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Intermark Makes Interest Payment to Bond Holders

By CHRIS KRAUL
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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.

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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.
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Chris Kraul

Chris Kraul covered South America for the Los Angeles Times from his base in Bogota, Colombia. He joined the paper in 1987 and was business editor of the San Diego edition until it closed in 1992. He then began covering the border and Mexican economies until his assignment to The Times’ Mexico City bureau in 2001. He reopened the paper’s Bogota bureau in 2006. He has also covered the wars in Afghanistan and Iraq. He is a graduate of the University of South Florida and also has been a reporter at the San Jose Mercury News, San Diego Union-Tribune and the San Diego Business Journal.

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