CEDAR GROUP ISSUES ANNOUNCEMENTS
CEDAR GROUP ISSUES ANNOUNCEMENTS PHILADELPHIA, Feb. 27 /PRNewswire/ -- Cedar Group, Inc.
(NASDAQ-NMS: CDRG) today announced it had reached a preliminary settlement with a previous owner concerning notes, salary, non-compete payments and accrued interest totaling approximately $987,000.
The settlement will give the company a one-time pre-tax gain in the first quarter of approximately $560,000 ($.019 per share pre-tax). The settlement of $425,000 includes a new note of $325,000 payable to the former shareholder over a four-year period. A spokesman for the company also announced sales results for the fourth quarter and year ended Jan. 31, 1992. Sales for the fourth quarter were approximately $3,151,200 vs. sales for the fourth quarter for the prior year of approximately $3,287,000, thus reflecting a decrease of approximately 4 percent. For the fiscal year ended Jan. 31, 1992, sales were approximately $14,273,400, vs. sales for the prior fiscal year of $14,597,254, thus reflecting a decrease of approximately 2 percent. While complete results of operations for the year ended Jan. 31, 1992, are not yet available, in light of the sales decline and non-recurring or extraordinary costs incurred in various settlements, it is likely that losses will exceed those of the prior fiscal year. The spokesman also announced that at the annual meeting of its stockholders held on Jan. 31, 1992, Mark C. West was re-elected as chairman for a term of three years. Along with West, also elected as directors were Stephen S. Simyak, also for a three-year term, as well as Mark Kennedy, for a two-year term and Warren G. Nuessle, for a term of one year. /delval/ -0- 2/27/92 /CONTACT: Stephen S. Simyak of Cedar Group, 215-843-2561/ CO: Cedar Group, Inc. ST: Pennsylvania IN: SU: PER
CC-KA -- PH019 -- 3312 02/27/92 13:40 EST
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|Date:||Feb 27, 1992|
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