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Article: Municipal Development Corporation reports second-quarter results and consolidation of outstanding debt.
- Article from:
- PR Newswire
- Article date:
- May 18, 1989
CopyrightCOPYRIGHT 1989 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MUNICIPAL DEVELOPMENT CORPORATION REPORTS SECOND QUARTER RESULTS
AND CONSOLIDATION OF OUTSTANDING DEBT
NEW YORK, May 18 /PRNewswire/ -- Municipal Development Corporation (NASDAQ: MUNI) (MDC) today reported a loss of $82,096 for the second quarter ended March 31, 1989. MDC also reported that it had entered into agreements with two major creditors to consolidate and reduce outstanding debt.
Cost reductions together with a restructuring of activities reduced the loss from continuing operations during the second quarter of fiscal 1989 to $201,737 from $589,059 in the same period of the prior year. Income from discontinued ...