Printer Friendly

THE MISCHER CORPORATION REPORTS 1992 RESULTS

 HOUSTON, March 31 /PRNewswire/ -- The Mischer Corporation (OTC: MSHR) today reported a net loss of $244,000 or $.08 per share for 1992 compared to net loss of $2,470,000 or $.78 per share for 1991. Loss from continuing operations before extraordinary gain for 1992 was $2,584,000 or $.82 per share compared to a loss from continuing operations before extraordinary gain for 1991 of $3,801,000 or $1.19 per share.
 In June 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. This partnership owns and operates an office building in Houston, Texas. As a result of this restructure and other settlements, the company recorded an extraordinary gain on debt settlement of $2,340,000 net of $100,000 federal income taxes, which is included in net income for 1992. In connection with this restructure, the company's ownership in the partnership was reduced from 67.5 percent to 20 percent. During 1991, the company recorded a $388,000 loss on disposal of assets of discontinued operations and a $1,719,000 extraordinary gain on debt settlements.
 The company is engaged in real estate development and management.
 THE MISCHER CORPORATION
 Consolidated Summary of Loss
 (In thousands except per share data)
 Periods ended Three months Year
 Dec. 31 1992 1991 1992 1991
 Revenues $1,225 $756 $3,332 $5,487
 Write-down of real
 estate assets $1,415 -- ($1,415) --
 Loss from continuing
 operations before
 extraordinary gain ($1,417) ($1,818) ($2,584) ($3,801)
 Loss on disposal of
 assets of
 discontinued
 operations -- ($14) -- ($388)
 Loss before
 extraordinary
 gain ($1,417) ($1,832) ($2,584) ($4,189)
 Extraordinary gain on
 debt settlement $2 $16 $2,340 $1,719
 Net Loss ($1,415) ($1,816) ($244) ($2,470)
 Loss per common share:
 Continuing operations
 before extraordinary
 gain ($0.36) ($0.57) ($0.82) ($1.19)
 Loss before
 extraordinary gain ($0.36) ($0.57) ($0.82) ($1.31)
 Net loss ($0.36) ($0.57) ($0.08) ($0.78)
 -0- 3/31/93
 /CONTACT: Eric Schumann of The Mischer Corporation, 713-869-7800/
 (MSHR)


CO: The Mischer Corporation ST: Texas IN: SU: ERN

SM -- NY058 -- 1774 03/31/93 19:10 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:Mar 31, 1993
Words:380
Previous Article:ELTRAX FORECASTS RESULTS, ANNOUNCES NEW CONTRACTS
Next Article:AMERICAN REAL ESTATE PARTNERS, L.P. REPORTS FOURTH QUARTER AND FULL YEAR RESULTS
Topics:


Related Articles
THE MISCHER CORPORATION REPORTS THIRD QUARTER RESULTS FOR 1991
THE MISCHER CORPORATION REPORTS FIRST QUARTER RESULTS FOR 1992
THE MISCHER CORPORATION REPORTS SECOND QUARTER RESULTS FOR 1992
THE MISCHER CORPORATION REPORTS THIRD QUARTER RESULTS FOR 1992
THE MISCHER CORPORATION REPORTS FIRST QUARTER RESULTS FOR 1993
DON MISCHER NAMED EXECUTIVE PRODUCER OF ATAS' '45TH ANNUAL PRIMETIME EMMY AWARDS': BROADCAST SET FOR SEPT. 19 ON ABC-TV
SOUTHERN INVESTORS SERVICE COMPANY, INC. REPORTS SECOND QUARTER RESULTS FOR 1993
SOUTHERN INVESTORS SERVICE COMPANY, INC. REPORTS THIRD QUARTER RESULTS FOR 1993
SOUTHERN INVESTORS SERVICE COMPANY, INC. REPORTS 1993 RESULTS
DON MISCHER CONFIRMED BY ATAS BOARD TO SERVE AS EXEC PRODUCER OF '47TH ANNUAL PRIMETIME EMMY AWARDS'; TO BE BROADCAST SEPT. 10 ON FOX

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