CTI Industries Corporation Reports Restatement of Certain Financial Statement Items For Fiscal 2005, 2004 and 2003.BARRINGTON, Ill. -- CTI (Computer Telephone Integration) Combining data with voice systems in order to enhance telephone services. For example, automatic number identification (ANI) allows a caller's records to be retrieved from the database while the call is routed to the appropriate party. Industries Corporation (NASDAQ Capital Market Originally called the NASDAQ Small Cap Market, NASDAQ announced a name change to the NASDAQ Capital Market on September 27, 2005. [1] The NASDAQ Capital Market exists for securities of smaller, less-capitalized companies (small caps) that do not qualify for :CTIB), announced that it will restate certain items of its financial statements for the years 2005, 2004 and 2003. The restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. will not affect the Company's net income (loss) or income (loss) per share, or any balance sheet items for those periods. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]The restatement will be made to correct errors in (i) the classification of certain items of gain and income from Other Income to Income from Operations for the fiscal years ended December 31, 2004 and 2003 and (ii) the amount of certain items in the Consolidated Statement of Cash Flows for each of the years ended December 31, 2005, 2004 and 2003. The changes to components of cash flow arise due to the method used by the Company to calculate the effect of exchange rate changes on cash and other items of cash flow. While the restatement will result in changes in certain items of cash flow from the amounts originally reported, there will be no change in the net increase (decrease) in cash for any of these periods. E[acute accent]CTI Industries Corporation, based in suburban Chicago, designs, develops, produces and markets a line of novelty balloon products, laminated and printed films for packaging applications and flexible packaging and storage products. E[acute accent]Statements made in this release that are not historical facts are "forward-looking" statement (as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995) that involve risks and uncertainties and are subject to change at any time. These "forward-looking" statements may include, but are not limited to, statements containing words such as "may," "should," "could," "would," "expect," "plan," "goal," "anticipate," "believe," "estimate," "predict," "potential," "continue," or similar expressions. Factors that could cause results to differ are identified in the public filings of the Company with the Securities and Exchange Commission. More information on factors that could affect CTI's business and financial results are included in its public filings made with the Securities and Exchange Commission, including 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 Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. . |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion