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Exhibit 99.1
Peter Farwell
Vice President
Corporate Relations
(617) 232-8200 FOR IMMEDIATE RELEASE
HARCOURT GENERAL TO RECORD FOURTH QUARTER CHARGE
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RELATED TO GC COMPANIES LEASE OBLIGATIONS
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CHESTNUT HILL, MA., October 11, 2000 ---- Harcourt General, Inc.
(NYSE:H) announced today that the Company expects to record a one-time charge
of approximately $100 million, net of taxes, in its fourth quarter ending
October 31, 2000, to cover lease liabilities arising from the bankruptcy
reorganization filed today by GC Companies, Inc. (NYSE:GCX), the movie
theatre exhibition business that it spun-off to shareholders in 1993.
Harcourt General said that the charge, which would amount to about $1.38
per share, should be sufficient to cover costs associated with any liability
on theatre leases which were guaranteed prior to the spin-off of GC
Companies.
Harcourt General, a leading global multiple-media publisher, provides
educational, training and assessment products and services to classroom,
corporate, professional and consumer markets. In June, Harcourt General
announced that it had retained Goldman, Sachs & Co. to explore a range of
strategic alternatives to enhance shareholder value, including the possible
sale of the Company.
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