EX-99.1 2 0002.txt Exhibit 99.1 Peter Farwell Vice President Corporate Relations (617) 232-8200 FOR IMMEDIATE RELEASE HARCOURT GENERAL TO RECORD FOURTH QUARTER CHARGE ------------------------------------------------ RELATED TO GC COMPANIES LEASE OBLIGATIONS ----------------------------------------- CHESTNUT HILL, MA., October 11, 2000 ---- Harcourt General, Inc. (NYSE:H) announced today that the Company expects to record a one-time charge of approximately $100 million, net of taxes, in its fourth quarter ending October 31, 2000, to cover lease liabilities arising from the bankruptcy reorganization filed today by GC Companies, Inc. (NYSE:GCX), the movie theatre exhibition business that it spun-off to shareholders in 1993. Harcourt General said that the charge, which would amount to about $1.38 per share, should be sufficient to cover costs associated with any liability on theatre leases which were guaranteed prior to the spin-off of GC Companies. Harcourt General, a leading global multiple-media publisher, provides educational, training and assessment products and services to classroom, corporate, professional and consumer markets. In June, Harcourt General announced that it had retained Goldman, Sachs & Co. to explore a range of strategic alternatives to enhance shareholder value, including the possible sale of the Company. -5-