The San Francisco Examiner from San Francisco, California • 18

B-4 Monday, June 17, 19 SAN FRANCISCO EXAMINER Frederick's BA YNETfrom B-l talcs Disney to slash film production by 50 bile sale S3 per as Baying, "The problem isn't ASSOCIATED PRESS the glut of movies, it's the glut of Disney movies." The company currently pro duces from 35 to 40 films a year. That number will be cut back to 20, Joe Roth, chairman of Walt Disney Studios, told the Times. "The audience is appropriately telling us there are too many going to take. I'm exploring a lot of options hopefully, it wont be a sale of the assets," he said. "Our primary goal is to work with the trust and come up with some sort of partnership or alliance," he said.

Townson said the trust's holdings are worth $18million, based on the current stock price. Frederick's was founded in 1946 by Frederick Mellinger who introduced the first push-up bra, known as the Rising Star. Frederick's class A common stock did not trade on Friday, but closed Thursday at 4V6. Townson said the stock has been trading at 4 to 4 for the past year or so, a sharp decrease from previous prices of about 10. The 200-store retail chain reported net income of $2.7 million on annual sales of $143 million last year.

In the second quarter ended March 2, Frederick's reported net income of $1.2 million on sales of $44.6 million, vs. last year's second quarter earnings of $2.2 million on sales of Frederick's retained investment banker Janney Montgomery Scott Inc. to advise it. films," he said. Apparel firm also may go merger route in attempt to cure earnings ills REUTERS LOS ANGELES Frederick's of Hollywood Inc.

is exploring a possible sale of the company, a household name in lingerie for 50 years. Frederick's said it has retained an investment banking firm to explore a possible sale of the stock held by a family trust that controls The lessened film production will put Disney behind competitors Bay Networks buys modem unit, Penril ril Datacomm rose 3, or 37 percent, to 1334. Penril holders will receive $10 of Bay Networks stock and one share in the Access Beyond spinoff for each Penril share owned. Access Beyond will concentrate on selling its own line of telecommunications equipment to online services and Internet service providers. The spinoff will help the company reduce its costs while improving its balance sheet, said Ronald Howard, executive vice president of Penril.

Access Beyond will name a new board and hire new management. Howard is expected to be chief executive and chairman, Penril said. Last year, Penril reported a loss from operations of $4.49 million (60 cents a share) on revenue of $58.22 million. With a charge for the disposal of a unit and the unit's loss, Penril's bottom-line loss was $7.68 million ($1.02 a share). The companies expect to complete the sale by mid-September Bay Networks said.

NEW YORK Faced with a film glut, the Walt Disney Co. plans to produce 50 percent fewer films annually, the New York Times reported Monday. The decision to halve production and to trim the number of senior company executives marks the first effort by a major Hollywood company to limit its output because of the increasingly difficult market, the newspaper said. Disney spokeswoman Elizabeth Wolf said Sunday night she did not have any information on the report and could not comment. Many movies fail to survive longer than their first weekend at cinemas, and the cost of making and marketing films is on the rise.

Numerous Disney films have flopped at the box office and many of them seem to resemble one an Time Warner Inc. and the Sony 50.2 percent of the company, the sale of all of the stock or a merger. Other options include asset sales, a share repurchase, recapitalization or joint venture, Frederick's said. Frederick's earnings have been hurt by general weakness in the apparel market as well as the emergence of rivals like Victoria's Secret and Cacique in malls across the country. "Our biggest problem was during Christmas, which usually brings us the bulk of sales and earnings," said Frederick's Chief Executive Officer George Town-son.

"It was the worst Christmas we ever had," he said. Townson said that while Frederick's is exploring all the aforementioned options, he prefers not to sell the company. "I don't know what form this is Corp. SUMITOMO from B-l Unauthorized deals of $20 billion yearly nounced the debacle earlier, saying they cooperated fully with authori Need a little INNS RESORTS ties and tried to reassure markets. "We hold positions in the mar Every Thursday and Sunday in this paper other.

But the head of one major Advertisers call 415-777-7343 ket, but have no immediate plans studio was quoted by the newspa to liquidate. We hope the copper market will stabilize and regain or der," Sumitomo President Tomi ichi Akiyama said on Friday when the company announced its losses, New resort complex planned for Las Vegas wwmm TODAY FRIDAY JUNE 21 "We believe it is our mission to continue trading and make efforts to stabilize the market," Akiyama said in an interview with Japan's COMPUTER NETWORKS ENGINEERING Training Cantor. BLOOMBERG BUSINESS NEWS Register Now for NOVELL CNE Certification, WINDOWS NT, COURSES WITHOUT THE COMMUTE University of Calif. Extension's Center for Media Independent Learning offers courses by mail, e-mail fax. Enroll at any time; work at your own pace.

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