Printer Friendly

QUALITY PRODUCTS, INC. ANNOUNCES $(.01) NET LOSS PER SHARE FOR THE YEAR ENDED DEC. 31, 1991

 QUALITY PRODUCTS, INC. ANNOUNCES $(.01) NET LOSS
 PER SHARE FOR THE YEAR ENDED DEC. 31, 1991
 TAMPA, Fla., April 6 /PRNewswire/ -- Quality Products, Inc. (NASDAQ: QYPI) today reported a 1991 year end net loss of $(37,566) compared to a restated 1990 net loss of $(404,404). The 1991 net loss included a loss from continuing operations of $(951,157) and an extraordinary gain on the extinguishment of debt of $913,591. Earnings per share information follows:
 Per common share: 1991 1990
 Income (loss) from continuing
 operations $(951,157) $(404,404)
 Income (loss) per share
 from continuing operations $(.17) $(.02)
 Extraordinary item $ 913,591 ---
 Extraordinary item per share $ .16 ---
 Net income $(37,566) $(404,404)
 Net income (loss) per share $(.01) $(.02)
 The company's loss from continuing operations were severely impacted by the recession as seen in a 9 percent decline in sales from the prior year. Other factors contributing to the company's loss from continuing operations include a $257,614 write-off of obsolete, over- valued, and non-saleable inventory, depreciation and amortization expense of $467,989, interest accrued on subordinate debentures of $290,000, and legal fees of $141,000 incurred in connection with pending litigation.
 During 1991 the company restructured its note payable to the Savings and Loan Association and was released from certain obligations to Multipress, Inc. The net effect on the company's financial statements was a $913,591 extraordinary gain on debt extinguishment. The gain resulted from $600,000 in principal reductions and the elimination of $313,591 in accrued interest.
 On Dec. 31, 1991 the company sold its wholly owned subsidiary American Liberty Mining Corporation to Sierra Mineral Properties, Inc. ("SMPI") producing a gain from the sale of investment of $2,925,900. The gain has been deferred as of Dec. 31, 1991 pending collection of a three million six hundred thousand ($3,600,000) five year promissory note receivable from SMPI. The gain will be recognized as Mining proceeds from SMPI's operations are applied to the promissory note in accordance with the sale agreement.
 -0- 4/6/92
 /CONTACT: Steve Springer of Quality Products, Inc., 614-228-8120/
 (QYPI) CO: Quality Products, Inc. ST: Ohio IN: SU: ERN


SM -- CL013 -- 5509 04/06/92 16:08 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 6, 1992
Words:370
Previous Article:FIRST UNION STOCK OFFERING UNDERWRITERS EXERCISE OPTION FOR ADDITIONAL SHARES
Next Article:NEW COOPERS & LYBRAND SURVEY SHOWS U.S. MANUFACTURERS AND RETAILERS SLOW TO IMPLEMENT 'QUICK RESPONSE'; SURVIVAL MAY BE AT STAKE FOR SOME


Related Articles
CNS REPORTS 1991 ANNUAL SALES AND LOSSES
SPECIALTY CHEMICAL RESOURCES REPORTS 1991 RESULTS
TRANS-NATIONAL LEASING ANNOUNCES RESULTS
VIATECH REPORTS RECORD NET INCOME
QUEST MEDICAL INC. PRE-TAX OPERATING EARNINGS RISE TO $424,000 FOR THE FOURTH QUARTER FROM $17,000 LAST YEAR AS REVENUE INCREASES 81 PERCENT
GALVEST ANNOUNCES 1991 RESULTS
IMRE ANNOUNCES YEAR END RESULTS
VADER GROUP REPORTS FIRST AND SECOND QUARTER 1992 RESULTS
CORRECTION TO VESTRO FOODS INC. ANNOUNCES RESULTS.
ROYCE LABORATORIES, INC. ANNOUNCES YEAR-END RESULTS

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