Aspeon Reports Sequential Increase in Revenue for First Quarter Ended Sept. 30, 2001.Business Editors IRVINE Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif.--(BUSINESS WIRE)--Nov. 7, 2001 Aspeon Inc. today announced a $2.5 million loss for the quarter ended Sept. 30, 2001. Revenues for the quarter were $11.7 million that compared with $10.6 million for the preceding quarter. In announcing the results, 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. Richard Stack said: "I am pleased that our sales have improved from the preceding quarter. Our continued losses are due to a high proportion of sales of older products at reduced prices that have had a positive effect on cashflow. In the current quarter we are transitioning fully to our Viper product line which will produce normal margins." Stack also mentioned that the ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). division has become a net contributor of cash to the core operation. Included in the loss is an amount of $554,500 accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. for default interest on preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . On the balance sheet there is included as a current liability an amount of $14,671,000 representing the balance owing under the preferred share agreement (in default). In the event that a settlement is reached with the holder, this amount may be significantly reduced and the majority of the amount remaining will be classified as long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . As previously reported, the company's 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 , BDO Seidman BDO Seidman, LLP is the United States arm of BDO International, one of the largest accounting firms outside of the Big Four. History BDO Seidman, LLP was founded as Seidman and Seidman in New York City in 1910 by Maximillian L. Seidman. , LLP LLP - Lower Layer Protocol , have not had access to the working papers working papers pl.n. Legal documents certifying the right to employment of a minor or alien. Noun 1. working papers of the company's previous auditors for the fiscal years ended June 30, 1999 and 2000, and therefore, BDO Seidman was not able to complete its audit of the company's financial statements for the fiscal year ended June 30, 2001. Until such time that the company's auditors are able to complete their audit of the company's financial statements for the fiscal year ended June 30, 2001, the company will face certain consequences, including that the company will not be able to file its Annual Report on 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. and its Quarterly report for the three months ended Sept. 30, 2001 on Form 10Q with the Securities and Exchange Commission, the company will not be able to hold its annual stockholder meeting, and stockholders of the company will not be able to rely upon Rule 144 or 145 of the Securities Act of 1933 for the resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. of restricted securities. The company continues to explore alternatives as to how it might be possible to proceed, however no assurances can be made that the company's auditors will be able to complete their audit of the company's financial statements for the fiscal year ended June 30, 2001. A table containing abbreviated unaudited financial statements is included. About Aspeon Inc. Aspeon 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of Aspeon's 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. , 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 its competitive environment, economic and other conditions in the markets in which the company operates, 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrence of unanticipated events.
ASPEON, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
Sept. 30, 2001 June 30, 2001
ASSETS
Current assets:
Cash and short term investments $ 506,300 $ 1,179,100
Accounts receivable, net 7,205,500 6,502,900
Inventories, net 5,063,200 7,184,600
Other current assets 875,200 1,073,500
Total current assets 13,650,200 15,940,100
Property and equipment, net 2,615,600 3,136,400
Goodwill 11,293,000 11,224,900
Other assets, net 440,200 330,900
Total assets $ 27,999,000 $ 30,632,300
LIABILITIES, MANDATORILY REDEEMABLE SECURITIES, AND STOCKHOLDERS'
EQUITY
Current liabilities:
Line of credit $ 659,000 $ 967,800
Mandatorily redeemable preferred
stock (in default) 14,671,000 13,969,200
Accounts payable and accrued
expenses 12,232,700 13,910,600
Current maturities of long-term
debt 524,900 590,100
Other current liabilities 2,016,700 2,261,900
Total current liabilities 30,104,300 31,699,600
Long-term debt, net of current portion 2,011,100 857,300
Other 42,900 35,300
Total liabilities 32,158,300 32,592,200
Mandatorily redeemable preferred shares
and warrants 3,426,600 3,426,600
Stockholders' equity:
Common stock and additional
paid-in capital 65,178,000 65,178,000
Accumulated deficit and
comprehensive loss (72,763,900) (70,564,500)
Total stockholders' equity (7,585,900) (5,386,500)
Total liabilities, mandatorily
redeemable securities, and
stockholders' equity $ 27,999,000 $ 30,632,300
ASPEON INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended
Unaudited
Sept. 30, 2001 Sept. 30, 2000
Revenues $ 11,717,300 $ 19,625,100
Cost of revenues 10,257,500 17,039,500
Gross profit 1,459,800 2,585,600
Operating expenses:
Research and development 262,200 333,400
Selling, general and administrative 3,565,300 10,283,700
Impairment charge -- 17,366,000
Total operating expenses 3,827,500 27,983,100
Loss from operations (2,367,700) (25,397,500)
Interest expense and other income -- net (574,100) (116,400)
Loss before income taxes (2,941,800) (25,513,900)
Income taxes expense (29,900) (57,500)
Net loss before extraordinary item
and cumulative effect of accounting
change (2,971,700) (25,571,400)
Extraordinary item, debt restructuring 505,000 --
Cumulative effect of accounting change -- 817,600
Net loss (2,466,700) (24,753,800)
Accretion of mandatorily redeemable preferred stock
discount and dividends (147,800) (685,500)
Net loss available to common
stockholders $ (2,614,500) $(25,439,300)
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion