INTERMARK ANNOUNCES FIRST QUARTER RESULTS
INTERMARK ANNOUNCES FIRST QUARTER RESULTS LA JOLLA, Calif., Aug. 14 /PRNewswire/ -- Intermark Inc.
(AMEX: IMI) today reported a net loss of $5.1 million, or $.29 per share, for its first fiscal quarter ended June 30, 1992. The company reported a net loss of $4.2 million, or $.24 per share, in the prior year's first quarter. Revenues for the quarter amounted to $68 million, $4.3 million over the year earlier, reflecting increases at its partner companies, National Airmotive, Western Metal Lath and Ridgewood Properties. These improvements were partially offset by reduced revenues at Liquor Barn resulting from store closures in fiscal 1992.
The operating loss amounted to $1.6 million for the current first quarter compared to a loss of $7.1 million in the same period a year earlier. The improvement is attributable to partner company gains at Liquor Barn, National Airmotive and Western Sizzlin and to reductions in corporate overhead costs. Additionally, Intermark's share of the loss at Fuqua Industries, 26.2 percent-owned, decreased to $.5 million from a $4.3 million loss last year. Interest expense totaled $10 million for the first quarter, compared to $10.8 million a year ago. As announced earlier, Triton Group Ltd., a wholly owned subsidiary, defaulted on its $125 million subordinated notes and debentures and on its $32 million secured loan agreement with Fuqua Industries. Restructuring efforts with the company's debtholders are continuing. INTERMARK INC. Consolidated Operating Highlights (In Thousands Except Per Share Data) Three Months Ended June 30, 1991 1992 Revenues $63,332 $67,664 Cost of sales 51,046 56,120 Selling and administrative expenses 19,360 13,123 Operating costs and expenses 70,406 69,243 Operating Loss (7,074) (1,579) Interest expense (10,816) (10,020) Equity in losses of Fuqua Industries Inc. (4,301) (495) Interest, dividends and other 1,189 1,746 Loss Before Income Taxes and Minority Interest (21,002) (10,348) Income tax benefit (2,958) (216) Minority interest benefit (328) (383) Loss From Continuing Operations (17,716) (9,749) Income from discontinued operations 1,367 --- Loss Before Extraordinary Credit (16,349) (9,749) Extraordinary credit 12,162 4,622 Net Loss ($4,187) ($5,127) Income (Loss) Per Share: Continuing operations ($1.00) ($0.55) Discontinued operations 0.07 --- Extraordinary item 0.69 0.26 Net loss ($0.24) ($0.29) -0- 8/14/92 /CONTACT: Michael M. Earley, senior VP and CFO of Intermark, 619-456-1000/ (IMI) CO: Intermark Inc. ST: California IN: SU: ERN
JB-JL -- SD002 -- 0074 08/14/92 14:01 EDT
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|Date:||Aug 14, 1992|
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