Wednesday May 21 4:55 PM EDT
Company Press Release
Source: Work Recovery, Inc.
Work Recovery Announces 3rd Quarter Results
TUCSON, Ariz., May 21 /PRNewswire/ -- Work Recovery, Inc. announced its financial results of
operations for the quarter ended March 31, 1997. As a result of adopting Fresh-Start Reporting
upon emergence from bankruptcy effective February 1, 1997, a new entity has been deemed
created for financial reporting purposes. The Company reported a net loss of $1,441,000 for the
two-month period ended March 31, 1997 with a loss per common share of $.10. The results of
operations include a charge of $675,000 relating to the amortization of $40,350,000 of excess
reorganization value. The excess reorganization value is scheduled to be amortized over a ten-year
period. The Company also reported a net loss of $5,537,000 for the one month period ended
February 1, 1997. This loss includes costs and gains associated with implementation of the
Company's Plan of Reorganization. Loss per common share is not meaningful for periods prior to
February 1, 1997 due to significant change in the capital structure of the Company upon emergence
from bankruptcy.
Dorcas R. Hardy, President and Chief Executive Officer, stated, ``The Company is continuing to
reduce its costs of operations and is seeking strategic alliances with other companies for enhanced
sales and marketing opportunities. Ms. Hardy further said that the Company continue to improve its
ERGOS(R) product line and has released ERGOS(R) Version 4.3 software.
Work Recovery, Inc. manufactures and markets its proprietary and objective Functional Capacity
Evaluation technology, ERGOS(R), which evaluates an individual's capacity to perform work.
SOURCE: Work Recovery, Inc.
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