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LDB CORPORATION ANNOUNCES RESULTS

 KERRVILLE, Texas, Dec. 15 /PRNewswire/ -- LDB Corporation, (NASDAQ: LDBC) today reported operating results for the first quarter ended Oct. 31, 1992. Net income for the quarter was $63,696 on revenues of $10,745,543. In the first quarter ended Oct. 31, 1991, the company reported a net loss of $519,106 on revenues of $12,915,895.
 As previously announced, the company's subsidiary, Mr. Gatti's, Inc., emerged from Chapter 11 bankruptcy on December 2, when its plan of reorganization was confirmed by the United States Bankruptcy Court in Austin, Texas. Under the plan of reorganization, all controversies between Mr. Gatti's, Inc. and the FDIC have been settled, and the FDIC will receive a cash payment and a 5-year note secured by 14 Mr. Gatti's restaurants. All other secured and unsecured creditors will be paid 100 cents on the dollar, with unsecured creditors paid in full within 120 days of the effective date. The plan of reorganization received 100 percent approval.
 The effect of the Mr. Gatti's, Inc. plan of reorganization on the consolidated financial condition of the company is shown below on the condensed pro forma balance sheet as of Oct. 31, 1992.
 LDB CORPORATION
 As Reported Pro Forma
 Current assets $ 17,789,035 $ 17,789,035
 Net property and equipment 17,185,121 17,185,121
 Other assets 1,170,021 1,170,021
 Total current assets $ 36,144,177 $ 36,144,177
 Current liabilities $ 11,728,005 $ 18,649,196
 Liabilities subject to compromise 12,305,108 ---
 Deferred credits and other
 liabilities 2,206,125 3,482,645
 Long-term debt 5,653,065 9,760,462
 Capital lease obligations 849,917 849,917
 Stockholders' equity 3,401,957 3,401,957
 Total $ 36,144,177 $ 36,144,177
 In addition, today the company exercised the prepayment discount feature on a collateralized note with a bank whereby it paid $4,062,500 and all accrued interest and the remaining principal of $750,000 was forgiven.
 LDB CORPORATION
 Condensed Statements Of Income (Loss)
 (In Thousands Except Per Share Data)
 Period ended three months 10/31/92 10/31/91
 Revenue $10,746 $12,916
 Income (loss) before income taxes $ 64 $ (513)
 Provision for income taxes -- 6
 Net income (loss) $ 64 $ (519)
 Net income (loss) per common share $ 0.03 $ (0.28)
 Weighted average shares outstanding 1,848,370 1,858,370
 -0- 12/15/92
 /CONTACT: Byron C. Smith of LDB Corporation, 210-257-2025.
 (LDBC)


CO: LDB Corporation ST: Texas IN: SU: ERN

LD -- NY090 -- 7474 12/15/92 19:03 EST
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Publication:PR Newswire
Date:Dec 15, 1992
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