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Urethane Technologies Inc

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BUSINESS
March 14, 1997 | JOHN O'DELL, TIMES STAFF WRITER
Urethane Technologies Inc., a struggling plastics maker that quietly shut down operations last week, acknowledged Thursday that its operating assets have been seized by creditors. The company also said that trading in its stock has been halted, but that officials of the Nasdaq market have given it 10 days to file an operating plan and resume trading.
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BUSINESS
April 2, 1995
Urethane Technologies Inc., the Santa Ana developer of polyurethane systems and production technology, reported a net loss of $5.3 million, or 71 cents a share, for last year, including a $3-million charge from discontinued operations. That compares with a net loss of $3.8 million, or 57 cents a share, for 1993. Revenue increased to $13.4 million from $2.3 million. The fourth-quarter loss totaled $3.1 million, or 40 cents a share, compared with a net loss of $1.
BUSINESS
March 7, 1997 | JOHN O'DELL, TIMES STAFF WRITER
Urethane Technologies Inc., a small, publicly traded plastics maker that has been struggling for more than a year, was closed this week after the collapse of a recent effort to find a new financial backer. The closure cost as many as 40 people their jobs. The company, which has not had a profitable year since it was formed in 1985, indicated two weeks ago when the financing effort fell through that its survival was in question.
BUSINESS
November 11, 1993
Urethane Technologies Inc., the Santa Ana developer of polyurethane systems and production technology, reported a third-quarter loss of $844,312, or 12 cents a share. That compared to a loss of $585,486, or 10 cents a share, for the same period a year earlier. Revenue was up 81% to $883,898 from $489,178. For the year to date, the company posted a loss of $2.4 million, or 35 cents a share, compared to a loss of $2.6 million, or 48 cents a share, for the same 1992 period.
BUSINESS
June 6, 1992
Urethane Technologies Inc. said Friday it will issue as many as 1 million new shares to the public in the next few months. The company said it intends to sell shares for not more than $5 each after a .72 reverse stock split. No prospectus has been issued yet by the company, so no date has been set for the sale. Urethane Technologies already has 7 million shares outstanding.
BUSINESS
February 22, 1997
A New York investment group has called off an agreement to provide $1.5 million for struggling plastics maker Urethane Technologies, the Orange company said Friday. Endeavour Capital Corp. decided to call off the arrangement, which would have given it an 80% stake in the plastics company, just three days after the deal was announced. Endeavour executives could not be reached for comment.
BUSINESS
February 19, 1997 | JOHN O'DELL, TIMES STAFF WRITER
Struggling plastics maker Urethane Technologies Inc. said Tuesday it has swapped an 80% stake in the company for a $1.65-million cash infusion. The company, which has never turned a profit, said the cash from New York investment group Endeavour Capital Corp. should help it weather "a significant squeeze in operating margins" caused by increasing competition and rising raw-material prices.
BUSINESS
October 24, 1996
Urethane Technologies Inc. said Wednesday it has called off its plans to merge with the IPI division of Sun Valley-based PMC Inc. because Urethane's stock has been subject to a "relentless battering" since the transaction was announced. Urethane's stock, which was trading at $1.06 per share when the merger was announced Sept. 24, closed Wednesday at 53 cents a share in Nasdaq trading. A Urethane statement said the company is "at a loss to understand the savage attack" on the stock.
BUSINESS
August 18, 1996 | JOHN O'DELL, TIMES STAFF WRITER
Urethane Technologies Inc. said it has laid off 10 of its 86 employees as part of a plan to reverse four consecutive quarters of losses. The layoffs, ordered Aug. 9, affected production, research and administrative workers at Urethane headquarters in Santa Ana and its manufacturing plant in Orange. The company on Friday said that it lost $132,932, or 2 cents a share, in the second quarter, compared to a year-earlier profit of $66,013, or a penny a share.
BUSINESS
April 3, 1996
High-tech plastics manufacturer Urethane Technologies Inc. reported a loss Tuesday of $2.3 million, or 23 cents a share, for 1995, compared with a year-earlier loss of $5.3 million, or 71 cents a share. Revenue of $26.6 million last year, however, was almost double the $13.4 million reported for the previous year. The company said its financial performance was affected by a $1.6-million loss for discontinued operations.
BUSINESS
November 23, 1995
Urethane Technologies said Wednesday that it has agreed to acquire Brin-Mont Corp., a Greensboro, N.C., chemical supplier for $2.8 million in cash and stock. Brin-Mont, a subsidiary of Evans Industries Inc. in Detroit, provides key material used by Urethane to produce polyurethane systems that are used in construction, recreation and other industries.
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