Intermark Makes Interest Payment to Bond Holders
Intermark made a $920,000 interest payment to bond holders Monday after expressing some doubt in public filings in August that it would have the working capital to do so.
Intermark made the payments Monday on its 11.875% senior subordinated bonds due 1999. The company said it also expects to make an Oct. 1 payment totaling $362,000 on its 13.2% bonds.
John Stiska, Intermark’s president, said no unusual asset sales or financings were required to raise the cash.
In August, Intermark reported a $4.2-million first-quarter loss on $60.2 million of revenue. The loss would have been more severe were it not for a $12.2-million extraordinary tax credit taken over the quarter.
When it reported the loss, Intermark said its low working capital cast some doubt on its ability to make the September and October bond interest payments.
Intermark shares closed at $.81 per share Monday in American Stock Exchange trading, down $.06 from the Friday close of $.875 per share.