recently indicated they will be unable to meet their long-term financial obligations to the partnerships. In addition, because of the continuing decline and illiquidity of the Oakland real estate market, the one-time charge includes a reserve to reflect losses that are likely to occur in the future operation and ultimate disposition of its Oakland properties. Neither of these properties relate to the company's bowling or direct marketing activities.
 American Recreation Centers is a leader in both the bowling and specialty direct marketing industries. The company's bowling division operates 27 bowling centers, 21 in California and 6 in Texas with an aggregate 1,134 lanes. In addition, the direct marketing division's Right Start, Inc. (NASDAQ: RTST) is one of the nation's most successful direct marketers of top-quality products for infants and children through age five.
 -0- 11/27/91
 /CONTACT: Robert A. Crist, president and CEO of American Recreation Centers, Inc., 916-362-2695; or Roger S. Pondel or Elizabeth Gard of Rifkind Pondel & Parsons, 310-207-9300, for American Recreation Centers/
 (AMRC RTST) CO: American Recreation Centers Inc.; Right Start Inc. ST: California IN: SU:


CH -- LA013 -- 7780 11/27/91 13:52 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 27, 1991
Words:355
Previous Article:TODAY, PLANNING FOR HEALTH CARE DECISIONS COMES OUT OF THE CLOSET AND INTO OUR DAILY LIVES, AMERICAN BAR ASSOCIATION REPORTS
Next Article:SENATORS ASK BUSH TO INCLUDE CANNED FOODS IN SOVIET AID


Related Articles
MAIL BOXES ETC. ANNOUNCES SECOND QUARTER RESULTS
AMERICAN RECREATION CENTERS INC. REPORTS SECOND QUARTER RESULTS
AMERICAN RECREATION CENTERS INC. ANNOUNCES THIRD QUARTER RESULTS
GELMAN SCIENCES REPORTS SECOND-QUARTER SALES GROWTH OF 10 PERCENT
SPORTS & RECREATION, INC. ANNOUNCES RESULTS
BRUNSWICK REPORTS IMPROVED OPERATING RESULTS; TAKES NON-RECURRING CHARGES
BRUNSWICK REPORTS SALES AND EARNINGS INCREASES
Brunswick Reports Double-Digit Earnings Growth for Quarter, Year
The Rival Company Reports Second Quarter and First Half Earnings.
Cerner Reports Record Bookings and Revenue, Cites Strong Market Demand; Raises Revenue and EPS Guidance for 2001 and Provides 2002 Guidance.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters