Plastic Surgery Organization Votes to Simplify Its Name
Posted Thursday, October 28, 1999 - 9:31 by Diane
NEW ORLEANS, Oct. 26 /PRNewswire/ -- The American Society of Plastic and Reconstructive Surgeons today, at its 68th Annual Scientific Meeting in New Orleans, voted to formally change its name to the American Society of Plastic Surgeons (ASPS). (See Video: http://www.videonewswire.com/play?video=1999011102 )
"Our society represents the largest organization of both cosmetic and reconstructive surgeons in the country," said Paul Schnur, MD, president of the American Society of Plastic Surgeons. "The simplification of our society's name better reflects the variety of procedures performed by our members."
Founded in 1931, the American Society of Plastic Surgeons represents 5,000 surgeons certified by the American Board of Plastic Surgery. ASPS members also include physicians certified in plastic surgery by the Royal College of Surgeons of Canada. By choosing an ASPS member plastic surgeon, patients are assured that the physician has graduated from an accredited medical school and completed at least five years of additional residency, usually three years of general surgery and two years of plastic surgery. To be certified by ABPS, a physician must also practice surgery for two years and pass comprehensive written and oral examinations.
Consumers can call the Plastic Surgery Information Service at 800-635-0635 or access the ASPS web site at http://www.plsticsurgery.org to find a plastic surgeon in their area.
SOURCE American Society of Plastic and Reconstructive Surgeons
-0- 10/26/1999
/CONTACT: Media Relations, Maureen Jones, 847-228-9900, or e-mail, media@plasticsurgery.org /
Video: /http://www.videonewswire.com/play?video=1999011102/
Photo Notes: /http://www.newscom.com/cgi-bin/prnh/19990120/CGW074
PR Newswire Photo Desk, 888-776-6555 or 201-369-3467/
Web Site: /http://www.plasticsurgery.org /
CO: American Society of Plastic and Reconstructive Surgeons
ST: Illinois, Louisiana
IN: MTC
SU:
SL-TR
-- CGTU084 --
3222 10/26/1999 17:38 EDT http://www.prnewswire.com
Large Breasted Women Can Suffer More Pain Than Cancer and Arthritis Patients, New Study Shows
Posted Thursday, October 28, 1999 - 9:28 by Diane
NEW ORLEANS, Oct. 26 /PRNewswire/ -- The level of pain suffered by women with breast hypertrophy (large and heavy breasts) can be more severe than that suffered by patients with major health conditions such as arthritis, cancer, or back pain according to a study to be presented October 27 at the 68th Annual Scientific Meeting of the American Society of Plastic and Reconstructive Surgeons (ASPRS) in New Orleans. (See Video: http://www.videonewswire.com/play?video=1999011102 )
"The level of pain reported by women with very large breasts was surprising," said Carolyn L. Kerrigan, MD, professor of surgery, Dartmouth Medical School and section chief and program director, Plastic Surgery, Dartmouth Hitchcock Medical Center, New Hampshire. "Breast hypertrophy has a significant impact on women's quality of life."
The study included 263 women, aged 18 to 74, who completed a variety of questionnaires including the McGill Pain Questionnaire (MPQ), which measures four categories of pain -- total, sensory, affective and cognitive-evaluative. Their answers were compared to population norms for women in similar age groups.
Results showed that patients with large breasts reported greater total pain on the MPQ scale (27.6) than patients with other pain syndromes including: back (26.3); cancer (26.0); phantom limb (25.0); pain following herpes (22.6); dental (19.5); arthritis (18.8); menstrual (17.5). Despite the severe pain of this condition, breast reduction surgery is often considered a cosmetic procedure and is not generally covered by insurance.
"These early results document that the burden of breast hypertrophy is a very significant medical condition comparable to many others that are covered without question by managed care. It is important that this condition be given appropriate coverage," said Dr. Kerrigan.
In a related study, conducted in Sweden by Lennart Blomqvist, MD, Department of Reconstructive Plastic Surgery, Karolinska Hospital, Stockholm, breast reduction surgery was shown to provide long-term improvement in patients' health and quality of life. Prior to breast reduction surgery, the 49 women in the study ranked their level of pain in the neck, shoulder, back and breast, as well as the severity of their headaches. The survey also examined the effect of heavy breasts on body posture, choice of clothing, sleep, sexual life, working capacity and quality of life. Follow-up questionnaires were completed at six and 12 months after surgery.
The results showed that the majority of women reported reduction or elimination of pain and increase in quality of life. These improvements were maintained one year after surgery. Because breast reduction surgery, in contrast to other therapies such as physiotherapy, produces long-lasting reduction or elimination of the symptoms, the study concluded that it should be available and reimbursed.
ASPRS represents 97 percent of all physicians certified by the American Board of Plastic Surgery (ABPS). ASPRS members also include physicians certified in plastic surgery by the Royal College of Physicians and Surgeons of Canada. By choosing an ASPRS member plastic surgeon, patients are assured that the physician has graduated from an accredited medical school and completed at least five years of additional residency, usually three years of general surgery and two years of plastic surgery. To be certified by ABPS, a physician must also practice plastic surgery for two years and pass comprehensive written and oral examinations. Consumers may call the Plastic Surgery Information Service at 1-800-635-0635 or access the ASPRS web site at http://www.plasticsurgery.org to find a plastic surgeon in their
area.
SOURCE American Society of Plastic and Reconstructive Surgeons
-0- 10/26/1999
/CONTACT: Media Relations of ASPRS, 847-228-9900, e-mail, media@plasticsurgery.org /
Photo Notes: /http://www.newscom.com/cgi-bin/prnh/19990120/CGW074
PR Newswire Photo Desk, 888-776-6555 or 201-369-3467/
Video: /http://www.videonewswire.com/play?video=1999011102 /
Web Site: /http://www.plasticsurgery.org /
CO: American Society of Plastic and Reconstructive Surgeons
ST: Illinois, Louisiana
IN: MTC
SU:
KS-MF
-- CGTU076 --
2899 10/26/1999 16:30 EDT http://www.prnewswire.com
Allou Health & Beauty Care, Inc. Enters Into Investment Banking Agreement with Gruntal & Co., L.L.C.
Posted Monday, October 25, 1999 - 16:34 by Diane
BRENTWOOD, N.Y., Oct. 25 /PRNewswire/ -- Allou Health & Beauty Care, Inc. (Amex: ALU) today announced that they have engaged Gruntal & Co., L.L.C., a member firm of the New York Stock Exchange, to advise the Company on merger and acquisition strategies, capital activities and corporate development opportunities.
Roger C. Kahn, managing director of Gruntal, stated, "After spending time with Allou's management, we feel they have a strong foundation for pursuing impressive growth in contract manufacturing, e-commerce fulfillment services and expansion of their existing distribution business. We look forward to working closely with the Company, to identify potential strategic and financial relationships that may assist the Company in achieving their well-defined goals and objectives."
David Shamilzadeh, senior vice president and chief financial officer of Allou, added, "We are very impressed with Gruntal's track record and influence on Wall Street. By leveraging the firm's considerable investment banking and equities expertise, the potential for the short and long-term success of Allou is dramatically enhanced."
Gruntal & Co., L.L.C., a wholly owned subsidiary of Gruntal Financial L.L.C., is a national securities brokerage firm established in 1880. Gruntal offers a comprehensive line of investment products and services including equity and fixed income research, insurance, investment banking, advisory services, retirement plans, and cash management services. Gruntal has approximately $18 billion in client assets and 1,600 employees throughout the United States.
Allou Health & Beauty Care, Inc. is the premier distributor of over 22,000 nationally advertised health and beauty aid products, branded and generic prescription of pharmaceuticals, prestige designer fragrances, cosmetics and branded non-perishable foods. Through its wholly owned subsidiary Allou Personal Care Corporation, the Company manufactures upscale hair care and skin care products. Allou's account base consists of 4,200 independent drug and convenience stores and the leading national chain stores.
This release may include forward-looking statements concerning Allou's intent, belief or current expectations with respect to, among other things, trends affecting its financial condition or results of operations and its business and growth strategies. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from those projected, expressed or implied. Allou does not undertake any obligations to update or revise any forward-looking statements.
For more information, contact
INVESTOR/BROKER INFORMATION
Ms. Dodi Zirkle
Continental Capital & Equity Corporation
Phone: 407-682-2001 Fax: 407-682-2544
Email: dodi@insidewallstreet.com
SOURCE Allou Health & Beauty Care, Inc.
-0- 10/25/1999
CONTACT: David Shamilzadeh, Senior Vice President and Chief Financial Officer of Allou Health & Beauty Care, Inc., 516-787-1220/ (ALU)
CO: Allou Health & Beauty Care, Inc.; Gruntal & Co., L.L.C.
ST: New York
IN: HOU FIN
SU:
DH-SL
-- NYM015 --
6937 10/25/1999 08:05 EDT http://www.prnewswire.com
Pharmanex, Inc. Launches a New Business Division And Introduces 16 Standardized Products at Its First-Ever Global Convention
Posted Monday, October 25, 1999 - 16:29 by Diane
World-Renowned Scientists and Top-Level Athletes Will Participate in Convention Meetings
SAN FRANCISCO, Oct. 25 /PRNewswire/ -- Pharmanex(R), Inc., a leader in the research and development of nutrition products, will hold its first-ever international convention Oct. 14-16 in Salt Lake City. The company anticipates 8,000 to attend the three-day event where the company will introduce a new business model and unveil a host of standardized nutritional products. Part of the festivities will be held in conjunction with parent company Nu Skin Enterprises, Inc.'s (NYSE: NUS) global convention.
Scientific Presentations
Speakers at the Pharmanex general sessions will include world-renowned scientists and researchers who have lent their expertise to the development of numerous products. Carl Djerassi, Ph.D., professor of chemistry at Stanford University and Chairman of Pharmanex's Scientific Advisory Board, will speak about the science upon which Pharmanex bases all its product research and development. James M. Rippe, M.D. is director of the Center for Clinical and Lifestyle Research in Shrewsbury, Mass. (which includes the Pharmanex Institute for Cardiovascular Health and Sports Nutrition) and associate professor of medicine at Tufts University. Dr. Rippe will introduce a number of new Pharmanex products including the Cholestin(TM) Bar, which was clinically tested at his facility. In addition, he will discuss the importance of maintaining a healthy lifestyle, including proper supplementation.
Alan J. Cohen, M.D., assistant clinical professor of psychiatry at the University of California, San Francisco, is a leader in the fields of psychiatry and psychopharmacology. Dr. Cohen will speak about recent studies he has conducted in connection with Venix(TM), a new product designed specifically to promote healthy sexual well-being in men.
Michael N. Chang, Ph.D., senior vice president and chief scientific officer at Pharmanex, will introduce LifePak(R) with Catechins. This specially-created version of LifePak combines an unequaled multivitamin/mineral/phytonutrient supplement with the powerful antioxidant properties found in green tea. This limited-run product will be available only during the convention for $115.90 for a two-month supply.
Pharmanex Medical Division(TM) (PMD)
Pharmacists are rapidly becoming key providers of pertinent consumer information on natural supplements. Physicians have also had a long-standing need for readily available information about dietary supplements to benefit patients who are seeking information on alternative treatments. To meet these needs, Pharmanex will unveil its Pharmanex Medical Division. This division is designed to provide health care professionals with access to the latest scientific research on dietary supplements. The PMD will partner with health care professionals, through Pharmanex Medical Representatives, to encourage education, improve patient well-being and supply consumers with Pharmanex's clinically-proven products.
New Products
Aside from new business models, Pharmanex will also announce a number of new products. Among these will be a new form of Cholestin(R), Pharmanex's red yeast rice product proven to promote and maintain healthy cholesterol levels. The blueberry flavored Cholestin Bar will incorporate a daily allotment of Cholestin in a once-a-day convenient bar. A 14-day supply will retail for $35.95. The newest addition to the existing LifePak line of dietary supplements is LifePak Teen(TM). LifePak Teen is formulated to address the nutritional demands of healthy, active young men and women, ages 9-18. A one-month supply of LifePak Teen will retail for $24.95. Possibly the most exciting new product to be launched at this year's convention will be Venix(TM). By encouraging circulation to the brain and other body areas, Venix helps support normal sexual function and desire. A one-month supply of Venix will retail for $49.95.
Also to be introduced at the convention is the new line of Nature's Standard(R) dietary supplements. The Nature's Standard line previously consisted of Coenzyme Q10, Cranberry, Echinacea, Feverfew, Garlic, Hawthorn, Kava Kava, Panax Ginseng, Saw Palmetto, and Vitex. The following 10 new products will now complete the product line: Astragalus, Cayenne, Ginger, Goldenseal, Grape Seed, Milk Thistle, Schisandra, Siberian Ginseng, St. John's Wort, and Valerian. Retail prices of the various Nature's Standard product
line range from $8.95 to $19.95. Image Solutions(TM) is a new line of products for both men and women formulated to provide nutrition that creates outward beauty from within. The Image Solutions line currently consists of two products: Hair Formula provides key nutritional building blocks to promote and maintain healthy hair (retail price: $39.95); and Vein Formula provides beneficial ingredients that help promote circulatory and leg vein health (retail price: $34.95).
Athletic Representation & Endorsement
Pharmanex embraces individuals who embody the Pharmanex philosophy of maintaining optimal health to achieve peak performance. Some of the professional athletes who have become champions of Pharmanex products and who will be speaking at the convention include: Karl "The Mailman" Malone, two-time NBA Most Valuable Player and recently voted one of the 50 greatest players in NBA history; Al Joyner, Olympic gold medalist and husband/coach to the late track and field great and world-record holder Florence Griffith Joyner (Flo-Jo); Isaac Wilson, distance adventure racer and member of the U.S. National Cycling Team; and Louise Cooper-Lovelace, cancer survivor and one of the top female adventure racers in the United States.
Awards
At this year's convention, Al Joyner will present Hong Kong resident Mrs. Vera Waters with the Florence Griffith Memorial Award. This one-time award was created in memory of Flo-Jo and her ability to use her talents to create success in every aspect of her life. Mrs. Waters will be honored with this award for achieving personal and business successes throughout her life and exemplifying the life philosophy shared by Flo-Jo. Pharmanex President William E. McGlashan, Jr. will also unveil The Pharmanex Humanity Award. This award will be presented at upcoming Pharmanex conventions to honor Representatives who go the extra mile to positively impact the lives of others.
About Pharmanex, Inc.
Pharmanex, a subsidiary of Nu Skin Enterprises, Inc. (NYSE: NUS), is a leader in the research and development of nutrition products. The company has a growing portfolio of multivitamin/mineral supplements, natural health products, standardized botanicals and specialized health systems. Based in San Francisco, Pharmanex products are sold direct to the consumer through a network of independent representatives, as well as through a number of
independent pharmacies. For additional information, call (888) PHARMANEX or visit the company's Web site at http://www.pharmanex.com.
Please note: This press release may contain forward-looking statements, which represent the company's expectations or beliefs concerning future events. These forward-looking statements are subject to risks and uncertainties that could cause actual results and outcomes to differ materially from those discussed or anticipated, including the risks set forth in Nu Skin Enterprises' filings with the Securities and Exchange Commission, including its most recent Form 10-K, Form 10-Q and the "Risk Factor" section
of its most recent Registration Statement on Form S-3.
SOURCE Pharmanex, Inc.
-0- 10/25/1999
CONTACT: Paula Morrow, 801-345-2163, prmorrow@pharmanex.com, or Steve Sheranian, 801-345-2109, sesheran@pharmanex.com, both of Pharmanex, Inc./
Web Site: /http://www.nuskin.net/
Web Site: /http://www.pharmanex.com/
(NUS)
CO: Pharmanex, Inc.; Nu Skin Enterprises, Inc.
ST: California
IN: MTC HEA
SU: PDT
ET-TM
-- LAM060 --
6498 10/25/1999 07:01 EDT http://www.prnewswire.com
Pharmanex, Inc. Introduces Image Solutions Formulas, Beauty Care From Within New Line of Dietary Supplements Benefit Hair and Legs
Posted Monday, October 25, 1999 - 16:21 by Diane
SAN FRANCISCO, Oct. 25 /PRNewswire/ -- Pharmanex(R), Inc., a leader in the research and development of nutritional products, today announced the launch of Image Solutions(TM), an innovative line of dietary supplements designed specifically to maintain healthy hair and promote leg vein health. The products were developed to benefit both men and women.
Image Solutions Hair Formula(TM)
Hair Formula is a combination of key amino acids and vitamins that Provide proper nutritional building blocks to maintain a healthy head of hair. Two key ingredients are the sulfur-containing amino acids cystine and methionine, which are necessary for the production of keratin, the structural protein in hair. Clinical studies show that supplementation with sulfur-containing amino acid products can significantly promote healthier hair. Image Solutions Hair Formula provides more sulfur-containing amino acids, especially cystine, than most nutritional hair products on the market. Other components, including B-vitamins and vitamin E, are present to further support overall hair health. A one-month supply of Hair Formula retails for $39.95.
Image Solutions Vein Formula(TM)
By promoting overall vein circulation, Vein Formula helps to support vein structure and function. Made from a unique combination of Masquelier's(TM) OPC 85 patented grape seed extract and buffered vitamin C, Vein Formula has been found effective in helping maintain normal venous tone and integrity, blood circulation and water balance in the legs.
Masquelier's original OPC 85 grape seed extract has been available in France for over 25 years. The extract has been shown to support normal collagen structure and function in venous walls. These benefits were evidenced in 15 clinical studies, one of which involved a sample size of 4,729 French subjects. Masquelier's original OPC 85 grape seed extract is readily bioavailable (absorbed and utilized by the body) and is a powerful antioxidant that also helps protect the integrity of other connective tissues such as
the skin.
Vitamin C has been shown to synergistically enhance the antioxidant properties of grape seed extract. Vitamin C is essential for the formation of collagen and elastin in all connective tissues including the vascular walls of veins and arteries. A one-month supply of Vein Formula retails for $34.95.
The Company
Pharmanex, a subsidiary of Nu Skin Enterprises, Inc. (NYSE: NUS), is a leader in the research and development of nutrition products. The company has a growing portfolio of multivitamin/mineral supplements, natural health products, standardized botanicals and specialized health systems. Based in San Francisco, Pharmanex's products are sold direct to the consumer through a network of independent representatives, as well as through a number of independent pharmacies. For additional information, call 888-PHARMANEX or visit the company's Web site at http://www.pharmanex.com.
SOURCE Pharmanex, Inc.
-0- 10/25/1999
CONTACT: Paula Morrow, 801-345-2163, prmorrow@pharmanex.com, or Steve Sheranian, 801-345-2109, sesheran@pharmanex.com, both of Pharmanex, Inc./
Web Site: /http://www.nuskin.net/
Web Site: /http://www.pharmanex.com/
(NUS)
CO: Pharmanex, Inc.; Nu Skin Enterprises, Inc.
ST: California
IN: HEA MTC
SU: PDT
LP-JW
-- LAM057 --
6456 10/25/1999 07:00 EDT http://www.prnewswire.com
Express Scripts Announces Third Quarter Results Achieves Record Net Income
Posted Thursday, October 21, 1999 - 17:01 by Diane
ST. LOUIS, Oct. 20 /PRNewswire/ -- Express Scripts, Inc. (Nasdaq: ESRX) announced third quarter 1999 net income of $17.5 million, or 45 cents per diluted share, excluding an after-tax extraordinary charge associated with the payoff of the company's Term B debt of $0.5 million, or 2 cents per share. This compares with $11.3 million, or 34 cents per diluted share in the same period of 1998. Third quarter net income on a reported basis, including the extraordinary charge, was $17.0 million, or 43 cents per diluted share. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter totaled $66.2 million, a 99 percent increase over the $33.3 million reported in the same quarter of 1998.
"We implemented our business consolidation plan, enhanced our market position and prospects for continued profitable growth, and achieved a number of important objectives during the third quarter," said Barrett Toan, Express Scripts' president and chief executive officer. "Our business integration continues on plan; we're bringing in significant new business through cross-selling additional services to existing clients; we're accelerating our Internet strategy with the completion of the PlanetRx.com transaction; and we improved our capital structure and reported continued strong operating results, including record net income."
STRONG OPERATING RESULTS
In the third quarter of 1999, net revenues were $1.1 billion, a 34 percent increase over $0.8 billion in the same period of 1998. Cost of revenues for the third quarter of 1999 increased 30 percent to $959.0 million, compared with $738.5 million in the same period of 1998. Revenues and cost of revenues are recognized on a net basis for the book of business formerly associated with DPS. This means that the ingredient cost of the drug is not included in revenues or cost of revenues. Gross profit increased 81 percent to $124.5 million in the third quarter of 1999 from $68.8 million for the comparable period of 1998. Selling, general and administrative expenses (SG&A), excluding depreciation and amortization, were $60.4 million, a 64 percent increase over the $36.9 million reported for the comparable period of 1998. The increase in SG&A expense is primarily due to the acquisition of DPS, which was completed on April 1, 1999, and planned integration costs. As a result of strong operating cash flows, the company used $50 million of cash to payoff the remaining portion of the company's Term B debt in the third quarter of 1999. In conjunction with the early repayment, the company recorded the write-off of certain deferred financing fees as an extraordinary item.
For the nine months ended September 30, 1999, pro forma net income was $47.7 million, or $1.27 per diluted share, before one-time charges and assuming the company's equity and debt offering took place on April 1, 1999. This compares with $30.8 million, or 91 cents per diluted share, before one-time charges in the same period of 1998. Net income for the nine months ended September 30, 1999 on a reported basis, before one-time charges, was $43.9 million, or $1.21 per diluted share. Including all one-time charges, reported net income for the nine months ended September 30, 1999 was $31.0 million, or 86 cents per diluted share.
Net revenues increased 50 percent to $3.0 billion, which includes net revenues of DPS for the second and third quarters only. Gross profit increased to $326.7 million from $165.5 million for the nine months ended September 30, 1999, or 97 percent. SG&A expenses, excluding depreciation and amortization, were $164.1 million, an 85 percent increase over the $88.7 million reported for the comparable period of 1998. EBITDA increased 99 percent from $80.4 million in the nine months ended September 30, 1998 to $159.7 million in the nine months ended September 30, 1999.
CLAIMS AND MEMBERSHIP GROWTH CONTINUES
Membership at September 30, 1999, was approximately 37.5 million members, excluding approximately 9.5 million members from United Healthcare Corp. (UHC), whose contract expires in May 2000. The net increase in membership from 36 million at June 30, 1999, primarily reflects the addition of the previously announced Blue Cross and Blue Shield of Massachusetts contract which became effective in September 1999. "Our net growth quarter to quarter reflects sales to existing and new clients, which has offset anticipated attrition," Toan said. "The hidden strength in the aggregate number is the successful sale of additional services to nearly 500,000 lives. This number represents sales of network and mail services to clients that only had one or the other of these services prior to the ValueRx transaction. The result is a stronger business mix that delivers greater value to our clients and produces a higher ratio of net income per member -- two important objectives in our acquisition strategy."
INTEGRATION CONTINUES ON TRACK
Integration goals achieved in the third quarter include:
-- Combination of manufacturer programs and processes;
-- Integration of the majority of the DPS mail order volume into theExpress Scripts mail pharmacy sites;
-- Substantial consolidation of the company's Minneapolis facilities;
-- Marketing the strengths of the combined organization through a recently launched corporate identity program; and
-- Completed reorganization of sales and client services teams to better meet client needs. Integration efforts for the fourth quarter include: establishing a combined enterprise-wide data warehouse and adding enhancements to the claims processing system; expanding Virtual Call Center connectivity to improve response time and service among call center sites; introducing best practices for business processes and operations; and consolidating benefit offerings for all employees for January 1, 2000.
"Sales, service and operational integration has produced a larger and stronger PBM with better programs that leverage the expertise contained in our core competencies," Toan said. "The new Express Scripts -- previously three excellent PBMs, is now one leading organization -- it is a team with the talent, capability, and desire to provide more value for our clients and to chart the future of pharmacy.
INTERNET STRATEGY ACCELERATES
The company also accelerated its Internet strategy during the third quarter. On October 13, the company completed its transaction with PlanetRx.com (PlanetRx) ( http://www.PlanetRx.com )through which the company obtained a 19.9% ownership stake in PlanetRx.com. In addition, PlanetRx.com became the exclusive online pharmacy for members of the company's pharmacy benefit plans, enabling members to link directly to PlanetRx.com from yourPharmacy.com for prescriptions, health and beauty products. The yourPharmacy.com website ( http://www.yourpharmacy.com ), introduced this past summer, will continue to provide members comprehensive news and benefits information. DrugDigest.org (http://www.drugdigest.org) continues as a non-commercial source of information about drugs, vitamins and herbs. In the fourth quarter of 1999, Express Scripts will record approximately $101 million as an after-tax gain on the sale of assets as a result of the PlanetRx transaction. In addition, the company will record approximately $12 million as an after-tax stock compensation expense related to employees of
yourPharmacy.com. These amounts were determined using the $16 per share PlanetRx initial offering price.
"This is a strategic investment with several benefits for Express Scripts," Toan said. "It makes us a more valuable partner to employers and health plans by increasing our ability to serve their members; it strengthens our reach to consumers; and it gives us an ownership stake in what we've determined to be the best online pharmacy in America.
"We plan to maximize the significant long-term value of this relationship by continuing to invest in strategies aimed at building our members' awareness and use of our online pharmacy resources," said Toan. "Through PlanetRx.com, yourPharmacy.com and DrugDigest.org, we offer our members confidence, convenience, and cost savings when meeting their families' health information and product needs."
Express Scripts, Inc., is the nation's leading independent full-service pharmacy benefit management (PBM) company. Through facilities in seven states and Canada, the company serves thousands of clients throughout North America, including managed care organizations, insurance carriers, third-party administrators, employers and union-sponsored benefit plans. Express Scripts provides fully-integrated PBM services, including network claims processing, mail-order pharmacy services, benefit design consultation, drug utilization review, formulary management, disease management, medical and drug data analysis services, medical information management services (which include provider profiling and outcome assessments through the Practice Patterns Science, Inc. subsidiary), and informed decision counseling services through its Express Health Line SM division. The company also provides non-PBM services, including infusion therapy services through its IVTx subsidiary and distribution services through its Specialty Distribution division. Express Scripts is headquartered in St. Louis, Missouri. More information can be found at http://www.express-scripts.com , which includes expanded investor information and resources.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements, including, but not limited to, statements related the Company's plans, objectives, expectations (financial and otherwise) or intentions. Actual results may differ significantly from those projected or suggested in any forward-looking statements. Factors that may impact these forward-looking statements include but are not limited to: (i) risks associated with successfully integrating the PlanetRx.com Internet site with the company's system, and competition in the Internet pharmacy business; (ii) risks associated with the consummation and financing of acquisitions, including the ability to successfully integrate the operations of acquired businesses with our existing operations, client retention issues, and risks inherent in the acquired entities operations; (iii) risks associated with obtaining financing and capital; (iv) risks associated with our ability to manage growth; (v) competition, including price competition, competition in the bidding and proposal process and our ability to consummate contract negotiations with prospective clients; (vi) the possible termination of contracts with certain key clients or providers; (vii) the possible termination of contracts with certain pharmaceutical manufacturers, changes in pricing, discount, rebate or other practices of pharmaceutical manufacturers; (viii) adverse results in litigation; (ix) adverse results in regulatory matters, the adoption of adverse legislation or regulations, more aggressive enforcement of existing legislation or regulations, or a change in the interpretation of existing legislation or regulations; (x) developments in the healthcare industry, including the impact of increases in healthcare costs, changes in drug utilization patterns and introductions of new drugs; (xi) risks associated with the "Year 2000" issue; (xii) dependence on key members of management; (xiii) our relationship with New York Life Insurance Company, which possesses voting control of the company; (xiv) other risks described from time to time in our filings with the Securities and Exchange Commission. The company does not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
EXPRESS SCRIPTS, INC.
Unaudited Statement of Operations
(in thousands, except per share and percentage data)
Three Months Ended
Sept. 30,
Pro Forma Actual Pro Forma Actual to Actual
1999 1999(A) 1998 % Change %Change
Net revenues $1,083,496 $1,083,496 $807,319 34.2% 34.2%
Cost and expenses:
Cost of
revenues(B) 958,987 958,987 738,544 29.8% 29.8%
Selling, general and
administrative(C) 78,761 78,761 43,153 82.5% 82.5%
Corporate
restructuring -- -- -- nm nm
1,037,748 1,037,748 781,697 32.8% 32.8%
Operating income 45,748 45,748 25,622 78.5% 78.5%
Interest income
(expense):
Interest income 1,065 1,065 1,794 (40.6%) (40.6%)
Interest expense (15,794) (15,794) (6,912) 128.5% 128.5%
(14,729) (14,729) (5,118) 187.8% 187.8%
Income before
income taxes 31,019 31,019 20,504 51.3% 51.3%
Provision for
income taxes 13,471 13,471 9,201 46.4% 46.4%
Income before
extraordinary item 17,548 17,548 11,303 55.3% 55.3%
Extraordinary loss
on early retirement
of debt, net
of taxes of $348 553 -- -- nm nm
Net income $16,995 $17,548 $11,303 50.4% 55.3%
Basic earnings per share:
Before
extraordinary item $0.46 $0.46 $0.34 35.3% 35.3%
Extraordinary loss
on early retirement
of debt 0.02 -- -- nm --
Net income $0.44 $0.46 $0.34 29.4% 35.3
Weighted average
number of common shares
outstanding during
the period -- basic 38,480 38,480 33,122 16.2% 16.2%
Diluted earnings per share:
Before
extraordinary item $0.45 $0.45 $0.34 32.4% 32.4%
Extraordinary loss
on early retirement
of debt 0.02 -- -- nm --
Net income $0.43 $0.45 $0.34 26.5% 32.4%
Weighted average
number of common shares
outstanding during
the period -- diluted 39,354 39,354 33,682 16.8% 16.8%
EBITDA (D) $66,202 $66,202 $33,332 98.6% 98.6%
nm - not meaningful
(A) Pro Forma excludes non-recurring charges for the extraordinary loss on early retirement of debt.
(B) Includes depreciation and amortization expense of $2,060, $2,060 and $1,486, respectively.
(C) Includes depreciation and amortization expense of $18,394, $18,394 and $6,224, respectively.
(D) EBITDA is earnings before interest, taxes, depreciation and amortization (operating income plus depreciation and amortization). EBITDA is presented because it is a widely accepted indicator of a Company's ability to incur and service indebtedness. EBITDA, however, should not be considered as an alternative to net income as a measure of operating performance or an alternative to cash flow as a measure of liquidity. In addition, our definition of EBITDA may not be comparable to that reported by other companies.
EXPRESS SCRIPTS, INC.
Unaudited Statement of Operations
(in thousands, except per share and percentage data)
Nine Months Ended Sept. 30,
Pro Forma Actual Pro Forma Actual to Actual
1999 1999 (A) 1998 % Change % Change
Net revenues $2,979,332 $2,979,332 $1,986,087 50.0% 50.0%
Cost and expenses:
Cost of revenues (B) 2,652,623 2,652,623 1,820,593 45.7% 45.7%
Selling, general
and administrative (C) 207,098 207,098 101,245 104.6% 104.6%
Corporate restructuring 9,400 -- 1,651 469.4% nm
2,869,121 2,859,721 1,923,489 49.2% 48.7%
Operating income 110,211 119,611 62,598 76.1% 91.1%
Interest income
expense):
Interest income 3,902 3,902 5,683 (31.3%) (31.3%)
Interest expense (45,247) (39,086) (13,793) 228.0% 183.4%
41,345) (35,184) (8,110) 409.8% 333.8%
Income before
income taxes 68,866 84,427 54,488 26.4% 54.9%
Provision for
income taxes 30,757 36,738 23,738 29.6% 54.8%
Income before
extraordinary item 38,109 47,689 30,750 23.9% 55.1%
Extraordinary loss
on early retirement
of debt, net of
taxes of $4,492 7,150 -- -- nm --
Net income $30,959 $47,689 $30,750 0.7% 55.1%
Basic earnings per share:
Before
extraordinary item $1.08 $1.30 $0.93 16.1% 39.8%
Extraordinary loss on early retirement of debt 0.20 -- -- nm --
Net income $0.88 $1.30 $0.93 (5.4%) 39.8%
Weighted average number of common shares outstanding during
the period -- basic 35,274 36,734 33,092 6.6% 11.0%
Diluted earnings
per share:
Before
extraordinary item $1.06 $1.27 $0.91 16.5% 39.6%
Extraordinary loss on early retirement of debt 0.20 -- -- nm --
Net income $0.86 $1.27 $0.91 (5.5%) 39.6%
Weighted average number of common shares outstanding during
the period -- diluted 36,148 37,608 33,634 7.5% 11.8%
EBITDA (D)$159,726 $169,126 $80,446 98.6% 110.2%
nm -- not meaningful
(A) Pro Forma excludes non-recurring charges for the corporate restructuring and the extraordinary loss on early retirement of debt. Also, the Pro Forma assumes the Company's 5,175 common stock offering and $250,000 Senior Notes offering occurred on April 1, 1999.
(B) Includes depreciation and amortization expense of $6,541, $6,541 and $5,337, respectively.
(C) Includes depreciation and amortization expense of $42,974, $42,974 and $12,511, respectively.
(D) EBITDA is earnings before interest, taxes, depreciation and amortization (operating income plus depreciation and amortization). EBITDA is presented because it is a widely accepted indicator of a Company's ability to incur and service indebtedness. EBITDA, however, should not be considered as an alternative to net income as a measure of operating performance or an alternative to cash flow as a
measure of liquidity. In addition, our definition of EBITDA may not be comparable to that reported by other companies.
EXPRESS SCRIPTS, INC.
Unaudited Balance Sheet
(in thousands)
September 30, December 31,September 30,
1999 1998 1998
ASSETS
Current assets
Cash and cash equivalents $60,454 $122,589 $101,100
Receivables, net 656,146 433,006 391,299
Inventories 55,367 55,634 42,344
Deferred taxes 41,376 41,011 45,029
Prepaid expenses 3,537 4,667 5,274
Total current assets 816,880 656,907 585,046
Property and equipment, net 95,912 77,499 75,392
Goodwill, net 981,194 282,163 307,781
Other intangible assets, net 173,798 61,761 63,577
Other assets 37,252 17,131 23,882
Total assets $2,105,036 $1,095,461 $1,055,678
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current portion of long-term debt
$-- $54,000 $27,000
Claims and rebate payable 635,696 338,251 238,767
Accounts payable 72,335 60,247 52,253
Accrued expenses 134,157 86,798 166,536
Total current liabilities 842,188 539,296 484,556
Long-term debt 673,836 306,000 333,000
Other long-term liabilities 460 471 1,199
Total liabilities 1,516,484 845,767 818,755
Total stockholders' equity 588,552 249,694 236,923
Total liabilities and stockholders' equity $2,105,036 $1,095,461 $1,055,678
EXPRESS SCRIPTS, INC.
The First Annual Allure Beauty Block Party Brings Beauty's Benefits Downtown
Posted Thursday, October 21, 1999 - 16:18 by Diane
NEW YORK, Oct. 21 /PRNewswire/ -- On Saturday, October 30, Allure will culminate it's month-long celebration of beauty and wellness with its first annual beauty Block Party. The event will be hosted by the magazine's Editor in Chief Linda Wells, publisher Erica Bartman and Evelyn Lauder. The event will raise funds for two crucial women's causes, The Breast Cancer Research Foundation and Web For Women: The X-Factor United For A Cure of the T.J. Martell Foundation. Allure will transform Wooster and Grand Streets into fair grounds complete with spectacular beauty attractions all under one tent.
The afternoon will be a beauty festival, with booths manned by some of the hottest names in the beauty and fashion industries. Industry leaders who will offer their services at the first annual Beauty Block Party will include the Honorable Judge Judy Sheindlin, photographers Francois Nars and Francesca Sorrenti, cosmetic surgery specialist Dr. Patricia Wexler, Allure Fashion Director Paul Cavaco, celebrity hair stylists John Barrett and Stephen Knoll, the "Baron of Botox", Dr. Frederic Brandt, from the editorial pages of Allure, hair stylist Steve Ward of Garren New York, color specialist Brad Johns, the renowned J Sisters, and model/owner of the Pilates center Re: AB, Michelle Hicks among others.
Sponsors include Aveda, Benefit, Clinique, DHC, Estee Lauder, Eve.com, Helena Rubenstein, Hydrox C, J.F. Lazartigue, Mario Badescu, New Vision, Origins, Redken, Sephora, 5S, Shiseido, Smashbox, Tommy Hilfiger, Umberto Giannini, and Urban Decay.
Beauty Booths -- Beauty A to Z, Fashion StakeOut, Allure 101 and more --will offer exciting and fun activities each with a beauty, fitness or wellness angle. Activities will range from expert haircuts to professional photographs to complete makeovers to beauty tips to medical consultations. In addition, a silent auction will take place, offering exclusive beauty items, celebrity treatments and notorious memorabilia from stars including Madonna, Amber Valetta and Cher.
Special admissions, with tickets available for $125, will begin at 1p.m. General admissions will begin at 3 p.m.
For reservations or general information on this event, please call 212-479-7949.
SOURCE Allure
-0-
10/21/1999
CONTACT: Martin Blair, 212-286-4155, or Abigail Baine, 212-286-4588, both of Allure; or Gina Nanni, or Erica Roseman, 212-358-9516, both of Company Agenda, for Allure/
CO: Allure
ST: New York
IN: PUB ENT
SU:
WF-MD
-- NYTH017 --
0334 10/21/1999 08:00 EDT http://www.prnewswire.com
American Academy of Dermatology: Derm Update '99
Posted Thursday, October 21, 1999 - 16:09 by Diane
American Academy of Dermatology: Derm Update '99 Cosmetic Dermatology: Beauty at Any Age
Wednesday, October 27, 1999
New York Hilton and Towers
Beekman Parlor
Second Floor
1335 Avenue of the Americas
New York City
Continental Breakfast at 8:15 a.m.
9:00 a.m. -- 12:30 p.m. -- Press Conference
The American Academy of Dermatology invites you to attend Derm Update '99, "Cosmetic Dermatology: Beauty at Any Age," to learn about the latest advances in skin care, cosmetic dermatology, and derm surgery. The agenda includes:
9:05 a.m. -- The Right Surgeon and Asking Questions is the Key to Successful Cosmetic Surgery
Darrell S. Rigel, MD, President, American Academy of Dermatology; Clinical Professor, Department of Dermatology, New York University Medical Center
LASERS: SHINING THE LIGHT ON COSMETIC DERMATOLOGY
9:25 a.m. -- Tattoos: Facts Behind the Fad
Jeffrey S. Dover, M.D., FRCPC, Associate Professor of Dermatology, Harvard Medical School
9:35 a.m. -- Improving the Quality of Life for Patients with Birthmarks
Elizabeth I. McBurney, M.D., Clinical Professor of Dermatology, Louisiana State University Medical School and Tulane Medical School, New Orleans
9:45 a.m. -- Age Spots No Longer Need To Be a Natural Part of Growing Older
Rhonda Pomerantz, M.D., Clinical Assistant Professor of Dermatology, New York University Medical Center
COSMETIC DERMATOLOGY: FROM TOP TO BOTTOM
10:10 a.m. -- Transplanting in Microspace: Winning the War Against Baldness in the Third Millennium
Michael Reed, M.D., Assistant Professor of Clinical Dermatology, New York University Medical Center
10:20 a.m. -- New Treatments Allow Patients to Get a Leg Up on Varicose and Spider Veins
Robert Weiss, M.D., Assistant Professor, Department of Dermatology, Johns Hopkins University School of Medicine
10:30 a.m. -- When it Comes to Liposuction, There's Safety in Numbers: Dermatologists Safety Record Rates Highest
William P. Coleman, III, M.D., Clinical Professor of Dermatology, Tulane University, School of Medicine, New Orleans
SKIN REJUVENATION: IMPROVING THE SKIN YOU'RE IN
11:05 a.m. -- New Advances Help Children and Adults with Pigmentation Problems
Pearl Grimes, M.D., Associate Clinical Professor, Division of Dermatology, UCLA
11:15 a.m. -- Acne Scarring: Erasing the Cosmetic and Psychological Scars
Bruce Katz, M.D., Associate Clinical Professor of Dermatology, College of Physicians and Surgeons of Columbia University
11:25 a.m. -- Topical Skin Rejuvenation: So Many Products, So Many Promises
Marianne O'Donoghue, M.D., Associate Professor of Dermatology, Presbyterian-St. Luke's Medical Center, Chicago
11:35 a.m. -- Surgical Facial Rejuvenation Helps Turn Back the Clock
Mark Steven Nestor, M.D., Ph.D., Clinical Assistant Professor of Dermatology and Cutaneous Surgery, University of Miami School of Medicine
11:45 a.m. -- Wrinkle Fillers and Chemical Peels: The Latest in the Battle Against Skin Imperfections
Gary Monheit, M.D., Associate Professor, Department of Dermatology, University of Alabama Medical Center, Birmingham
Contact: Missy Gough, 847-240-1734, e-mail, mgough@aad.org or Karen Klickmann, 847-240-1735, e-mail, kklickmann@aad.org, both of The American Academy of Dermatology.
SOURCE American Academy of Dermatology
-0-
10/21/1999
PRNewswire -- Oct. 21/
Web Site: /http://www.aad.org /
CO: American Academy of Dermatology
ST: New York
IN: HEA
SU:
MN-ML
-- CGTH001 --
0451 10/21/1999 08:03 EDT http://www.prnewswire.com
Permanent Benefits of Liposuction are Better for Body Contouring Than Cellulite Treatments, New Plastic Surgery Research Shows
Posted Thursday, October 21, 1999 - 15:56 by Diane
ARLINGTON HEIGHTS, Ill., Oct. 21 /PRNewswire/ -- Body contouring techniques that combine ultrasound-assisted liposuction with suction-assisted liposuction offer results that are permanent while cellulite treatments with endermologie or cellulite cream provide little or no improvement. This is the conclusion of two clinical studies recently published in Plastic and Reconstructive Surgery (PRS), the official medical journal of the American Society of Plastic and Reconstructive Surgeons and the most widely read plastic surgery journal in the world.
"All new technologies are not necessarily effective," said Rod Rohrich, MD, professor and chairman, Department of Plastic Surgery, University of Texas Southwestern Medical Center at Dallas. "There are a number of new treatments for cellulite that may be safe, but many are not effective. We need to conduct more studies on these new technologies to obtain accurate scientific data. This will enable us to better inform the public and our patients about these so-called new treatments for cellulite."
A study published in the September 1999 issue of PRS (Vol. 104, No. 4) comprised 52 patients in a randomized, controlled trial of two cellulite therapies. One group used a cream containing aminophylline, while a second group received treatments with an endermologie machine, a device approved by the Food and Drug Administration. A third group received both the cream and endermologie treatments. Assessments made by both patients and investigators found little if any improvement in any of the patients. The study concluded that neither aminophylline cream or endermologie is effective in the treatment of cellulite.
"Studies have shown that by using ultrasound-assisted liposuction and suction-assisted liposuction together, we can achieve improved contour results," said Dr. Rohrich. "But combining the two techniques requires specific training and experience in body contouring."
A study published in the April, 1998 issue of PRS (Vol. 101, No. 4) reviewed the records of 114 consecutive patients treated with ultrasound-assisted liposuction over a 12-month period and showed that combining the two liposuction technologies enhances results, reduces treatment times and minimizes complications.
Ultrasound-assisted liposuction removes fat through an emulsification process in which fat is "melted" and suctioned out. It is especially effective in dense, fibrous areas such as the buttocks, back and male
breast. While there have been advances in the use of suction-assisted liposuction, it has limitations in achieving consistent results in some regions.
Liposuction is the most commonly performed cosmetic surgery procedure. Good candidates for body contouring through liposuction should be healthy and within 30 percent of their ideal body weight. Patients need to have realistic expectations and be motivated to make changes in diet and exercise to enhance and optimize their results. When considering liposuction, patients should consult a board-certified plastic surgeon.
ASPRS represents physicians certified by the American Board of Plastic Surgery (ABPS) or by the Royal College of Physicians and Surgeons of Canada. By choosing an ASPRS member plastic surgeon, patients are assured that the physician has graduated from an accredited medical school and completed at least five years of additional residency, usually three years of general surgery and two years of plastic surgery. To be certified by ABPS, a physician must also practice plastic surgery for two years and pass comprehensive written and oral examinations. Consumers can call the Plastic Surgery Information Service at 1-800-635-0635 or access the ASPRS web site at http://www.plasticsurgery.org to find a plastic surgeon in their area.
SOURCE American Society of Plastic and Reconstuctive Surgeons
-0-
10/21/1999
CONTACT: Media Relations of The American Society of Plastic and Reconstructive Surgeons, 847-228-9900, e-mail, media@plasticsurgery.org/ /Logo: http://www.newscom.com/cgi-bin/prnh/19990120/CGW074 /
Web Site:http://www.plasticsurgery.org /
CO: American Society of Plastic and Reconstructive Surgeons
ST: Illinois
IN: MTC
SU:
MR-EP
-- CGTH026 --
1337 10/21/1999 11:00 EDT http://www.prnewswire.com
drugstore.com(TM) opens Holiday Store for e-Christmas '99
Posted Monday, October 18, 1999 - 16:45 by Diane
drugstore.com(TM) opens Holiday Store for e-Christmas '99
'Twas the month before Christmas, and all through the house, All the family was shopping, with the click of a mouse . . . .
BELLEVUE, Wash., Oct. 18 /PRNewswire/ -- The holiday gift season is quickly approaching, so why not give yourself the gift of time this year by shopping on the Internet at drugstore.com's new Holiday Store? The Holiday Store will debut with a special store preview today before its grand opening on November 1, 1999. The Holiday Store can be found on the drugstore.com(TM) homepage at http://www.drugstore.com.
drugstore.com (NASDAQ: DSCM), a leading online source for health, beauty, wellness, personal care and pharmacy products, will be offering a gift selection that is fashionable and fun. You will also find gift certificates and timely seasonal information and shopping services to help make your season bright. The drugstore.com Holiday Store is designed to take the stress and hassle out of shopping for that perfect holiday gift with online shopping areas for men, women, grandparents, teens and kids. The Store features great gift ideas including name-brand fragrances for men and women, shaving sets for men, bath-and-body gift sets, cute and soothing aromatherapy bears and other items for relaxation, as well as fun, bath-time products for kids. Many drugstore.com Holiday Store gift sets are available gift-wrapped for your e-shopping convenience.
For added convenience, drugstore.com's Holiday Store includes a special section designed to help you find items in specific price ranges, highlighting great gifts under $20.00, $21.00-$30.00, $31.00-$50.00, and over $51.00. Whether you are looking for a Sonicare toothbrush, a Calvin Klein CK "Be" canister set or Garden Botanika bath crystals or spa sampler, drugstore.com has the right gift at the right price for the people on your list.
To help soften the angst of the holiday gift-buying experience, drugstore.com features e-mail confirmation of purchases as well as the tracking numbers for all sent packages. The Holiday Store also includes a host of informative articles to help you make this holiday season a happy and healthy one, including tips on staying fit and healthy during the holidays and expert advice to help you find the perfect gifts for friends and family.
"We are looking forward to participating in our first e-Holiday," said president and CEO Peter Neupert. "Our collection of gift options and health and beauty basics provides customers with a one-stop shopping site enabling them to spend more time enjoying the holidays and less time running all over town or waiting in long lines at the check-out counter."
About drugstore.com
drugstore.com (http://www.drugstore.com) is a leading online drugstore and information site offering What Every Body Needs(TM) for health, beauty, wellness, personal care and pharmacy products. drugstore.com provides a convenient, private and informative shopping experience that encourages consumers to purchase products essential to healthy, everyday living. drugstore.com offers thousands of brand-name personal healthcare products at competitive prices, a full-service, licensed mail pharmacy, along with a wealth of health-related information, buying guides and other tools designed to help consumers make informed purchasing decisions. Consumers can personalize their shopping experiences with shopping lists, e-mail reminders for replenishing regularly used products and private e-mail access to pharmacists and beauty experts for questions.
drugstore.com and What Every Body Needs are trademarks of drugstore.com, inc. All other marks are the property of their respective owners.
SOURCE drugstore.com(TM)
-0-
10/18/1999
CONTACT: Debby Fry Wilson of drugstore.com, 425-372-3208, debby@drugstore.com; or Michael Marchand of Trylon Communications, Inc. for drugstore.com, 212-725-2295, michaelm@tryloncommunications.com/
Web Site: /http://www.drugstore.com/
(DSCM)
CO: drugstore.com(TM)
ST: Washington
IN: MLM REA ADV
SU: PDT
-- NYM090 --
0289 10/18/1999 10:34 EDT http://www.prnewswire.com
ThermoLase Receives Notification of Potential Share Delisting From the American Stock Exchange
Posted Monday, October 18, 1999 - 16:41 by Diane
ThermoLase Receives Notification of Potential Share Delisting From the American Stock Exchange
CARROLLTON, Texas, Oct. 18 /PRNewswire/ -- ThermoLase Corporation (Amex: TLZ) announced today that the American Stock Exchange (Amex) has notified the company that it plans to begin a delisting proceeding for ThermoLase stock on December 15, 1999, if the company has not yet signed a definitive merger agreement with Thermo Electron Corporation, its ultimate parent company.
In conjunction with the proposed merger, announced May 1999, ThermoLase shareholders would receive Thermo Electron common stock in exchange for their ThermoLase shares. ThermoLase's common stock would then cease to be publicly traded and the company would become a private subsidiary of Thermo Electron.
"We are making significant progress with our plan to take ThermoLase private," said Gerald Feldman, president and chief executive officer of the company. "The special committee of the board, which was appointed to represent the interests of minority shareholders, is working with its independent bankers and lawyers to complete the due diligence process and negotiations with Thermo Electron. Our goal is to sign a definitive merger agreement before the Amex's December 15 deadline."
If the Amex ultimately delists the common stock and ThermoLase is unable to obtain an alternative trading market, the stock would be difficult to trade. In addition, this would constitute a "redemption event" for holders of the company's 4 3/8% convertible subordinated debentures, due 2004. Debenture holders would then have the right to require the company to redeem the debentures at 100% of their principal amount plus interest accrued to the redemption date. Currently, $115 million principal amount of the debentures is
outstanding.
ThermoLase Corporation has developed a laser-based system for hair removal and skin resurfacing and, through its Creative Beauty Innovations, Inc. subsidiary, the company also manufactures skin-care and other personal-care products. ThermoLase is a public subsidiary of ThermoTrex Corporation, another Thermo Electron (NYSE: TMO) company. More information is available on the Internet at http://www.thermo.com/subsid/tlz1.html.
The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth under the heading "Forward-looking Statements" in Exhibit 13 to the company's annual report on Form 10-K, for the year ended October 3, 1998. These include risks and uncertainties relating to: recent operating losses, difficulty in retaining qualified management, conversion of spas, requirement of future significant expenditures, customer claims, market acceptance, dependence on proprietary technology, compliance with government regulations, limited operating history, competition, international relationships, and the potential impact of the year 2000 on processing date-sensitive information.
SOURCE ThermoLase Corporation
-0- 10/18/1999
/CONTACT: Investor: 781-622-1111 or Media: 781-622-1252 of Thermo
Electron/
Company News On Call: / http://www.prnewswire.com/comp/877850.html or
fax,
800-758-5804, ext. 877850/
Web Site: /http://www.thermo.com/subsid/tlz1.html/
(TMO TLZ)
CO: ThermoLase Corporation; ThermoTrex Corporation; Thermo Electron
Corporation
ST: Massachusetts, Texas
IN: HOU FIN
SU:
DP
-- NEM037 --
0087 10/18/1999 09:47 EDT http://www.prnewswire.com
Phar-Mor Launches Online Pharmacy 'CyberRxExpress' with Same-Day Prescription Pick-Up at Phar-Mor Retail Store Locations
Posted Monday, October 18, 1999 - 16:37 by Diane
Phar-Mor Launches Online Pharmacy 'CyberRxExpress' with Same-Day Prescription Pick-Up at Phar-Mor Retail Store Locations
Beginning Next Month, Phar-Mor Online Pharmacy Customers in More than 35 States Can Also Choose Online Shipping
Phar-Mor to Kick-Off Nationwide ShopPharMor.com Ad Campaign Starting Today
YOUNGSTOWN, Ohio, Oct. 18 /PRNewswire/ -- Phar-Mor, Inc. (Nasdaq: PMOR), the discount drugstore chain, today announced it is now filling prescriptions online with same day pick-up at any Phar-Mor retail store location.
Beginning next month, Phar-Mor online pharmacy customers can also have prescriptions shipped directly to them. The company also announced the launch of a nationwide advertising campaign beginning today to promote ShopPharMor.com, Phar-Mor's online destination for a large selection of products at Phar-Mor's everyday low prices.
Phar-Mor's online pharmacy, CyberRxExpress, will offer complete prescription services and same-day in-store pick-up to customers in all twenty-four states where the company's retail stores are located. Phar-Mor customers in any one of those states can now place their prescription order online at http://www.shoppharmor.com. An online retail store locator offers customers easy access to store locations and the convenience of indicating by store number where they would like to pick up their prescriptions. Online customers can also access CyberRxExpress through Phar-Mor e-commerce partner drkoop.com.
Beginning November 1, 1999, Phar-Mor will also ship prescriptions directly to customers in the more than thirty-five states where it is currently licensed to fill prescriptions. Phar-Mor expects to serve online pharmacy customers in all 50 U.S. states, including those where the company does not have retail store locations, as it receives licenses to ship directly to customer in those states.
In addition, Phar-Mor today kicked off a comprehensive fall advertising campaign designed to introduce Phar-Mor's cyber pharmacy and other online departments to several million additional customers nationwide. As part of the campaign, print advertisements for ShopPharMor.com's everyday low prices on prescriptions, vitamins and supplements, contact lenses and beauty care products will appear in The Wall Street Journal, USA Today and New York magazine. Radio spots promoting ShopPharMor.com will also be heard on national syndicated talk radio programs The Michael Jackson Show, G. Gordon Liddy, Dr. Tony Grant, Imus in the Morning, Ira Fistel, Doug Stevens and Minyard and Minyard.
David Schwartz, president and COO of Phar-Mor said: "Phar-Mor's online pharmacy is now open for business, bringing a new level of convenience and Phar-Mor's everyday low prices to our customers. We are also excited to kick-off a national advertising campaign for ShopPharMor.com. Our online departments today average over 500,000 visitors per month, a small number for the Internet, but a large number considering we've only marketed the site in our retail stores and in ad circulars. With this new advertising campaign, we're excited for many new online shoppers to discover Phar-Mor's large selection and low prices."
In addition to CyberRxExpress, other online Phar-Mor operations include the Sports Nutrition Center, which offers modern athletes safe, reliable nutrition supplements and training information; the Bath & Body Store, which offers a large selection of high-end boutique beauty care products; PVSvitamins, which has one of the most comprehensive online selections of vitamins, minerals and herbal supplements; and Pharmorlens, the online replacement lens service operated in partnership with EyeMate Inc. These sites along with other specialty online shops are joined under one umbrella site at http://www.shoppharmor.com to form "Cyber Phar-Mor," the online Phar-Mor superstore.
Phar-Mor is a retail drugstore chain operating 140 stores under the names "Phar-Mor," "Pharmhouse" and "The Rx Place" in 24 states with annual revenues of approximately $1.3 billion. The Company's common stock is traded on the Nasdaq National Market under the symbol "PMOR." Additional information on Phar-Mor may be found at http://www.pharmor.com.
This release contains statements relating to future results of Phar-Mor, Inc. and its market share in the industry (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to, market acceptance of merchandising concepts, changes in political and economic conditions, demand for and market acceptance of new and existing products, availability of new products, increased competition as well as other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission.
SOURCE Phar-Mor, Inc.
-0-
10/18/1999
CONTACT: Brian Browdie for Phar-Mor, Inc., 212-484-7490/
Web Site: /http://www.pharmor.com/
(PMOR)
CO: Phar-Mor, Inc.
ST: Ohio
IN: MLM REA MTC
SU: PDT
KF
-- NYM017 --
9749 10/18/1999 09:00 EDT http://www.prnewswire.com
Avon Accelerates Share Buybacks; $500 Million of Additional Repurchases Planned in Fourth Quarter
Posted Monday, October 18, 1999 - 15:17 by Diane
Avon Accelerates Share Buybacks; $500 Million of Additional Repurchases Planned in Fourth Quarter
NEW YORK, Oct. 18 /PRNewswire/ -- Avon Products, Inc. (NYSE: AVP) today announced that its board of Directors has approved a significant acceleration of the company's share repurchase program.
Avon said it intends to increase by $500 million its planned repurchases of its common stock in the fourth quarter of this year. This will substantially complete the company's current $1.1 billion buyback program, which had been scheduled to run through 2001.
"At its current price, we view Avon stock as extremely undervalued," said Charles R. Perrin, chairman of the board and chief executive officer. "Our financial position is strong, and we are confident in the future outlook for our business. Yet, our stock is being significantly discounted right now, creating what we believe is a unique investment opportunity for the company,"Mr. Perrin said. Mr. Perrin also said: "Our financial strategy remains the same, which is to continue to use our strong cash flow to make capital investments, pay a healthy cash dividend, and repurchase shares on an ongoing basis to enhance shareholder value."
Avon is the world's leading direct seller of beauty and related products, with $5.2 billion in annual revenues. Avon markets to women in 135 countries through 2.8 million independent sales representatives. Avon product lines include such recognizable brands as Anew, Skin-So-Soft, Avon Color, Far Away, Rare Gold, Millennia, Starring, Avon Skin Care and Women of Earth. Avon also markets an extensive line of fashion jewelry, apparel, gifts and collectibles. More information on Avon and its products can be found on the company's award winning website http://www.avon.com.
SOURCE Avon Products, Inc.
-0-
10/18/1999
CONTACT: Media - Brian Martin, 212-282-5103, Victor Beaudet, 212-282-5344, Investors - Carol Murray-Negron or Marianne Paulsen, 212-282-5320, all of Avon Products/
Company News On Call: / http://www.prnewswire.com/comp/079575.html or
fax,
800-758-5804, ext. 079575/
Web Site: /http://www.avon.com/
(AVP)
CO: Avon Products, Inc.
ST: New York
IN: HOU
SU:
SH
-- NYM039 --
9654 10/18/1999 08:50 EDT http://www.prnewswire.com
Peapod, America's Largest Internet Grocer, Launches National Service
Posted Monday, October 18, 1999 - 15:12 by Diane
Peapod, America's Largest Internet Grocer, Launches National Service
'Peapod Packages' Extends Peapod's Reach and Convenience Beyond Current Local Delivery Areas
CHICAGO, Oct. 18 /PRNewswire/ -- Peapod, Inc. (Nasdaq: PPOD), the nation's largest Internet grocer, today announced the national rollout of its new on-line grocery service, "Peapod Packages." The new service will introduce the ease and convenience of Peapod to markets where the company doesn't currently offer local grocery service. It makes Peapod available for the first time to millions of people who regularly
go on-line beyond the company's eight regional markets.
"Today, the biggest Internet grocer just got bigger by offering nationwide access to Peapod's services," said Bill Malloy, who became Peapod's president and chief executive officer on Sept. 27. "We have become the biggest Internet grocer even though we've only reached 5 percent of the U.S. population with our local delivery service. Peapod Packages sets the stage for future expansion by allowing people in the rest of the country to experience Peapod's high-quality service, brand-name products and the convenience of no-hassle
Internet grocery shopping."
Peapod Packages is now available at Peapod.com . The new service makes 7,000 non-perishable grocery items, health- and beauty-care products, pet merchandise and other household goods available for shipping to customers in the 48 contiguous states.
Peapod Packages also makes it easy to send gift packages anywhere in the continental United States. The company has designed a variety of "care packages," including "Late-Night Study Buddy," "Quick Dinner Tonight" and "New Baby Welcome."
Alternatively, customers can choose to modify these pre-designed packages or custom design their own unique packages for friends, loved ones or anybody else in need of a little extra care. "Peapod Packages are ideal solutions for parents wishing to send a care package to college-age children, for relatives sending a package to senior citizens or even for food shipments to vacation homes," said Malloy. "We're really excited about making this new national service available for the legions of Internet shoppers who have been anxiously awaiting Peapod to provide service to their markets."
All Peapod Packages products are priced competitively with conventional grocery stores. Shipments are sent via United Parcel Service's ground shipping at a flat customer shipping cost of $7.95 per order. Peapod Packages orders are fulfilled from Peapod's current nationwide network of inventory and distribution facilities.
The Peapod Packages service is designed to complement Peapod's local grocery-delivery service, which is available in several markets nationwide. Peapod's local service is designed to replace consumers' routine
grocery-store visits by offering a broad selection of grocery and drug store products, including frozen foods, fresh produce and other perishables for next-day delivery.
“Peapod is five times bigger than any other Internet grocer," said Malloy. "We are currently the nation's largest Internet pet store and the second largest Internet drug store. Peapod Packages will now enable us to provide the ease and convenience of on-line shopping to virtually every household in America."
Peapod, Inc., "Your Personal Grocer and More," provides consumers with broad product choices, local and now national delivery services. With 1998 revenues of $69 million, the company currently provides local services in eight metropolitan markets in the United States, in addition to the new national delivery in the 48 contiguous states. Peapod is also a leading provider of targeted media and research services to consumer-goods companies, offering its unique medium for targeting promotions and advertising at the point of purchase and conducting cost-effective research. More information is available on the company's web site at http://www.peapod.com .
SOURCE Peapod, Inc.
-0- 10/18/1999
/CONTACT: Paula Wheeler, Public Relations, of Peapod, Inc.,
847-583-6412,
or pwheeler@peapod.com; or Jon Bigness of KemperLesnik, 312-755-3532, or
jon.bigness@kemperlesnik.com; or Investor Relations, James W. DeYoung of
Winston Partners, 312-855-0439, both for Peapod, Inc./
Web Site: /http://www.peapod.com/
(PPOD)
CO: Peapod, Inc.
ST: Illinois
IN: REA
SU: PDT
HSM025 --
9145 10/18/1999 07:59 EDT http://www.prnewswire.com
For the Holidays, Give the Gift of Light
Posted Monday, October 18, 1999 - 15:07 by Diane
For the Holidays, Give the Gift of Light
From Holiday Tradition, to Relaxation and Modern Decor, Candles Are the Ideal Gifts for Everyone on Your Shopping List
WASHINGTON, Oct. 18 /PRNewswire/ -- Many say that candles symbolize life, romance and eternity -- from the numerous birthday candles we blow out each year, to the ambiance they provide during those quiet dinners for two. This holiday season, why not give the gift that says so many things? From Christmas to Hanukkah and this historic New Year's Eve, whether personal or professional, candles make an ideal gift for any occasion, for any person -- even the biggest "grinch." The National Candle Association (NCA) suggests that, instead of dealing with the anxiety and stress that accompanies gift buying, consider giving candles, especially for those "hard-to-shop-for" friends and family members.
Marianne McDermott, executive vice president of the NCA in Washington, D.C., says, "Candles not only fulfill a traditional role during the holidays, but they make for great holiday decoration and gifts, as well." There are candles made to fit the personality of most everyone, from the person who needs to unwind from the seasonal chaos with the scent of a soothing "stress-relieving" scented candle, to the hostess of a holiday get-together your family will attend -- and everyone in between.
Ranging from votives to pillars, scented or unscented, with one wick or more, in an array of splendid colors, finding the perfect candle is easy with more than 10,000 different scents and 2,000 varieties available. Plus, matching the perfect holder or accessory with the candle completes this perfect holiday gift.
To help shed some light on selecting candles as gifts, the NCA has some holiday gift-giving tips:
-- If attending a holiday dinner or cocktail party, bring the hostess a pair of traditional or spiral tapers, which make any dining table look elegant. Neutral colors go with most any decor, or add a splash with metallic gold or silver tapers, which will create a truly festive mood. "Your host will appreciate your effort at contributing to the beauty and ambiance of the meal," McDermott says. For a more expensive gift, include a pair of decorative candleholders, as well.
-- Pillar or column candles are especially popular right now. They make a perfect decoration for any room in the house. If you know the style of the person's home that you are giving the gift to, it is nice to buy several pillar candles all in the same color or similar colored hues. "Group the pillars on a silver or gold charger (plate), to create one of the trendier looks for candles," says McDermott, "making sure to keep them two inches apart,"
-- For the busy executive, look for some of the new travel tea-lights in soothing scents, such as vanilla, floral or fruit/spice. These come in small, portable holders with lids and will make someone's hectic business trip more pleasurable.
-- Large, colorful candles in a variety of unique shapes -- square, pyramid, round with multiple wicks --make a great gift for nearly everyone.
-- Many people are "collectors." Why not candles? Nowadays, candles come in all shapes and sizes. From doll figurines to racecars, for a collector, candles make the ideal offering.
-- There are always those people in your life who are hard to buy for, or maybe you don't know whom you're buying for in the first place (a grab bag, for instance). A candle is a wonderful and suitable gesture to show that you care.
-- Many candles come in scents that emote holiday, even childhood, memories. Give that special family member or childhood friend a group of scented votives, each one with its own special memory to
"trigger." How about a vanilla scent to remind your sister of the vanilla ice cream soda you used to share, or the smell of candy canes for remembrance of holidays past?
-- Give a holiday centerpiece! Forget expensive bouquets of flowers, and instead include elegant burgundy, gold or hunter green candles, pinecones, ribbon and small pine branches in a beautifully wrapped
box. After it is open, you can help the person design his or her own centerpiece for the holiday table, which can be used again and again during the cold-weather season.
-- Going home for the holidays? After Santa has left his presents magically under the tree, a little elf (that's you) can decorate your family's home with wonderful candles, including ball candles in holiday colors placed across the mantel. They'll give a wonderful holiday glow as you celebrate with aunts, uncles and other holiday guests you haven't seen all year.
-- The small size of most candles make them perfect stocking stuffers. Small candles in holiday shapes or floating candles in holiday designs are perfect additions. "And, don't forget the more traditional votives, which are among the most popular styles of candles today," adds McDermott.
-- Consider a candle gift set (those that pair jar candles with votives and potpourri) as a last-minute gift for a friend who just flew into town or someone you don't know very well. "Chosen correctly, candles can be a very personal gift, but they are also so conventional; they are great gifts for those people you don't know too well -- like your child's school teacher."
-- When giving candles as gifts, don't forget the holders. An array of decorative candle accessories are readily available, from inexpensive glass votive holders to elaborate sconces and priceless antique candlesticks. Depending on your budget, you can pair the candle with the perfect accessory to accent any home, from dorm room to gated mansion.
Safety First
As you choose your candle gifts, you cannot forsake measures. The NCA offers the following safety advice for indoors or out: never leave a burning candle unattended, never burn a candle near or on combustible material (use appropriate flame-resistant candle holders) and keep children and pets
safely away from burning candles.
For more information about decorating with candles, send a self-addressed, stamped, business-size envelope to: National Candle Association, Candle Facts, 1030 15th Street, NW, Suite 870, Washington, DC, 20005, or visit http://www.candles.org.
SOURCE The National Candle Association, 1999
-0- 10/18/1999
/CONTACT: Alyson O'Mahoney or Robin Russo, both of Robin Leedy &
Associates, Inc. 914-241-0086, for NCA/
Web Site: /http://www.candles.org/
CO: National Candle Association
ST: District of Columbia
IN: HOU REA
SU:
LZ-WR
-- NYMFNS2 --
8690 10/18/1999 05:20 EDT http://www.prnewswire.com
eve.com Brings Total Funding to $28.7 Million
Posted Monday, October 18, 1999 - 14:45 by Diane
eve.com Brings Total Funding to $28.7 Million
Cosmetics E-Tailer Extends Leadership in Online Prestige Beauty Market
SAN FRANCISCO, Oct. 12 /PRNewswire/ -- eve.com today announced additional funding, bringing the company's total financing to date to $28.7 million. Crosslink Capital, formerly Omega Venture Partners, joins previous investors idealab!, Menlo Ventures, Charter Venture Capital, and Weiss, Peck & Greer in the second close of Series C financing. eve.com is the first online destination created expressly to offer an array of prestige beauty products on the Web. The company will use its substantial financial resources to extend its leadership position in the online prestige cosmetics market.
From classic cosmetics companies to hip new lines, from Elizabeth Arden to BeneFit, eve.com offers the most prestigious names in beauty with personalized service and advice. "We have done an extensive analysis of the e-commerce marketplace and believe that prestige cosmetics represents one of the very best market opportunities on the Internet," said Tony Brennen, Managing Director of Crosslink Capital, Inc. "As the clear market leader, we think eve.com has the potential to be a billion dollar company."
"We are thrilled to have Crosslink Capital join us -- they will bring outstanding Internet expertise to our team. As the busy holiday season approaches, we will use the additional funding to reach new customers and provide outstanding customer service," says Varsha Rao, eve.com co-founder and co-president. "In addition, eve.com will continue to add personalization features and great content to the site, ensuring that our customers have the best shopping experience on the Web."Crosslink Capital joins current eve.com investors idealab!, whose projects include eToys and the Wedding Channel; Menlo Ventures, the firm behind Hotmail and Infoseek; Charter Venture Capital, which funded WhoWhere, and Weiss, Peck & Greer which has backed numerous Internet companies including DoubleClick, eGreetings, and eMusic. Crosslink Capital brings to eve.com its experience funding Internet companies such as E-Stamp, eMachines and Quokka Sports.
eve.com offers more than 100 of the most exclusive brands in beauty, including such prestige brands as Club Monaco, Givenchy, LORAC, philosophy, Calvin Klein, and Decleor. eve.com has created a highly personalized shopping experience, where every customer receives tailored product suggestions and customized product samples with each purchase. Dedicated to the highest level of customer service, eve.com offers free postage-paid return of any product purchased on the site. As the "beauty authority" on the Internet, eve.com delivers advice from leading experts in makeup, hair, fragrance, skincare, and other categories. This month, the site highlights celebrity makeup artist Carol Shaw and her creation of Nicole Kidman's 'look' for the premiere of Eyes Wide Shut.
About eve.com
eve.com has changed the way women everywhere shop for cosmetics. It is the first company created exclusively to offer an array of prestige beauty products on the Web. Tailored to the rapidly growing audience of educated female Internet users, eve.com offers the most personalized shopping experience combined with advice from beauty experts in makeup, face and body treatments, fragrances, bath and aromatherapy products, and cosmetics tools.
eve.com is a member of the idealab! family, which includes successful Internet commerce sites like eToys and CitySearch. Additional funding comes from Menlo Ventures, backers of Hotmail and Infoseek; Charter Venture Capital, the venture capital firm behind WhoWhere; and Weiss, Peck and Greer, investors in eGreetings, DoubleClick and eMusic, and Crosslink Capital, the backers of E-Stamp, eMachines and Quokka Sports. Board members include Marleen McDaniel,
CEO of Women.com, the largest online community of women.
SOURCE eve.com
Web Site: http://www.eve.com
Charla Krupp of Glamour Joins Eve.com
Posted Monday, October 18, 1999 - 14:44 by Diane
Charla Krupp of Glamour Joins Eve.com
Award-winning Beauty Director Will Put a Fresh Face On The Leading Prestige e-Tailer
SAN FRANCISCO, Oct. 11 /PRNewswire/ -- eve.com today announced it has hired Charla Krupp, Beauty Director of Glamour magazine, as Editor-in-Chief and Vice President. Krupp, a recognized personality among millions of consumers due to her frequent Today show appearances and to Glamour's broad reach, will be leading eve.com's editorial offices in New York City. eve.com is the first online destination created expressly to offer an array of prestige cosmetics products on the Web. Krupp's mission will be to extend eve.com's leadership position in the online prestige cosmetics market by adding to eve.com's stimulating, beauty environment and providing customers with inside access to hot beauty trends and celebrity styles.
