|To: JanyBlueEyes who wrote (104)||3/9/1999 7:52:00 AM|
News - Completion of More Acquisitions|
The Source Completes MYCO and Chestnut Acquisitions
ST. LOUIS, March 9 /PRNewswire/ -- The Source Information Management Company (NASDAQ:SORC) announced today it has completed the acquisitions of MYCO Inc. and Chestnut Display Systems - North Inc., leading manufacturers of in-store merchandising units and point-of-purchase displays for retail store chains. The combined business of the two companies is believed to represent approximately one-third of the total front-end manufacturing industry in the United States.
Source Chairman and Chief Executive Officer Leslie Flegel said, "These
acquisitions further strengthen our leadership position in the front-end display industry by vastly expanding our ability to create fixtures that best serve the needs of vendors who position merchandise at the checkout. We have built core capabilities in design, distribution and manufacturing of front-end displays which in turn have helped us cement relationships with the retail community. Our information services and overall e-commerce are attractive to a broad range of vendors. Additionally, the synergies and relationships inherent to both MYCO and Chestnut will increase the reach of our Interactive Communications Network, enhancing our position as a premier infomediary between retailers, publishers and other major marketers."
Source said the expanded opportunities for the Interactive Communications Network, or ICN, which helps retailers ensure magazine bar code accuracy via a streamlined Internet encrypted site, while providing publishers with an effective tool to market new titles or special issues has received remarkable acceptance. Last month, the Company announced that 15 publishers including Times-Mirror, Hearst and Ziff-Davis have signed agreements to perform business over the network.
The Company said it acquired the assets and assumed the liabilities of MYCO, based in Rockford, Illinois, for $12 million in cash and 134,615 shares of Source stock. For the year ended December 31, 1998, MYCO's revenue was approximately $20 million. Included in the MYCO acquisition was a 350,000 square foot manufacturing facility, also located in Rockford. Certain assets and liabilities of Chestnut Display Systems, based in Jacksonville, Florida, were purchased for approximately $3.6 million in cash and 285,714 shares of stock. Chestnut Display Systems' 1998 revenue was $9 million. The combined revenue of the companies, including Source, is expected to be in excess of $70 million by January 2000. Source said it anticipates the acquisitions to be accretive to earnings in the current fiscal year of 2000.
Source is an innovative "infomediary" company which provides front-end
rebate collection and information services to about 825 retailers in the United States and Canada through nine offices. It also is the largest manufacturer in North America of display racks located at check-out counters. From its base businesses, knowledge and relationships in retailing and publishing, Source has evolved into an Internet-based company through its ICN communication network which uses innovative, state-of-the-art technology to give retailers and their vendors a cutting-edge system for communicating and conducting e-commerce.
The information contained in this release includes statements regarding matters which are not historical facts (including statements regarding the plans, beliefs or expectations of The Source Information Management Company) which are forward-looking statements.....
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|To: JanyBlueEyes who wrote (106)||5/14/1999 9:18:00 AM|
News - Contracts with Ahold USA, Winn-Dixie, and Blockbuster|
SOURCE SIGNS EXCLUSIVE FRONT-END MANUFACTURING AND MANAGEMENT CONTRACTS
ST. LOUIS, May 14 /PRNewswire/ -- The Source Information Management Company (Nasdaq: SORC) announced today it has signed contracts to be the exclusive manufacturer and manager of front-end check-out programs for Ahold USA of Atlanta, GA., and Winn-Dixie of Jacksonville, FL, and Blockbuster, Inc., New York, NY. Ahold and Winn-Dixie are two of the nation's largest supermarket retailers operating more than 2,000 stores; Blockbuster is the world's largest video retailer with more than 3,300 stores in the U.S.
Ahold, through its five operating companies -- Stop & Shop, Giant-Landover, Giant-Carlisle, Tops and BI-LO -- is a leading supermarket operator along the eastern seaboard with more than 1,000 stores. Additionally, in March 1999, Ahold announced its intention to acquire Pathmark Stores, Inc., a $3.7 billion supermarket operator with over 130 stores in the New York metropolitan area. The 3-year commitment with Source covers front-end management and all front-end check-out display fixtures for Ahold's supermarkets.
Winn-Dixie operates approximately 1,180 stores as one of the nation's largest supermarket retailers. Warren Couch, corporate merchandiser for Winn-Dixie, said the 12-month agreement names Source to be the exclusive manufacturer and manager for its 1999 checkout counter merchandise program.
Source will provide front-end management and manufacturing services to Blockbuster for its 1999 publishing program in its 3, 300 stores in the U.S.
Source Chairman Leslie Flegel said, "We are pleased to add Blockbuster as a client and to expand our services to Ahold and Winn-Dixie. We have provided front-end management and manufacturing services for some of the Ahold and Winn-Dixie stores in the past. Our expanded range of front-end operations positions us to provide turnkey services ranging from design, manufacture, billing, delivery and most importantly the management of information relating to product positioning and sales at the front-end check-out. This has allowed us to add Blockbuster as aclient, to expand our services to all of the stores of Ahold and Winn-Dixie and to increase the information available on our ICN network."
Source is a leading provider of information and management services forvretail magazine sales to U.S. and Canadian retailers and magazine
publishers. Source is also a leading manufacturer of display racks usedvby retailers at check-out counters. From its base businesses, industry knowledge and relationships with retailers and publishers, Source has developed its ICN website which gives retailers and publishers a forum for communication and e-commerce.
The information contained in this release includes statements
regarding matters which are not historical facts (including statements
regarding the plans, beliefs or expectations of The Source Information
Management Company) which are forward-looking statements........
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|To: JanyBlueEyes who wrote (107)||7/15/1999 5:29:00 PM|
|From: Red Heeler|
Source Signs Rite Aid to Interactive Communications Network and Front-End Management Contract; Company Closes Aaron Wire & Metal Products Acquisition|
PR Newswire - July 15, 1999 07:17
ST. LOUIS, July 15 /PRNewswire/ -- The Source Information Management Company (Nasdaq: SORC) announced today it has signed a contract with Rite Aid Corporation to use its proprietary Interactive Communications Network (ICN), and to be the exclusive manufacturer and manager of front-end check-out displays for Rite Aid's current front-end display program. Rite Aid is one of the nation's largest retail pharmacy chains with approximately 3,900 drugstores in 30 states and the District of Columbia.
With the signing, the company said it will maintain proprietary data access to approximately 95 percent of the drug-store market, enabling Source to provide valuable detailed sales and marketing data to retailers and their front-end vendors on a chain-by-chain basis.
In addition, the company said the contract stipulates that Source will provide Advance Pay rebate collection and Retail Display Allowance (RDA) consulting to Rite Aid.
Through ICN, magazine publishers, confectionery and general merchandise vendors are able to communicate with retailers on-line, check the status and anticipated renewal dates of check-out fixture programs, obtain detailed and updated store lists, monitor the status of fixture shipments, and observe counts of checkout fixtures by retail chains at store level.
Source Chairman Leslie Flegel said, "This contract exemplifies the wide array of services we offer to our customers. Rite Aid, as a confectionery, mass merchandise and magazine retailer, will integrate products and services from our original base business of display rack manufacturing and front-end management to the internet company we are today through ICN."
"This contract further enhances our ICN customer database that currently includes more than 15 publishing companies covering approximately 1200 magazine titles as well as 150 retailers, including other pharmacies such as Eckerd's and CVS," Flegel said. "Our full-service approach to gather, format and then instantly communicate critical information throughout all phases of front-end marketing and manufacturing makes Source the provider of choice for the nation's top companies seeking optimal sales from the checkout area."
Separately, Source announced it completed the acquisition of Aaron Wire & Metal Products Ltd., a manufacturer of front-end display racks in Richmond, British Columbia, Canada. It signed a letter of intent March 29, 1999. Aaron agreed to be acquired for $2,400,000 Canadian dollars. Source said it anticipates the acquisition will be accretive to earnings in the current fiscal year, ending January 31, 2000.
Last month, Source completed an offering of 4,600,000 shares of common stock, including 1,600,000 shares by selling stockholders, at a price of $13. Net proceeds to the Source have been and will be used to repay outstanding indebtedness, fund the Company's Advance Pay Program and for general corporate purposes, including possible acquisitions. The Company did not receive any proceeds from the sale of 1,600,000 shares of stock by selling stockholders.
Source is a leading provider of information and management services for retail magazine sales to U.S. and Canadian retailers and magazine publishers. Source is also a leading manufacturer of display racks used by retailers at check-out counters. From its base businesses, industry knowledge and relationships with retailers and publishers, Source has developed its ICN website which gives retailers and publishers a forum for communication and e-commerce.
The information contained in this release includes statements regarding matters which are not historical facts (including statements regarding the plans, beliefs or expectations of The Source Information Management Company) which are forward-looking statements within the meaning of the federal securities laws. When used in this press release, the words "believes," "anticipates," "intends," "expects" and similar expressions are intended to identify forward-looking statements. Because such forward-looking statements involve certain risks and uncertainties, the Company's actual results and the timing of certain events could differ materially from those discussed herein. Factors that could cause or contribute to such differences include, but are not limited to the Company's dependence on the marketing and distribution strategies of publishers and other vendors; the Company's ability to access check-out area information; risks associated with the Company's Advance Pay Program, including problems collecting incentive payments from publishers; demand for display racks; the Company's ability to successfully implement its growth strategy; competition; the Company's ability to effectively manage its expansion; and general economic and business conditions nationally, in the Company's markets and its industry. Investors are also directed to consider other risks and uncertainties discussed in other reports previously and subsequently filed by the Company with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE Source Information Management Company
/CONTACT: Todd Fromer, IR, or Stan Froelich, Media, both of Stern & Co.,
212-888-0044, for Source Information Management Company/
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|To: Venke Murughappan who wrote (110)||12/29/1999 6:52:00 PM|
Very quiet board here even with today's action. FWIW I'm in SORC today at 16 for a trade. Blue sky breakout (broke the triple top..)today and a nice pullback for entry.|
Fundies look real good too IMHO
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