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SCORE BOARD INC. POSTS BIG LOSS; LOSES 28% OF WORTH
Published December 9, 1994
Score Board Inc., a sports-memorabilia company, posted a $13.8M fiscal third-quarter loss, "putting it in violation of certain financial covenants and sending its stock down 28%." The shares, which traded as high as $19.25 in the past year, closed at $2.625, down slightly more than $1, in heavy trading on the NASDAQ exchange. The 3rd quarter loss sent Score Board's tangible net worth below a $37M minimum set by their bank. Mellon Bank, Score Board's credit bank, agreed not to declare the company in default through January 5 and the parties will attempt to renegotiate the loan, Score Board said. As of October 31, Score Board's debt to Mellon was about $18M. According to Terry McEnvoy, VP at Janney Montgomery Scott Inc., the company's problems in the last year "were exacerbated" by the death of Paul Goldin, the company's chair and founder (Lisa Miller, WALL STREET JOURNAL, 12/9). In Boston, Bill Bimmons examines the boom and bust in the card industry (BOSTON HERALD, 12/9).