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To: Tech Master who wrote (14540)	6/24/1998 4:44:00 PM
From: Proud_Infidel	Read Replies (1) \| Respond to of 17305

Lam announces 2nd restructuring: biz.yahoo.com Holding these equipment stocks is alot like hugging a porcupine: it hurts like he** and you wonder why the heck you're doing it

To: Tech Master who wrote (14540)	6/24/1998 5:08:00 PM
From: Tech Master	Respond to of 17305

TAVI PRESS RELEASE... read between the lines folks.... Wednesday June 24, 4:30 pm Eastern Time Company Press Release SOURCE: Thorn Apple Valley, Inc. Thorn Apple Valley to Exit Fresh Pork Operations, Remain Independent Processed Meats Company; Divestiture to Result in 4th-Qtr Charge SOUTHFIELD, Mich., June 24 /PRNewswire/ -- Thorn Apple Valley, Inc. (Nasdaq: TAVI - news) today announced plans to exit its fresh pork operations and focus on its processed meats business as an independent entity. The company's decision follows a thorough operational analysis by an outside consultant as well as a comprehensive exploration of strategic alternatives for maximizing shareholder value, which Thorn Apple Valley conducted with investment banker Nesbitt Burns Securities Inc. Said President and Chief Executive Officer Joel Dorfman, ''After reviewing a range of strategic options in light of this company's strengths and weaknesses, the Board has accepted the recommendation of our outside consultant and Nesbitt Burns that shareholder interests may be best served by exiting the fresh pork business and directing all of our energies, talents and resources to growing our branded processed meats operations. ''Thorn Apple Valley's losses in fiscal 1996 and 1997 primarily resulted from our fresh pork operations. As a processed meats company emphasizing higher-margin products, we hope to return to profitability and achieve more consistent financial and operational performance.'' The company also disclosed that exiting its fresh pork operation will result in a fiscal fourth-quarter charge related to the discontinuation of assets. The charge, which will be principally non-cash, is expected to run between $35 and $50 million. Thorn Apple Valley's fourth quarter fiscal 1998 ended on May 29, 1998; results are expected to be announced in mid-August. According to the company, Thorn Apple Valley will enter into a long-term supply agreement with IBP, inc. IBP is recognized around the globe as the world's leading producer of quality beef and pork products. The intercompany arrangement creates an alliance between Thorn Apple Valley and IBP that provides an assured supply of fresh pork products and raw materials. Dorfman concluded, ''There is tremendous value inherent in our processed meats business and a solid foundation on which to build a profitable, stand- alone company. Our product portfolio includes five #1-selling national brands that are processed and distributed through a modern, low-cost infrastructure. Our expanding international business provides the opportunity for further growth and operational efficiency. And, Thorn Apple Valley has a track record of product and promotional innovation that features the ability to transform niche products into whole new product categories. Over the next few quarters, we will be further refining our processed meats product lines, operations and growth strategy as we work to maximize shareholder value by leveraging these assets to the fullest.'' Thorn Apple Valley is a leading meat processor with a newly modernized, low-cost infrastructure, an extensive product portfolio that includes five #1-selling national branded products and an expanding international presence. The company's shares are traded on the Nasdaq National Market system under the symbol ''TAVI.'' This press release contains forward-looking statements with respect to the results of operations of Thorn Apple Valley, Inc. Management of the company believes that the expectations reflected in the forward-looking statements made in this press release are based on reasonable assumptions. Certain developments could occur that might cause actual results to vary from the expectations reflected in this press release. These include changes in raw material supplies or prices, changes in economic conditions, changes in relationships with customers or suppliers and unforeseen loss contingencies. SOURCE: Thorn Apple Valley, Inc.