JFP-Here is the nail in the cusa ne zegg coffin. As I said, I felt this was a set-up from the start.>>>PACOIMA, Calif.--Oct. 29, 1997--Zegarelli Group International Inc.
(Nasdaq:ZEGG) reported a net loss of $1,858,000 or 34 cents per share, for the third quarter of
1997 and a net loss of $2,867,000, or 54 cents per share, for the nine months then ended.
For the same periods last year, the company reported net income of $26,000, or 1 cent per share,
for the third quarter of 1996 and net income of $189,000, or 4 cents per share, for the nine
months ended Sept. 30, 1996.
As a result of the sale of the company's contract packaging business in September 1997, those
operations are being reported as discontinued operations and the operations of the professional
hair care line represent continuing operations.
Eric Nickerson, recently appointed chairman and chief executive officer, stated that ''The
significant operating loss of the contract packaging business for the last three months of its
operations together with continued losses of the hair care line to Sept. 30, 1997 required the
company to reevaluate its financial position and operations.''
This next part is great>>>
Nickerson added that ''The current sales level of the Zegarelli hair care line is not sufficient to
cover related costs and expenses and meet its obligations to vendors and other creditors. In order
for the company to continue operations and regain shareholder confidence, a program of
substantially reduced expenses has begun. The company is also considering selling the hair care
line.'' |
