Corporate Report

Abstract

Stock in Sunbeam Corp. (NYSE: SOC) of Delray Beach fell, and Chairman Al Dunlap denounced a story in Barron's that looked at the company's accounting. Sunbeam denied the article's claims that it capitalized advertising and marketing expenses, lowered bad debt reserves to inflate earnings and manipulated pre-paid expenses. Said Dunlap: "I know that I am a controversial figure, but for a Dow Jones publication to impugn my integrity and that of our management, our board and its audit committee, and to suggest that Sunbeam has committed fraud - with absolutely no factual support for its outrageous accusations - is beyond the bounds of any standard of journalistic ethics." Registry Magic Inc. of Boca Raton said on Monday it completed its initial public offering of 1.6 million common shares at $7.25 per share. The offering was priced on May 28. The company, based in Boca Raton, develops products that enable a user to perform tasks or retrieve information by speaking into a telephone or to a computer.