USA: Movie Star, Inc., Buys Back and Retires Debt
Movie Star, Inc., (AMEX:MSI) today announced that it has purchased and retired $1,036,000 in principal of its 8.0% senior debt at a cost of approximately $934,000, resulting in an extraordinary gain of approximately $87,000, net of related costs and income taxes, to be recorded in the Company's fiscal fourth quarter ending June 30, 2000. Following this latest purchase, there remains outstanding $9,585,500 in principal of the Company's 8.0% senior debt due September 2001 and $4,367,000 in principal of the Company's 12.875% subordinated debentures due October 2001. Mel Knigin, Movie Star's President and Chief Executive Officer, said, "We are pleased to be in a position to continue to strengthen our balance sheet. This debt reduction represents the third time this fiscal year that we have purchased outstanding debentures, and brings the total for the year to over $6.5 million in principal, or a reduction of 31% from year end 1999. As business fundamentals allow, we will continue to seek opportunities to further reduce our long-term debt levels." Certain of the matters set forth in this press release are forward-looking and involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: business conditions and growth in the industry; general economic conditions; addition or loss of significant customers; the loss of key personnel; product development; competition; foreign government regulations; fluctuations in foreign rates; rising costs for raw materials and the unavailability of sources of supply; the timing of orders booked; and the risk factors listed from time to time in the Company's SEC reports. MOVIE STAR, INC. produces and sells ladies sleepwear, robes, leisurewear, loungewear, panties and daywear and also operates 21 retail outlet stores.
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