Krupp, who has won the beauty industry's highest honors -- two FiFi awards from the Fragrance Foundation and two American Association of Dermatology Golden Triangle awards -- is a consummate beauty and fashion insider. She also brings to eve.com significant knowledge of entertainment trends: as Senior Editor at InStyle magazine, Krupp created the InStyle Shopper section and other celebrity-driven features that helped turn the magazine into one of the most successful in the U.S. She also was the Entertainment Editor at Glamour and has interviewed over 1000 celebrities from Madonna to Meryl Streep. After joining eve.com, Krupp will continue to be an Editor-at-Large at Glamour and make monthly appearances on the Today show. "With a name like eve, we have the potential to be much more than lipstick. It's all about the power of women," said Krupp.
"We are thrilled to have Charla join our management team. eve.com is a company founded by women for women, and Charla has made a similar connection with millions of women across the country," says Mariam Naficy, eve.com co-founder and co-president. "She has made a name for herself with her
accessible, "real woman's" approach, and she will ensure that eve.com customers have access to the most innovative beauty features and timely beauty news."
From classic cosmetics companies to hip new lines, eve.com offers more than 100 of the most prestigious brands in beauty including such prestige brands as BeneFit, Elizabeth Arden, Club Monaco, Givenchy, LORAC, philosophy, Calvin Klein, and Decleor. Dedicated to providing the highest level of customer service, eve.com offers samples with every purchase, free postage-paid return of any product purchased on the site, and a toll-free Beauty Hotline that is open 14 hours a day, 7 days per week and is staffed by trained beauty advisors. As the "beauty authority" on the Internet, eve.com delivers advice from leading experts in makeup, hair, fragrance, skincare, and other categories.
About eve.com
eve.com has changed the way women everywhere shop for cosmetics. It is the first company created exclusively to offer an array of prestige beauty products on the Web. Tailored to the rapidly growing audience of educated female Internet users, eve.com offers the most personalized shopping experience combined with advice from beauty experts in makeup, skincare, fragrances, bath and aromatherapy products, and cosmetics accessories. eve.com is a member of the idealab! family, which includes successful Internet commerce sites like eToys and CitySearch. Additional funding comes from Menlo Ventures, backers of Hotmail and Infoseek; Charter Venture Capital, the venture capital firm behind WhoWhere; Weiss, Peck and Greer, investors in eGreetings, DoubleClick and eMusic; and Crosslink Capital, the backers of E-Stamp, eMachines and GetSmart. Board members include Marleen McDaniel, CEO of Women.com, the largest online community of women.
SOURCE eve.com
Photo Notes: NewsCom:
http://www.newscom.com/cgi-bin/prnh/19991011/LAM052 AP Archive:
http://photoarchive.ap.org PRN Photo Desk, 888-776-6555 or
201-369-3467
Helen of Troy Limited Authorizes Repurchase Of Up to 3,000,000 Shares of Its Common Stock
Posted Thursday, October 14, 1999 - 17:15 by Diane
Helen of Troy Limited Authorizes Repurchase Of Up to 3,000,000 Shares of Its Common Stock
EL PASO, Texas, Sept. 30 /PRNewswire/ -- Helen of Troy Limited
(Nasdaq: HELE), designer, developer, and worldwide marketer of brand-name
personal care products, today announced that its Board of Directors has
authorized the repurchase of up to 3,000,000 shares of its common stock, or
approximately 10% of its shares outstanding.
Repurchases will be effected from time to time in open market or
privately
negotiated transactions. The timing and amounts of future purchases will
depend on market conditions.
"The authorization of this Repurchase Program reflects the continued
financial strength of Helen of Troy and our confidence in the long-term
growth
and profitability of the company," said Gerald J. Rubin, Chairman and Chief
Executive Officer. "We believe Helen of Troy shares represent an
outstanding
investment opportunity and this Repurchase Program will provide excellent
value to our shareholders."
Helen of Troy designs, produces and markets brand-name hair dryers,
curling irons, hair setters, women's shavers, brushes, combs, hair
accessories, mirrors, artificial fingernails and "comfort products" such as
foot baths and body massagers. Helen of Troy products are sold primarily
through mass merchandisers, drug chains, warehouse clubs and grocery stores
under the licensed trade names of Vidal Sassoon, licensed from Procter &
Gamble Co., Dr. Scholl's, licensed from Schering-Plough HealthCare
Products,
Inc., the trademark Revlon(R) licensed from Revlon Consumer Products
Corporation and the trademark BARBIE(TM), owned by and used under license
from
Mattel, Inc. Helen of Troy's owned trade names include Dazey, Caruso,
Karina
and DCNL, with its Kurl*Mi, Heat*Mi, Detangle*Mi and Wrap*Mi lines of
brushes
and rollers. The company also markets products under the Helen of Troy, Hot
Tools, Hot Spa, Salon Edition, Gallery Series and Wigo trade names to the
professional beauty salon industry.
This press release may contain certain forward-looking statements, which
are subject to change. The actual results may differ materially from those
described in any forward-looking statements. Additional information
concerning potential factors that could affect the company's financial
results
are included in the company's Form 10-K for the year ended February 28,
1999.
SOURCE Helen of Troy Limited
-0- 09/30/1999
/CONTACT: Robert D. Spear, Vice President and CIO of Helen of Troy
Limited, 915-779-6363, ext. 220/
Web Site: /http://www.hotus.com/
(HELE)
CO: Helen of Troy Limited
ST: Texas
IN: REA HOU
SU:
JS
-- HSTH012 --
2354 09/30/1999 07:29 EDT http://www.prnewswire.com
Helen of Troy Reports 2nd Quarter/6 Months Results
Posted Thursday, October 14, 1999 - 17:14 by Diane
Helen of Troy Reports 2nd Quarter/6 Months Results
EL PASO, Texas, Sept. 30 /PRNewswire/ -- Helen of Troy Ltd.
(Nasdaq: HELE), designer, developer and worldwide marketer of brand-name
personal care products, today reported sales and earnings for the second
quarter and six months ended Aug. 31, 1999.
Second quarter net income rose 8 percent, to $8,140,000 or 27 cents per
diluted share, from $7,544,000 or 26 cents per diluted share for the same
quarter a year earlier. Second quarter sales were $71,580,000, down 1
percent
from sales of $72,162,000 for the like period of the prior year. Net income
for the first half of the year increased 13 percent, to $13,986,000 or
46 cents per diluted share from $12,380,000 or 42 cents per diluted share in
the comparable period last year. First half sales climbed 5 percent to
$143,708,000 from sales of $136,298,000 for last year's first half.
Gerald J. Rubin, chairman and chief executive officer stated that,
"Sales for the quarter were less than expected due primarily to reduced
retailer inventories at several of our key customers and greater than
anticipated dilution of gross sales by retailer deductions taken in the
quarter. The dilution of gross sales was driven primarily by customer
returns
in excess of normal levels. The inventory reduction was generally limited
to
three of our larger customers and focused primarily within the hair dryer
and
hair care accessory categories. At this time, we do not expect to see
significant retail inventory reductions continuing into the second half of
the
year. However, we do see some business trends, including pressures of
reduced
consumer demand, that may impact sales over the second half of the year.
Therefore, we have adjusted our current estimates for the full year to sales
increases in the 5 - 10% range.
"We also experienced additional selling, general and administrative
expenses during the quarter of approximately $4.3 million, representing an
increase of 26 percent in SG&A expenses for the quarter. This includes
increases of $1.3 million for retailer chargeback reserves, increases in
cooperative advertising of $1.4 million and increases in legal, supplies,
occupancy, new office moving expenses and other expenses of approximately
$1.6 million. Some of the additional expenses associated with the
chargeback
reserve are in part related to warehousing issues that have occurred in
connection with our takeover of warehouse operations in January of 1999.
Eight months ago we took over the management of the distribution center in
El
Paso from the company we contracted with two years ago, to provide a higher
level of service to our retailers and have installed a new warehouse
management software system to help increase efficiencies and reduce expenses
associated with that segment of our operations. We have also seen increased
activity in the areas of chargebacks and cooperative advertising, as
retailers
look for opportunities to reduce their expenses by shifting some of these
expenses to manufacturers or wholesalers. We are examining and analyzing
this
activity to determine the impact on our operations, and will initiate
corrective measures to address these and other issues going forward. Once
implemented, we expect to see these SG&A categories of expenses reduced to
more historical levels.
"Also during the past quarter we have moved into our new office space
and
aside from the additional expenses associated with such a move, believe we
will see immediate benefits from having all of our office and warehouse
operations at one primary location.
"During the quarter, we continued to work on larger potential
acquisitions
to grow our business and we chose not to pay the premium necessary to
complete
the acquisition of General Housewares Corp., which would have added sales of
approximately $100 million annually to total sales. However, as a holder of
approximately 13 percent of General Housewares stock, we have benefited from
the premium offered for such shares by the successful bidder. Our
investment
gains for the quarter, which include recognition of substantially all of the
General Housewares gain, were $5.5 million.
"Additionally, the Board of Directors yesterday approved a stock
repurchase program for up to 10% of the company's outstanding shares, or
approximately 3 million shares, in the open market, as from time to time
management deems to be economically beneficial to enhancing long-term
shareholder value.
"The Company does not believe that any of the issues experienced this
quarter necessitate fundamental changes to our business model, or our growth
and earnings expectations beyond the current fiscal year. We will continue
to
actively pursue growth through accretive acquisitions as well as geographic,
product line and tradename expansions. We are one of the leaders in our
marketplace and we expect that role to continue," Rubin concluded.
Helen of Troy designs, produces and markets brand-name hair dryers,
curling irons, hair setters, women's shavers, brushes, combs, hair
accessories, mirrors, artificial fingernails and "comfort products" such as
foot baths and body massagers. Helen of Troy products are sold primarily
through mass merchandisers, drug chains, warehouse clubs and grocery stores
under the licensed trade names of Vidal Sassoon, licensed from Procter &
Gamble Co., Dr. Scholl's, licensed from Schering-Plough HealthCare Products,
Inc., the trademark Revlon(R) licensed from Revlon Consumer Products
Corporation and the trademark BARBIE(TM), owned by and used under license
from
Mattel, Inc. Helen of Troy's owned trade names include Dazey, Caruso,
Karina
and DCNL, with its Kurl*Mi, Heat*Mi, Detangle*Mi and Wrap*Mi lines of
brushes
and rollers. The company also markets products under the Helen of Troy, Hot
Tools, Hot Spa, Salon Edition, Gallery Series and Wigo trade names to the
professional beauty salon industry.
This press release may contain certain forward-looking statements, which
are subject to change. The actual results may differ materially from those
described in any forward-looking statements. Additional information
concerning potential factors that could affect the company's financial
results
are included in the company's Form 10-K for the year ended February 28,
1999.
HELEN OF TROY LIMITED
Comparative Analysis (Unaudited)
(In thousands, except shares and earning per share)
For the Three Months Ended For the Six Months
Ended
8/31/99 8/31/98 8/31/99 8/31/98
Net Sales $71,580 $72,162 $143,708 $136,298
Cost of Sales 44,525 43,467 87,764 82,614
Gross profit 27,055 28,695 55,944 53,684
Selling, general and
administrative
expenses 23,326 19,016 44,831 37,812
Operating Income 3,729 9,679 11,113 15,872
Other income (expenses):
Interest expense (844) (852) (1,380) (1,764)
Interest income 237 509 566 1,186
Other income, net 5,707 94 5,837 181
Total other income
(expense) 5,100 (249) 5,023 (397)
Earnings before
income taxes 8,829 9,430 16,136 15,475
Income tax expense 689 1,886 2,150 3,095
Net earnings $8,140 $7,544 $13,986 $12,380
Earnings per share
- diluted $.27 $.26 $.46 $.42
Weighted average shares
used in
computation 30,353,589 29,416,613 30,142,326 29,273,890
HELEN OF TROY LIMITED
Selected Consolidated Balance Sheet Information
8/31/99 8/31/98
Cash $18,669,000 $24,450,000
Short Term Market
Investments 16,790,000 --
Accounts receivable 67,076,000 56,581,000
Inventory 94,859,000 99,850,000
Total current assets 204,074,000 190,677,000
Total assets 314,841,000 252,109,000
Total current liabilities 45,345,000 34,965,000
Total long term liabilities 55,450,000 55,450,000
Stockholders' equity $214,046,000 $ 161,694,000
SOURCE Helen of Troy Ltd.
