THE LONGWOOD GROUP REPORTS RESULTS
THE LONGWOOD GROUP REPORTS RESULTS NEW YORK, April 30 /PRNewswire/ -- The Longwood Group, Ltd.
(NASDAQ: LONG) announced that it had filed last week its Form 10-K for the year ended Dec. 31, 1991. The company reported net revenue of $1,392,000 and a net loss of ($294,000) for 1991, as compared to net revenue of $1,224,000 and a net loss of ($1,015,000) for 1990.
A company spokesman said that the historical results were not indicative of the company's current financial condition primarily due to the following transactions, which will have a material effect on the company's future business and financial condition: (A) the acquisition in January 1992 of C-B/Murray Corporation, Inc., a North Carolina-based service merchandiser of health and beauty care, specialty foods and general merchandise products to supermarkets and other stores in the southeastern and mid-atlantic regions of the U.S. and (B) two private placements in January aggregating $1,500,000. For the eight months ended Dec. 31, 1991, C-B Murray had net sales of $56,400,000. Additionally, the company is proceeding with its contemplated acquisition of Mandel-Kahn Industries, Inc., a Texas-based service merchandiser. This acquisition is expected to be completed concurrently with a proposed public offering of the company's common stock and warrants, as to which the company expects to file a registration statement shortly. Such offering will be made only by means of a prospectus. THE LONGWOOD GROUP, LTD. Statements of Operations Year ended Dec. 31 1991 1990 1989 Revenues: Management fee revenue $240,000 $382,000 $333,000 Marketing fee revenue 586,000 842,000 407,000 Development fee 566,000 -- -- Other income 151,000 63,000 44,000 Interest income 494,000 2,000 23,000 Total revenues 2,037,000 1,289,000 807,000 Costs and Expenses: Operating expenses 866,000 907,000 891,000 Interest expense 562,000 92,000 13,000 Loss associated with investment in Longwood at Turnberry, L.P. 728,000 1,305,000 -- Loan fees 136,000 -- -- Other expenses 39,000 -- 8,000 Total costs and expenses 2,331,000 2,304,000 912,000 Loss bef. inc. taxes and extraord. item (294,000) (1,015,000) (105,000) Income taxes -- 115,000 -- Loss bef. extraord. item (294,000) (1,130,000) (105,000) Extraord. item - net operating loss carryfrwd. -- 115,000 -- Net loss (294,000) (1,015,000) (105,000) Loss per com. share bef. extraord. item (.03) (.11) (.01) Extraordinary item per common share -- 0.01 -- Net loss per com. share (.03) (.10) (.01) -0- 4/30/92 /CONTACT: John A. Selzer or John D. Gioioso of the Longwood Group, 212-980-9670/ (LONG) CO: Longwood Group Ltd. ST: New York IN: SU:
KD-AH -- NY064 -- 4953 04/30/92 12:49 EDT
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|Date:||Apr 30, 1992|
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