Western lost $11.6 million on revenues of $303.9 million during the first three quarters of 1994. Its common stock, which had traded as high as $21 a share in 1993, had fallen to below $10 in April 1995. No dividend had been paid since the company had been acquired by Bernstein from Mattel in 1984. At this point he owned or controlled nearly 20 percent of the common stock, the Gabelli Group held about 17 percent, and Prudential Insurance Company of America owned 8.6 percent. Long-term debt was $249.8 million.