American Bank Note Holographics to Restate Revenues and Net Income for the Second and Third Quarters of 1998.ELMSFORD, N.Y.--(BUSINESS WIRE)--Jan. 19, 1999-- Company Expects Fourth Quarter Revenue and Net Income to Decline American Bank Note Holographics (NYSE-ABH) announced today that its Audit Committee has retained Kramer Levin lev·in n. Archaic Lightning. [Middle English levene, levin; see leuk- in Indo-European roots.] Natfalis & Frankel LLP LLP - Lower Layer Protocol , as special legal counsel, and Deloitte & Touche LLP, its auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together , to investigate certain transactions during the second and third quarters of 1998 which resulted in the inappropriate recognition of revenue during such quarters. Based upon currently available information resulting from the in-progress 1998 audit of the Company's financial statements, sales and net income of the Company have been over-stated for the second and third quarters of 1998. These over-statements may be material and will require re-statements of the Company's financial statements for such periods. Since the investiany indicated that the results of the investigation could impact future results of operations. Additionally, based on available information, the Company expects that revenues and net income for the fourth quarter of 1998 will be significantly lower than that of the fourth quarter of 1997. Morris Weissman, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said "While I am ignificant market share. The Company's holograms are used for security applications, such as counterfeiting counterfeiting, manufacturing spurious coins, paper money, or evidences of governmental obligation (e.g., bonds) in the semblance of the true. There must be sufficient resemblance to the genuine article to deceive a person using ordinary caution. protection for credit and other transaction cards, identification cards and documents of value, as well as for tamper resistance Tamper resistance is resistance to by either the normal users of a product, package, or system or others with physical access to it. There are many reasons for employing tamper-resistance. ang this release are encouraged to review all filings made by the Company with the Securities and Exchange Commission. |
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