Printer Friendly

SOUTHERN INVESTORS SERVICE COMPANY, INC. REPORTS THIRD QUARTER RESULTS FOR 1993

 HOUSTON, Nov. 12 /PRNewswire/ -- Southern Investors Service Company, Inc., formerly The Mischer Corporation, today reported a net loss of $404,000 or $.13 per share for the quarter ended Sept. 30, 1993 compared to net loss of $462,000 or $.15 per share for the quarter ended Sept. 30, 1992. There were no extraordinary gains reported during the quarter ended Sept. 30, 1993. The loss before extraordinary gain for the quarter ended Sept. 30, 1992 was $511,000 or $.16 per share. Net loss for the nine months ended Sept. 30, 1993 was $10,000 or less than $0.01 per share compared to net income of $901,000 or $.28 per share for the nine months ended Sept. 30, 1992. Loss before extraordinary gain was $455,000 or $.14 per share for the first nine months of 1993 compared to a loss of $1,437,000 or $.45 per share for the first nine months of 1992.
 During the second quarter of 1993, the company recorded extraordinary gains of $445,000 in connection with the purchase of a portion of the company's debentures and other settlements. During the second quarter of 1992, the company reached an agreement with one of its lenders to restructure certain debt with an outstanding principal balance of $15,400,000 in connection with a majority owned partnership. The company recorded an extraordinary gain as a result of this restructure of $2,338,000, net of federal income taxes.
 SOUTHERN INVESTORS SERVICE COMPANY, INC.
 CONSOLIDATED SUMMARY OF INCOME (LOSS)
 (Unaudited)
 THREE MONTHS ENDED NINE MONTHS ENDED
 SEPTEMBER 30, SEPTEMBER 30,
 1993 1992 1993 1992
 REVENUES $587,000 $616,000 $2,536,000 $2,107,000
 LOSS BEFORE
 EXTRAORDINARY GAIN($404,000) ($511,000) ($455,000) ($1,437,000)
 EXTRAORDINARY GAIN ON
 DEBT SETTLEMENTS -- $ 49,000 $445,000 $2,338,000
 NET INCOME (LOSS) ($404,000) ($462,000) ($10,000) $ 901,000
 INCOME (LOSS) PER
 COMMON SHARE:
 Loss before extra-
 ordinary gain ($0.13) ($0.16) ($0.14) ($0.45)
 Net Income (Loss) ($0.13) ($0.15) $0.00 $0.28
 -0- 11/12/93
 /CONTACT: Eric Schumann, Southern Investors Service Company, Inc., 713-869-7800/


CO: Southern Investors Service Company, Inc. ST: Texas IN: FIN SU: ERN

DH -- NY081 -- 3858 11/12/93 16:19 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 12, 1993
Words:379
Previous Article:TEXAS BIOTECHNOLOGY FILES FOR INITIAL PUBLIC OFFERING
Next Article:MAXUM HEALTH CORP. REPORTS THIRD QUARTER LOSS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters