Printer Friendly

THE TIERCO GROUP, INC. ANNOUNCES FINANCIAL RESULTS

 OKLAHOMA CITY, Nov. 24 ~PRNewswire~ -- The Tierco Group, Inc. announced today that it had net income for the nine months ended Sept. 30, 1992 of $20.4 million, as compared to a net loss of $5.8 million for the comparable nine-month period of 1991. During the 1992 period, Tierco recognized a $23.6 million extraordinary gain in connection with the transfer of its hotel and marina and a limited partnership interest to certain of Tierco's creditors in satisfaction of $39.9 million principal amount of Tierco indebtedness.
 Income from continuing operations during the nine-month period of 1992 aggregated $636,000, compared to $98,000 during the comparable 1991 period. The increase in income from continuing operations primarily reflects the increase in Tierco's interest in Frontier City Amusement Park during the 1992 period and its acquisition in January 1992 of Wild World Amusement Park.
 On Oct. 30, 1992, Tierco consummated the issuance and sale of 11 million shares of its common stock in a private placement at a purchase price of $1.00 per share.
 THE TIERCO GROUPS, INC.
 Statement of Operations Data
 (Unaudited)
 Nine Months Ended Sept. 30,
 1992 1991
 Revenue $16,562,012 $ 3,513,083
 Costs and expenses 15,611,065 3,414,912
 Income from continuing
 operations 635,555 98,171
 (Loss) from discontinued
 operations (3,780,953) (5,914,216)
 Extraordinary items 23,584,249 -
 Net income (loss) 20,438,851 (5,816,045)
 Net income (loss) per share $ 8.98 $ (2.56)
 Average shares outstanding 2,276,097 2,276,097
 Balance Sheet Data
 (Unaudited)
 Sept. 30, Dec. 31,
 1992 1991
 Assets $28,212,205 $74,555,756
 Liabilities 23,331,038 87,103,548
 Stockholders' equity (deficit) 4,881,167 (15,557,684)
 Tierco owns and operates Frontier City, a themed amusement park located in Oklahoma City; White Water Bay, a themed water park also located in Oklahoma City and Wild World, a combination amusement and water park located in Largo, Maryland, 15 miles from Washington, D.C.
 -0- 11~24~92
 ~CONTACT: Kieran E. Burke, president, of The Tierco Group, Inc., 212-599-4695~


CO: The Tierco Group, Inc. ST: Oklahoma IN: LEI SU: ERN

LR -- NY069 -- 1211 11~24~92 15:58 EST
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:Nov 24, 1992
Words:370
Previous Article:NUI CORPORATION REPORTS IMPROVED RESULTS FOR FISCAL YEAR; $1.68 PER SHARE VERSUS $0.55
Next Article:CARA OPERATIONS DECLARES DIVIDEND
Topics:


Related Articles
PARTNERS FINANCIAL GROUP ANNOUNCES SIGNING OF LETTER OF INTENT WITH AUTOMATED VENDING OF AMERICA
THE TIERCO GROUP, INC. COMPLETES $11 MILLION PRIVATE PLACEMENT
STI GROUP APPROVES ACQUISITION OF GREAT AMERICAN LIFE INSURANCE CO.
UNDERWRITERS FINANCIAL GROUP REPORTS 1992 FINANCIALS; ANALYSTS PROJECT .60-.70 CENTS PER SHARE EARNINGS FOR 1993
INSIGNIA FINANCIAL GROUP REPORTS RESULTS
TIERCO CHANGES NAME, ANNOUNCES NEW CHAIRMAN AND PRESIDENT
PREMIER PARKS COMPLETES $4.8 MILLION PRIVATE PLACEMENT OFFERING
WINTER STORM LOSSES WILL ADVERSELY AFFECT FIRST-QUARTER RESULTS FOR MERIDIAN INSURANCE GROUP, INC.
/C O R R E C T I O N -- Provident Financial Group, Inc./.

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