Aspeon Files Extension for Completing Form 10-K And Will Restate Fiscal Year 2000 Quarterly Results.Business Editors IRVINE, Calif.--(BUSINESS WIRE)--Sept. 29, 2000 Aspeon Inc. (Nasdaq: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 announced it has filed a Form 12b-25 extension to complete its Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended June 30, 2000. The company also reported that it would restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state its quarterly results for fiscal year 2000 and expects a higher fiscal year 2000 loss than previously reported. The company anticipates filing its Form 10-K by October 13. "The extension is required so that the company can complete its analysis of the timing of recording revenues," said Richard Stack, chairman and chief executive officer. "The focus is on a portion of one domestic subsidiary's sales where the company is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to provide installation services. "While this may result in a shift of revenues, it is not expected to result in a reversal of previously recorded revenues," added Stack. "The impact of revenue adjustments, if any, on any previously issued or audited financial statements have not been determined at this time." "At this point in time the company has quantified certain non-revenue recognition related adjustments," stated Tim Feeney, chief financial officer. "These adjustments, including non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. , relate primarily to write-offs of certain inventories and advertising costs, purchase accounting and compensation expense. The quarterly pre-tax impact of these adjustments approximates $99,000, $160,000 and $237,000 for the first, second and third quarters of fiscal 2000, respectively," said Feeney. "Finally, the company's net loss per common share will be impacted by an additional $1.4 million non-cash charge to adjust the previously recorded beneficial conversion feature associated with the Series A 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. issued by the company in March 2000." About Aspeon Inc. Aspeon Inc. operates in two lines of business. Aspeon Solutions Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , is the first "Next Generation" Application Service Provider (ASP) focused on delivering pre-integrated mission-critical business applications customized to meet industry-specific needs. Javelin Systems is the leading provider of integrated touchscreen computers and system integration services to the global foodservice industry. Visit Aspeon at www.aspeon.com. |
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