-0- 09/30/1999
/CONTACT: Robert D. Spear, Vice President and CIO of Helen of Troy
Ltd.,
915-779-6363, ext. 220/
Web Site: /http://www.hotus.com/
(HELE)
CO: Helen of Troy Ltd.
ST: Texas
IN: REA HOU
SU: ERN
SR
-- HSTH013 --
2411 09/30/1999 07:45 EDT http://www.prnewswire.com
PlanetRx.com and Express Scripts Today Complete Acquisition Transaction
Posted Thursday, October 14, 1999 - 17:13 by Diane
PlanetRx.com and Express Scripts Today Complete Acquisition Transaction
PlanetRx.com Becomes Exclusive Online Pharmacy for Express Scripts' 36 Million Members
SOUTH SAN FRANCISCO, Calif. and ST. LOUIS, Oct. 14 /PRNewswire/
-- PlanetRx.com, Inc. (Nasdaq: PLRX) and Express Scripts, Inc. (Nasdaq:
ESRX)
today announced that PlanetRx.com has completed the acquisition of Express
Scripts' e-commerce pharmacy, making PlanetRx.com (http://www.planetrx.com)
the
exclusive online pharmacy for Express Scripts and its 36 million members.
In
addition to purchasing over-the-counter health and beauty products at
PlanetRx.com, with the closing of the deal today, qualified Express Scripts
members can now use their pharmacy benefit program to purchase prescriptions
at PlanetRx.com with their customary insurance co-payments.
Marketing programs have also begun to inform Express Scripts members of
their new PlanetRx.com benefits. Express Scripts will retain the
yourPharmacy.com website (http://www.yourpharmacy.com), which will continue
as a
portal for Express Scripts members, providing comprehensive news and
benefits
information.
Building on each other's strengths, the integration of Express Scripts
and
PlanetRx.com provides consumers a more convenient, more complete pharmacy
experience. Together, PlanetRx.com and Express Scripts now offer qualified
Express Scripts members one convenient place to shop for over-the-counter
health and beauty products and their prescription drug needs, including
traditional 30-day prescriptions and longer term, greater than 30-day
prescriptions.
"Together, Express Scripts and PlanetRx.com offer consumers, employers
and
health plans an outstanding combination of pharmacy knowledge, clinical
expertise, benefit services, shopping experience and order fulfillment
available through the Internet," said Barrett Toan, chief executive officer
of
Express Scripts. "This relationship accelerates our Internet pharmacy
initiatives and enables us to focus on enhancing the entire pharmacy benefit
and delivering excellent member and client service."
The integration of PlanetRx.com and Express Scripts systems and
distribution operations ultimately benefits the consumer by providing
excellent customer service and selection, the value of affordable
pharmaceuticals, and great savings on health and beauty products. The
companies have created a unique relationship, resulting in an Internet
pharmacy that owns and operates its entire order, fulfillment and
distribution
process, a key component in maintaining a consistently high level of quality
control and customer service.
"We're excited to be up and running with Express Scripts," said William
J. Razzouk, chief executive officer of PlanetRx.com. "With this agreement
we
increase our ability to serve the millions of consumers who are turning to
the
Internet for reliable health information, affordable prescriptions and
health
and beauty products, while maintaining the PlanetRx.com trademark of
superior
customer service."
Terms of the agreement
Under the terms of the agreement between PlanetRx.com and Express
Scripts,
Express Scripts obtained a 19.9% ownership in PlanetRx.com, which represents
approximately 10.4 million shares. PlanetRx.com will be the exclusive
Internet pharmacy serving Express Scripts' plan members for five years, with
a
potential five-year extension. Under the joint operating agreement,
PlanetRx.com will pay Express Scripts fees in excess of $11 million
annually.
About Express Scripts
Express Scripts, Inc. (http://www.express-scripts.com) is the nation's
leading
independent full-service PBM and specialty managed care company. Through
facilities in seven states and Canada, the company serves thousands of
clients
throughout North America, including managed care organizations, insurance
carriers, third-party administrators, employers and union-sponsored benefit
plans. Express Scripts is headquartered in St. Louis, Missouri.
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act
of 1995: Statement in this press release regarding Express Scripts, Inc.'s
business which are not historical facts are "forward-looking statements"
that
involve risks and uncertainties. For a discussion of such risks and
uncertainties, which could cause actual results to differ from those
contained
in the forward-looking statements, see "Risk Factors" in the Company's
Annual
Report of Form 10-K for the most recently ended fiscal year.
About PlanetRx.com
PlanetRx.com, Inc. (http://www.planetrx.com) a leading Internet
healthcare
destination for commerce, content and community, delivers a convenient,
personalized and informed health and beauty shopping experience. With
products ranging from prescriptions to personal care items to the latest
medical information, PlanetRx.com gives consumers the ability to manage
their
own healthcare in a convenient and secure environment. PlanetRx.com is one
of
three online pharmacies to have received the Verified Internet Pharmacy
Practice Sites (VIPPS) seal of approval from The National Association of
Boards of Pharmacy (NABP). Headquartered in South San Francisco, the
company
operates its own pharmacy and distribution center in Memphis, Tennessee to
ensure the highest quality customer care.
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: The statements contained in this press release that are not purely
historical are forward-looking statements within the meaning of Section 21E
of
the Securities and Exchange Act of 1934, as amended, including statements
regarding PlanetRx's expectations, beliefs, intentions, or strategies
regarding the future. All forward-looking statements included in this
document are based upon information available to PlanetRx as of the date
hereof, and PlanetRx assumes no obligation to update any such
forward-looking
statements. Forward-looking statements involve risks and uncertainties,
which
could cause actual results to differ materially from those projected. These
and other risks relating to PlanetRx's business are set forth in PlanetRx's
Form S-1, as amended and filed with the Securities and Exchange Commission
on
July 8, 1999, and the other reports filed from time to time with the
Securities and Exchange Commission.
PlanetRx.com press contact:
Daphne Jackson, Niehaus Ryan Wong, Inc. 650-827-7071, daphne@nrwpr.com
Bryan Cohen, Niehaus Ryan Wong, Inc. 650-827-7066, bryan@nrwpr.com
Express Scripts press contact:
Diana Baumohl, Express Scripts, 314-702-7333,
dbaumohl@express-scripts.com
SOURCE PlanetRx.com, Inc.; Express Scripts, Inc.
-0- 10/14/1999
/CONTACT: Daphne Jackson, 650-827-7071, or daphne@nrwpr.com, or Bryan
Cohen, 650-827-7066, or bryan@nrwpr.com, both of Niehaus Ryan Wong, Inc.,
for
PlanetRx.com, Inc.; or Diana Baumohl of Express Scripts, Inc., 314-702-7333,
or dbaumohl@express-scripts.com/
Web Site: /http://www.express-scripts.com/
Web Site: /http://www.planetrx.com/
(PLRX ESRX)
CO: PlanetRx.com, Inc.; Express Scripts, Inc.
ST: California, Missouri
IN: MLM HEA
SU: TNM
KP-MG
-- SFTH047 --
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Advanced Polymer Systems Signs Agreement With UK Pharmacy Giant, the Boots Company PLC
Posted Thursday, October 14, 1999 - 17:08 by Diane
Advanced Polymer Systems Signs Agreement With UK Pharmacy Giant, the Boots Company PLC
Will Partner With Boots to Market Microsponge(R)-Based Products Under Leading Cosmetics Brand Name
REDWOOD CITY, Calif., Oct. 5 /PRNewswire/ -- Advanced Polymer Systems,
Inc. (Nasdaq: APOS) and Boots Company PLC today announced that they have
entered into a marketing agreement to commercialize a Microsponge(R)-based
formulation under the No. 7(TM) brand name, which is the number one
cosmetics
brand in the United Kingdom. The product is expected to be launched in
December of this year and will be available through the Boots Company's
extensive retail chain of Health and Beauty stores in the UK and parts of
Europe.
Under terms of the agreement Boots will market the finished product,
supplied by Advanced Polymer, through its broad retail network.
"We look forward to a mutually beneficial relationship with Boots and we
anticipate that this product will lead to additional APS products being
marketed in conjunction with Boots. The combination of APS' Microsponge
technology and the Boots Company's international distribution network opens
up
significant commercial opportunities for both parties and we are pleased to
be
working with one of the leading retailers in the United Kingdom," said John
J.
Meakem, Jr., chairman, president and chief executive officer of Advanced
Polymer Systems. "Our partnership with Boots is a significant step toward
our
strategic goal of penetrating the rapidly expanding international skin care
market and becoming a market leader in cosmeceutical products."
Advanced Polymer Systems is a leader in polymer-based delivery systems
and
related technologies used primarily in ethical and over-the-counter (OTC)
pharmaceuticals and personal care products. The company's Microsponge(R)
and
Polytrap(R) systems, which deliver active ingredients to the skin, now play
an
integral role in approximately 100 personal care products sold worldwide.
New
products and technologies under development include site-specific systems
for
delivering oral medications to the lower gastrointestinal tract, and
bioerodible microspheres and polymers for oral or implantable drug delivery.
Boots Company PLC is a leading retailer of health and beauty products in
the UK, Ireland, The Netherlands and Thailand, with more than 1400 stores
ranging from small community pharmacies to city center department stores.
They lead the market in areas ranging from cosmetics to baby food;
sunglasses
to film processing and around half the products sold are Boots' own brand.
Forward-looking Statements
Except for historical information, this news release contains certain
forward-looking statements that involve risks and uncertainties, including
among others, uncertainty associated with timely approval, launch and
acceptance of new products, establishment of new corporate alliances,
progress
in research and development programs and risks of consummation of the sale
of
the Company (as to which there is no assurance). Other risks and
uncertainties associated with the Company's business and prospects are
identified in the Company's filings with the Securities and Exchange
Commission. The Company does not undertake to revise these forward-looking
statements to reflect events or circumstances occurring in the future.
This release is available at http//www.advancedpolymer.com
SOURCE Advanced Polymer Systems, Inc.
-0- 10/05/1999
/CONTACT: Lauren Felice, Investor Relations of Ruder-Finn,
212-593-6370,
for Advanced Polymer Systems; or Gordon Sangster of Advanced Polymer
Systems,
650-366-2626/
Web Site: /http://www.advancedpolymer.com/
(APOS)
CO: Advanced Polymer Systems, Inc.; Boots Company PLC
ST: California, England
IN: MTC HOU
SU: CON
EB
-- SFTU126 --
1793 10/05/1999 08:04 EDT http://www.prnewswire.com
Aveda Products Win National Beauty Awards; Health Magazine Selects Aveda Products as Industry Leaders
Posted Thursday, October 14, 1999 - 17:07 by Diane
Aveda Products Win National Beauty Awards; Health Magazine Selects Aveda Products as Industry Leaders
MINNEAPOLIS, Oct. 11 /PRNewswire/ -- Aveda, maker and marketer of
plant-based products for hair, skin, Pure-Fume(TM) aromas and makeup, is
currently being recognized by editors and readers as a company whose
products
are second to none in several categories.
Aveda was awarded the "Healthiest Shampoo of 1999" for its
All-Sensitive(TM) Shampoo by Health magazine. The awards were judged by a
panel of dermatologists who reviewed more than 500 different products in 10
categories of beauty, from shampoos to moisturizers. The shampoo was
designed
without fragrance, dyes or harsh ingredients, in order to meet the needs of
people with chemical sensitivities -- or anyone looking for a gentle
effective
shampoo.
Health magazine will hold an award luncheon on Thursday, October 14,
1999
at the W Hotel. Horst Rechelbacher, Aveda Founder, will accept the award on
behalf of Aveda. "Aveda is truly committed to beauty through health and
wellness," said Rechelbacher. Being recognized for having the healthiest
shampoo in the marketplace only reinforces that commitment."
Aveda was also recently recognized by Allure magazine readers in its
well-known annual poll of the industry's best products. Aveda
Phomollient(TM)
air-infused styling foam was voted as the best volumizer and Lip Saver(TM)
was
named the best lip balm. A complete list of readers' picks is published in
the
Oc
