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ARC ANNOUNCES THIRD QUARTER RESULTS

 ARC ANNOUNCES THIRD QUARTER RESULTS
 TORONTO, Nov. 8 /PRNewswire/ -- ARC International Corporation


(AMEX: ATV) today announced consolidated operating results for the third quarter and nine months ended Sept. 30, 1991.
 Net sales for the third quarter of 1991 were approximately $16.0 million compared to $22.5 million in 1990. For the nine months ended Sept. 30, net sales amounted to $46.6 million compared to $66.6 million.
 A net loss of $723,570 or $.09 per share for the third quarter of 1991 compares to a loss of $563,974 or $.08 per share for the previous year. For the nine months, the net loss amounted to $6.7 million or $.83 per share as compared to a loss of $394,780 or $.06 per share in 1990. It should be noted that the 1991 nine month loss includes approximately $3.0 million or $.37 per share of restructuring charge. The charge results primarily from management's reassessment of the carrying value of certain assets associated with the acquisitions of United States operations.
 Commenting on the results, Arnold S. Tenney, president and chief executive officer said: "Operating results for the third quarter show continued improvement over both the first and second quarters of 1991. Selling general and administrative expenses have been reduced significantly over the third quarter of 1990 which has contributed to the company achieving positive income from operations in the third quarter for the first time this year. We are seeing signs of a gradual increase in activity throughout the company which coupled with the positive effects of the cost reduction programs should result in continuing increases in operating profits for the fourth quarter."
 ARC INTERNATIONAL CORPORATION
 (Incorporated Under the Laws of the Province of Ontario)
 Consolidated Balance Sheets
 (Unaudited, in U.S. Dollars)
 9/30/91 12/31/90
 ASSETS
 Current Assets:
 Cash and short-term deposits $ 1,416,741 1,388,363
 Accounts receivable (less
 allowance of $368,107;
 Dec. 31, 1990 - $499,575) 9,396,839 9,130,181
 Refundable income taxes 136,078 965,422
 Sundry receivables and prepaid
 expenses 1,095,394 1,164,777
 Inventories 15,075,585 16,738,754
 Total 27,120,637 29,387,497
 Other receivables 883,941 862,238
 Long-term receivable -- 832,399
 Fixed 11,085,346 12,177,669
 Goodwill 4,929,707 6,945,840
 Other assets 208,107 487,339
 Total $44,227,818 50,692,982
 LIABILITIES
 Current Liabilities
 Bank indebtedness $1,909,432 2,936,274
 Accounts payable and
 accrued liabilities 9,944,802 10,406,371
 Current portion of
 deferred income 91,915 89,658
 Current portion of
 long-term debt 172,371 313,185
 Income taxes 359,723 210,415
 Total 12,478,420 13,955,903
 Deferred income taxes 327,196 327,196
 Deferred income 79,182 144,485
 Long-term debt 29,282,475 27,228,502
 Other long-term liabilities 2,986,420 3,346,617
 SHAREHOLDERS' EQUITY
 Capital Stock
 Authorized
 5,000,000 Preference shares,
 issuable in series
 without par value
 Unlimited Common shares,
 without par value
 Issued and to be issued
 8,075,295 common shares 13,180,911 13,180,911
 Deficit (14,914,265) (8,199,077)
 Foreign currency translation
 adjustment 807,656 708,445
 Subtotal (925,698) 5,690,279
 Total $44,227,818 50,692,982
 Consolidated Statements of Operations
 (Unaudited, in U.S. Dollars)
 Periods ended: Three months Nine months
 Sept. 30: 1991 1990 1991 1990
 Net sales $16,025,559 22,505,312 46,633,054 66,566,077
 Cost of sales 12,919,200 18,525,758 37,436,663 52,990,762
 Gross profit 3,106,359 3,979,554 9,196,391 13,575,315
 SG&A expenses 3,059,624 4,007,819 10,668,571 11,639,341
 Income (loss) from
 operations 46,735 (28,265) (1,472,180) 1,935,974
 Other income (deductions):
 Interest expense (772,423) (951,908) (2,364,849) (2,894,351)
 Other income, net 75,372 349,265 274,626 631,391
 Minority interest
 in subsidiary 211 -- (2,324) --
 Restructuring charge -- -- (2,982,057) --
 Total (696,840) (602,643) (5,074,604) (2,262,960)
 Income (loss) before
 income taxes (650,105) (630,908) (6,546,784) (326,986)
 Income taxes 73,465 (66,934) 168,404 67,794
 Net income
 (loss) $ (723,570) (563,974)(6,715,188) (394,780)
 Net income (loss)
 per share $ (0.09) (0.08) (0.83) (0.06)
 Weighted average
 number of shares
 outstanding 8,075,295 7,079,217 8,075,295 7,004,217
 -0- 11/8/91
 /CONTACT: Arnold S. Tenney, president and chief executive officer, or Philip A. Halpern, vice president, finance and corporate secretary, or Jeffrey D. Chelin, controller and assistant secretary of ARC International, 416-630-0200/
 (ATV) CO: ARC International Corporation ST: Ontario IN: SU: ERN TS -- NY013 -- 2514 11/08/91 10:08 EST
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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.

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