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Non-Tech : Caribbean Cigar Co. (CIGR,CIGRW) Trendy stock -- Ignore unavailable to you. Want to Upgrade?

To: Benjamin Hong who wrote (86)	11/15/1997 4:42:00 PM
From: Linda Kaplan	Respond to of 136

Ben, Those are good suggestions. I am too lazy and impulsive. I will have to change or I won't have any money left. Linda

To: Benjamin Hong who wrote (86)	11/20/1997 6:30:00 AM
From: Linda Kaplan	Respond to of 136

Headline: Caribbean Cigar (NASDAQ:CIGR) restates Q1 results ====================================================================== MIAMI, Nov 19 (Reuters) - Caribbean Cigar Co said Wednesday it has restated its first-quarter earnings to reflect a loss of about $600,000. The restated results and the loss are primarily from additional accruals for lease terminations and a write-off of leasehold improvements, additional professional service fees, additional advertising expenses, a write-down in inventory, a write-down of certain accounts receivable, an increase in depreciation expense, and an increase in selling expenses. The company had originally reported net income for the period ended June 30 of $131,265, or $0.03 per share. The company's chief financial officer last week had warned that its first quarter results were to be restated to reflect a net loss. Caribbean Cigar also posted a net loss of about $2 million for the second fiscal quarter ended September 30 due primarily to sales and gross margins, which were weaker than anticipated with no corresponding reduction in expenses, and a write-down in inventory, it said. In response to results, the company also announced it had taken steps to reduce selling expenses, including reductions in headquarters staff. The company said it estimates that these overhead reductions will save it about $1 million on an annual basis, beginning with the third fiscal quarter of 1997. The company also said in a statement that Thomas Dilk, Eric Kamisher and Luciano Nicasio have resigned as directors of the company, in part because of a "disagreement about the results of operations reported today." No replacements have yet been named. The remaining directors, President and Chief Executive Kevin Doyle and Alfred Berger intend to meet next week to consider replacements, the company said. "These loses occurred primarily during a period of rapid expansion, including the opening of our plant in the Dominican Republic, the expansion of our import capacity from Indonesia, and the move to our new headquarters facility in Miami," Doyle said. "... However, we are confident that we have now identified the sources of these problems and have taken appropriate action to keep costs under control. We are actively focused on evaluating every element of our cost structure to further reduce costs." Copyright 1997, Reuters News Service