CEDAR GROUP ISSUES ANNOUNCEMENT
CEDAR GROUP ISSUES ANNOUNCEMENT PHILADELPHIA, May 1 /PRNewswire/ -- Cedar Group, Inc.
(NASDAQ-NMS: CDRG) announced today that it expects to report a net loss for the fiscal year ended Jan. 31, 1992, of approximately $2,887,345.
The loss includes material non-cash adjustments consisting, of among others, a fourth quarter inventory adjustment of approximately $1,331,000 and charges related to settlement of a claim with a Chinese supplier of approximately $432,000. The loss also includes non- recurring charges of approximately $325,000. Sales for the fiscal year ended Jan. 31, 1992, were approximately $14,587,830 vs. sales for the previous fiscal year of approximately $14,597,254, a decrease of approximately $10,000. A spokesman for the company indicated that not withstanding its reported loss, the company will have a significant positive cash flow from operations for the fiscal year ended Jan. 31, 1992. /delval/ -0- 5/1/92 /CONTACT: Stephen S. Simyak of the Cedar Group, 215-843-2561/ (CDRG) CO: Cedar Group, Inc. ST: Pennsylvania IN: SU: ERP
KA-MP -- PH040 -- 5557 05/01/92 15:09 EDT
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|Date:||May 1, 1992|
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