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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 7, 1996
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MBf USA, Inc.
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(Exact name of registrant as specified in its charter)
Maryland 0-17458 73-1326131
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(State of or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
500 Park Boulevard, Suite 1260, Itasca, Illinois 60143
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (708) 285-9191
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N/A
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
MBf USA, Inc. (the "Company") announced on March 7, 1996 financial
results including record revenues for the year ended December 31, 1995 of
$43,258,125, a 20% increase over 1994 revenues of $36,008,062.
The Company also reported a net loss for 1995 of $4,864,404 compared
to net income of $1,000,530 for 1994. Of the loss, $4,295,608, occurred in the
first half of 1995 and included a $1,808,757 charge related to the Company's
management and business restructuring which was completed by June 30, 1995.
After a change in management, losses declined in the second half of 1995,
resulting in third and fourth quarter losses of $417,320 and $151,476,
respectively.
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EXHIBITS
99. ADDITIONAL EXHIBITS.
1. Press Release dated March 7, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
MBf USA, Inc.
(Registrant)
DATE: March 14, 1996 By: /s/ Edward J. Marteka
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Name: Edward J. Marteka
Title: President
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[MBf USA, INC. LETTERHEAD]
FOR IMMEDIATE RELEASE
MBf USA, INC. ANNOUNCES RESULTS FOR 1995
Itasca, IL -- March 7, 1996 -- MBf USA, Inc. (The Nasdaq SmallCap Stock Market:
MBFA) today announced financial results including record revenues for the year
ended December 31, 1995.
MBf USA reported that revenues for the year ended December 31, 1995 increased
20% to a record $43,258,125 over 1994 revenues of $36,008,062, primarily
reflecting growth in glove sales by the Company's American Health Products
Corporation subsidiary. Additionally, the continued high level of investment
in marketing and international launch efforts for the Company's Playboy(R) brand
condom business resulted in a substantial increase in condom sales in 1995.
The Company recorded a net of loss for 1995 of $4,864,404 compared to net
income of $1,000,530 last year. Of this loss, $4,295,608 occurred in the first
half of 1995, and included a $1,808,757 charge related to the Company's
management and business restructuring which was completed by June 30, 1995.
Under new management, losses declined in the second half, resulting in third
and fourth quarter losses of $417,320 and $151,476, respectively. The losses in
the second half of 1995 were primarily due to expenses related to the expansion
of the Company's international condom business and the lag period for the new
glove price increases, instituted at the end of the third quarter, to take
effect.
Loi Heng Sewn, Chairman of MBf USA, Inc. stated, "The financial and business
restructuring that took place in the first half of 1995 has returned the
Company to its core business and its impact is shown in its improved
performance in the second half."
-more-
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MBf USA, Inc. News Release Page 2
March 7, 1996
Edward J. Marteka, who became President of MBf USA, Inc. on May 31, 1995, said,
"We were able to slash our losses significantly in the two quarters following
the restructuring. Our latex glove business which presently accounts for most
of our sales remain strong, while at the same time the rapid shift to higher
margin powder free gloves sales continues to improve gross margins. The new
glove manufacturing plant in Indonesia, which was slated to begin operation in
the first quarter 1996 but has been delayed to the second quarter, should
further lower production costs and improve margins."
MBf USA, Inc. and its subsidiaries market Glovetex(R) brand and OEM medical
examination gloves in the United States and the world-famous Playboy(R) brand
condoms internationally.
(See attached tables)
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MBf USA, Inc. News Release Page 3
March 7, 1996
<TABLE>
<CAPTION>
MBf USA, INC.
For The Three Months Ended For The Year Ended
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December 31, December 31,
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1995 1994 1995 1994
---- ---- ---- ----
<S> <C> <C> <C> <C>
TOTAL REVENUES $10,988,442 $10,017,544 $43,258,125 $36,008,062
INCOME (LOSS) FROM
CONTINUING OPERATIONS (151,476) (326,581) (4,796,672) 909,441
INCOME (LOSS) FROM
DISCONTINUED
OPERATIONS 0 (45,700) (67,732) 91,119
NET INCOME (LOSS) ($151,476) ($372,281) ($4,864,404) $1,000,530
NET INCOME (LOSS)
PER SHARE ($.06) ($.15)* ($2.00) $.41*
WEIGHTED AVERAGE
NUMBER OF COMMON
STOCK AND COMMON
EQUIVALENTS 2,432,462 2,458,473* 2,432,462 2,458,473*
</TABLE>
* GIVES RETROACTIVE EFFECT TO THE ONE-FOR-TEN REVERSE SPLIT EFFECTED ON
DECEMBER 18, 1995.
CONTACT: -OR- MBf USA'S INVESTOR RELATIONS COUNSEL:
MBf USA, INC. The Equity Group Inc.
Loi Heng Sewn, Chairman Terry Hosmer (212) 836-9610
Edward J. Marteka, President Linda Latman (212) 836-9609
Stephen Tan, CFO
(708)285-9191