Omni Multi Media Group OMG-AMEX Message Board

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Microcap & Penny Stocks : Omni Multi Media Group OMG-AMEX

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To: mike mulhearn who wrote ()	7/2/1997 10:24:00 AM
From: mark polasky	of 65

MILLBURY, Mass., July 1 (Reuter) - Omni Multimedia Group Inc said it expects to post losses for fiscal 1997 and filed with the U.S. Securities and Exchange Commission to delay the filing of its 10k report on the period until July 14, 1997. Revenues should fall to $12.5 million for the fiscal year ended March 29, 1997, compared to $18.9 million last year. Omni expects a net loss of $15.3 million compared to profits of $324,000 last year. Omni also expects a loss from day-to-day operations of $12.5 million for fiscal year end 1997. Of the $12.5 million, about $1.3 million is associated with the acquisitions of CSTM & Allenbach; $951,000 for the start up cost of the CD-Rom business; and $575,000 for the write-off of obsolete floppy disk equipment. It said an abrupt decline in the 3-inch floppy disk business in the first quarter last year, the accelerated start-up of CD-Rom production capability, and the development of a new customer base contributed to the year-end loss. It said it requested the filing extension because it changed its operations software and accounting complexities related to its acquisitions of Allenbach and CSTM. 16:54 07-01-97

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