Printer Friendly

ART ANNOUNCES YEAR-END RESULTS, DECLARATION OF DIVIDEND AND MANAGEMENT CHANGES

 MARKHAM, Ontario, Feb. 26 /PRNewswire/ -- Artagraph Reproduction Technology Incorporated (NASDAQ: XARTF, XARPF, XARWF, XARZF) announced today results for the year ending Nov. 30, 1992, and declaration of dividend.
 Net sales for the year ending Nov. 30, 1992, decreased by 25 percent to US$3,427,000 from US$4,618,000 for the same period last year. Net loss for the year ending Nov. 30, 1992, was US$1,517,000 compared with US$766,000 for the corresponding period last year.
 Harvey Kalef, chairman and CEO, stated that ART's net sales had been adversely affected by delays in the company's refinancing, which was completed in late-September 1992, and the failure of two of the company's distributors (in the United Kingdom and Japan) to live up to contractual agreements. In 1991, sales to these two distributors were approximately US$1,514,000 and the corresponding sales in 1992 were US$360,000, a decrease of over US$1.1 million.
 Because of the reduced sales, the company increased its inventory and accounts receivable reserves by in excess of US$662,000.
 Changes in Management
 The company announced that Kalef will continue his duties as president of the company and will concentrate his time and efforts in developing new business strategies and markets. The company announced the interim appointment of Norman Doblesz, a director of the company, to the position of chairman and CEO to assist with the corporate development and refinancing.
 J. Gregory & Company has agreed to raise additional private financing for the company, and Dianne Borden of J. Gregory & Company has agreed to assist the board of directors in an advisory capacity during this transition.
 Quarterly Dividend -- Preferred Shares Series I
 The quarterly dividend on the company's 12 percent preference shares, Series I, of 15 cents per share, was declared at a board of directors meeting held today. The dividend will be payable on March 22, 1993, to shareholders of record on March 15, 1993.
 -0- 2/26/93 R
 /CONTACT: Joe Procopio for Artagraph, 703-978-3721/
 (XAR)


CO: Artagraph Reproduction Technology Incorporated ST: Ontario IN: SU: DIV

MH -- DC025R -- 1447 03/01/93 13:08 EST
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:Mar 1, 1993
Words:357
Previous Article:USLICO REPORTS 1992 RESULTS
Next Article:KELSEY-HAYES GROUP TO SUPPLY FOUNDATION BRAKE COMPONENTS TO SOUTH KOREAN AUTO MANUFACTURER


Related Articles
FIRST FINANCIAL FUND ANNOUNCES REVISED DIVIDEND POLICY
ART ANNOUNCES YEAR-END RESULTS, DECLARATION OF DIVIDEND AND MANAGEMENT CHANGES
First Industrial Realty Trust Announces Tax Treatment of Common and Preferred Stock Distributions.
INVESCO Leveraged High Yield Fund Limited - Annual Information Update.
T. Rowe Price Group Declares Quarterly Dividend, Announces Adjustment to Dividend Payment Schedule.
MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST PLC - Annual Information Update.
GLOBAL SPECIAL OPPORTUNITIES TRUST PLC - Annual Information Update.
INVESCO PERPETUAL RECOVERY TRUST 2011 PLC - Annual Information Update.
BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC - Annual Information Update.
Evergreen Closed End Funds Declare Monthly Dividends.

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