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January 5, 1988

XEBEC WARNS OF $40m LOSS FOR YEAR

By CBR Staff Writer

Xebec Corp, Carson City, Nevada, says that its figures for fiscal 1987 will be delayed until mid-January – but that it expects a loss for the year of over $40m on sales of about $69m. The results are being held up by issues that still need to be resolved with the auditores, and president James Toreson, says that the company’s previously announced corporate restructuring and the administration of various lawsuits involving Xebec have placed severe time demands on its management in recent months. In addition, cost-cutting measures have required us to reduce our financial and administrative staff, leading to additional demands on remaining personnel who are also responsible for managing the company’s financial affairs on a daily basis. These factors combined to cause delays in allowing Xebec’s independent auditors to complete the audit. The delay also results from attempts to settle lawsuits, the outcome of which would have an impact on its financial condition. One, filed by KS&A Marketing Inc., has resulted in a $2.6m judgement against the company which the plaintiffs may attempt to collect by executing on Xebec’s assets. Toreson says that Xebec is optimistic that the KS&A Marketing lawsuit will be settled in the near future, thus avoiding a costly appeal process and removing the threat of execution on the assets.

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