Printer Friendly

QUALITY PRODUCTS, INC. IMPROVES FINANCIAL POSITION

 QUALITY PRODUCTS, INC. IMPROVES FINANCIAL POSITION
 TAMPA, Fla., Sept. 17 /PRNewswire/ -- Quality Products, Inc. (the "Company") (NASDAQ: QYPI) announced today that subsequent to the completion of its public offering and settlement of litigation with The Huntington National Bank on Sept. 14, 1992, the company's balance sheet will benefit from a $249,730 increase in current assets, a $3,556,037 reduction in long-term debt, and a $3,805,767 increase in stockholders' equity. An additional $341,967 in long-term debt and accrued interest shall be reduced pending final court approval. These changes produce a book value of approximately $2.04 per common share.
 Operating results from Sept. 14, 1992 forward will also benefit from the elimination of $24,167 in monthly interest expense and associated litigation costs of approximately $15,000 per month.
 The adjustments will be reflected in the company's third quarter Form 10Q for the period ended Sept. 30, 1992.
 -0- 9/17/92
 /CONTACT: Steve Springer, 614-228-8120, or Jim Renaldo, 813-963-1300, both of Quality Products, Inc./
 (QYPI) CO: Quality Products, Inc. ST: Florida IN: MNG SU:


BM -- CL007 -- 0585 09/17/92 11:09 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:Sep 17, 1992
Words:188
Previous Article:VAALCO ENERGY INC. ANNOUNCES SALE OF CRUDE OIL
Next Article:DR PEPPER/SEVEN-UP COMPANIES FILES OFFERING; RECAPITALIZATION PLAN WILL RETIRE DEBT AND PREFERRED STOCK AND CREATE NEW SUBSIDIARY
Topics:


Related Articles
ALLIED-SIGNAL 'A' SENIOR DEBT, 'F-1' COMMERCIAL PAPER AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --
ACCESS HEALTH NAMES CRISAN AS CHIEF FINANCIAL OFFICER, GEBHART NAMED TO CORPORATE DEVELOPMENT POSITION
UNITED STATES LEATHER, INC.
Infinity Financial Technology Announces Successful Implementation of Straight-Through Trading System at Bank of Montreal
Frank J. Gehrmann Elected Corporate Officer of Revlon, Inc.
Applied Computer Technology Appoints Daniel Radford As Vice President of Finance and Gary Goldfain as Vice President of Operations
S&P Rates Rayonier's $300 Million Revolving Credit Facility BBB+
Work Stoppage at Nortek Subsidiary Settled
Diamond Home Services Names Geoffrey H. Foreman President And Chief Operating Officer.
CAS Medical Systems, Inc. Names New Chief Financial Officer, Further Strengthening the Management Team.

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