CALIFORNIA : SOUTHLAND FOCUS : Day Runner Reports Unsolicited Bids

Day Runner Inc. of Irvine, a leading maker of loose-leaf organizers and appointment books, said it has received “a number” of unsolicited bids to acquire the company as it pursues strategic alternatives. Day Runner reported a loss for its fiscal fourth quarter and restated earnings for the first three quarters of its fiscal 1999 ended June 30 after finding cost accounting errors relating to its manufacturing business. Citing a tightening of inventories by several major U.S. companies, Day Runner posted a quarterly loss of $5.2 million, or 44 cents per share, contrasted with net income of $5 million, or 39 cents, a year ago. Sales fell 6.3% to $47.7 million from $50.9 million. Day Runner shares fell 13 cents to close at $10.88 on Nasdaq.