Funny you should ask....
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Fix-Corp Posts $17.6 Million Loss for 1998
HEATH, Ohio--(BUSINESS WIRE)--June 28--Fix-Corp International
(OTC:BB:FIXC ) today announced the company lost $17.6 million for the
year ended Dec. 31, 1998.
Per-share losses amounted to $ .50, fully diluted.
Revenue for the year was $14.09 million, up $5.72 million or 68
percent over the same period in 1997.
"Our losses were not confined to one part of the company or one
product line," said Mark Hershhorn, Fix-Corp chairman and chief
executive officer.
Operating losses totaled $8.2 million; Unreconciled Intercompany
Differences contributed a further $2.7 million loss to the company's
1998 performance.
Other losses included: $2.6 million of costs associated with debt
issuance, financing, interest and amortization; $1.5 million for the
impairment of assets associated with the company's Florida plant and
write-off of start-up costs; and $1.8 million in actual costs and
reserves for settlement of litigation and legal claims.
Year-end results also reflect the reversal of $800,000 in
deferred state and federal tax benefits.
Fix-Corp International filed for Chapter 11 protection on Feb.
17, 1999 with the U.S. Bankruptcy Court, Southern District of Ohio,
Eastern Division. In late April the company received Court approval
for a new management team. On May 14, Fix-Corp International filed a
Chapter 11 Disclosure Statement and Plan of Reorganization with the
Bankruptcy Court.
On Oct. 30, 1998 the Securities and Exchange Commission (SEC)
issued a Formal Order of Private Investigation authorizing its staff
to conduct an investigation as to whether the company and others
violated certain provisions of the Securities Act of 1933 as well as
the Exchange Act of 1934.
The company, which first learned of the investigation in late
December 1998, understands that this investigation is continuing and
has been cooperating with the SEC's requests for information made as
part of its investigation. |
