CENTENNIAL announcement.BILLERICA, Mass.--(BUSINESS WIRE)--Feb. 27, 1996--CENTENNIAL TECHNOLOGIES, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (NYSE NYSE See: New York Stock Exchange : CTN ctn abbr. cotangent ) announced today that based upon updated preliminary results presented yesterday evening of a continuing special financial review being conducted by the Special Committee of the Company's Board of Directors and the Company's independent public accountants, Centennial anticipates that it will 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 financial results for fiscal years 1994 through 1996 as well as the first quarter of 1997. Further, Centennial will revise the published information for the second quarter of 1997. The Company expects that as a result of those restatements, it will announce material cumulative losses for the periods in question. The Company also anticipates that it will be approximately 6-12 weeks before it is able to provide restated financial statements for the periods in question. It is not possible at the present time for Centennial to estimate reliably the total losses which it will report for the periods in question, but the anticipated restatements will relate both to the Company's operations, including an inventory write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. and sales reversals, and to non-operating losses attributable to an anticipated write- down of the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of certain investments. The Special Committee is continuing its investigation into certain activities engaged in when Emanuel Pinez was Chief Executive Officer of the Company. During the course of the Special Committee's investigation, the Company has continued to operate and has been gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by the confidence expressed by its customers and employees during this difficult transitional period. CENTENNIAL TECHNOLOGIES, INC. designs, manufactures and markets an extensive line of PC card-based solutions and provides contract manufacturing services to original equipment manufacturers. CONTACT: Cheryl Byrne (508) 670-0646 |
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