Aspeon Completes Form 10-Q Filings.Business Editors IRVINE, Calif.--(BUSINESS WIRE)--June 27, 2001 Aspeon Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ASPE ASPE Assistant Secretary for Planning and Evaluation (US Department of Health and Human Services) ASPE American Society of Plumbing Engineers ASPE American Society for Precision Engineering ASPE Association of Standardized Patient Educators ) today completed the filing of its Forms 10-Q for the periods ended Sept. 30, 2000, Dec. 31, 2000 and March 31, 2001 with the Securities and Exchange Commission (SEC). Copies of the filings are available on the company's Web site at www.aspeon.com. Revenues for the nine months ended March 31, 2001, were $50.5 million, compared with $63.8 million for the comparable period in fiscal 2000. Net loss for nine-month period was $46.5 million, or $4.93 per share, compared with net loss of $5.5 million or $0.61 per share, for the same period last year. The company reported that results were impacted by a one-time, non-cash impairment charge of $20.0 million related to writing off goodwill which arose on the acquisition of three subsidiary companies, and increased general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. partly attributed to the company's fiscal 2000 audit and related issues and to its ASP services. The impact from the non-cash write-off of goodwill and non-cash accretion of $7.0 million on Series A convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". , which is not a component of the net loss but a component of the net loss per share, was a loss of $2.87 per share for the nine months ended March 31, 2001. "With the completion of our Form 10-Q Form 10-Q See 10-Q. filings for the nine-month period ended March 31, 2001, Aspeon is now current with its quarterly SEC filings," said Richard Stack, president and chief executive officer. "Our focus during this period was to achieve SEC filing compliance, secure a new line of credit and restructure the terms of our preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . We have paid off our old line of credit, we are negotiating with a lender for a replacement line of credit, and we are continuing our negotiations to restructure our preferred stock." On April 23, 2001, the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. entered an order dismissing the amended class action lawsuits class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax filed against Aspeon. On May 21, 2001, the plaintiffs filed a third complaint against Aspeon. On June 4, 2001, Aspeon moved to dismiss this complaint and a hearing on the motion to dismiss is scheduled to be heard on July 30, 2001. About Aspeon Inc. Aspeon Inc. is a leading manufacturer and provider of point-of-sale (POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale ) systems, services and enterprise technology solutions for the retail and foodservice markets. Visit Aspeon at www.aspeon.com. Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding the intent, belief or current expectations of Aspeon and its management regarding the company's strategic directions, prospects and future results. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, including, Aspeon's ability to return to profitability, the continued forbearance Refraining from doing something that one has a legal right to do. Giving of further time for repayment of an obligation or agreement; not to enforce claim at its due date. A delay in enforcing a legal right. of Aspeon's lenders and creditors, the successful restructuring of Aspeon's Preferred Stock, the outcome of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. filed against Aspeon and Aspeon's ability to raise funds from additional debt and/or capital, and our competitive environment, economic and other conditions in the markets in which we operate, changes in laws, changes to or clarifications of accounting rules or approaches and/or their applications, the size and timing of customer orders, delays in new product enhancements and new product and/or service introductions, quality control difficulties, changes in market demand, and other risks discussed in the company's filings with the SEC, which discussions are incorporated herein by reference. Such forward-looking statements represent management's current expectations and are inherently uncertain. The company's actual results and performance may differ materially. The company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. |
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