DSI Toys, Inc. Announces Non-Cash Restatement of Results for Prior Periods.HOUSTON--(BUSINESS WIRE)--Nov. 23, 1999-- DSI (Dynamic Systems Initiative) An umbrella term for a suite of Microsoft products that help manage the Windows environment in large enterprises. DSI was introduced in 2003. Toys, Inc. (Nasdaq:DSIT) today announced a non-cash 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. of its previously reported financial results for its fiscal years ended January 31, 1996, 1997, 1998 and estatements, the Company will expense previouslyo expense the premium costs incurred in future periods until proceeds from death benefits are available to reimburse re·im·burse tr.v. re·im·bursed, re·im·burs·ing, re·im·burs·es 1. To repay (money spent); refund. 2. To pay back or compensate (another party) for money spent or losses incurred. the Company for premiums advanced, unless the existi the fiscal year ended January 31, 1997. (All papproximately $133,000, or $0.02 per share. The Company anticipates the net effect of these adjustments will result in net income of $2.3 million and $1.9 million for fiscal 1995 and 1996's financial results, respectively, net losses of $5.5 million and $1.0 million for fiscal 1997 and 1998's financial results, respectively, and a net loss of approximately $283,000 for the six months ended July 31, 1999. $24,245,064 As restated $4,745,771 $11,232,415 $24,602,478 Net income As rep Total Shareholders' Equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. Fiscal Year Fiscal Year Ended Ended ,657,519 Net income/(loss) As reported $ 2,151,273 $ 2,326,624 Total Shareholders' Equity ichael J. Lyden, stated: "We believe that the restatements are necessary and proper. We wish to stress that they do not impact our cash position or liquidity. The fundamentals of our business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets and business plan remain unchanged." DSI Toys designs, develops, markets and toys). The Company's web sites can be reached a future business and operations and certain other matters. These statements are made under the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " esults to differ materially from those in the fnges therein, changing consumer preferences, theQ and other Securities and Exchange Commission filings. Readers are cautioned not to place undue reliance on these 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. which speak only as of 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" . The Company undertakes no obligation to revise forward- $ 18,574,638 $ 52,722,517 $ 4,586,986 10,663,598 18,338,897 Selling, general and administrative expenses 4,745,771 11,232,415 24,602,478 ------------ ------------ ------------ Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. (loss) (158,785) (568,817) (6,263,581 ------------ ------------ Income (loss) before income taxes and extraordinary item (367,691) (1,336,843) (7,391,680) Provision for (benefit from) income taxes (84,594) (333,000) (2,329,323) ------------ ------------ ------------ Income (loss) before extraordinary item (283,097) (1,003,843) (5,062,357) Extraordinary item (net of tax) -- -- (480,754) ------------ ------------ ------------ Net income (loss) $ (283,097) $ (1,003,843) $ (5,543,111) ============ ============ ============ Basic earnings per share ------------------------ Earnings (loss) per share before extraordinary item $ (0.04) $ (0.17) $ (0.98) Extraordinary item -- -- (0.09) ------------ ------------ ------------ ====== ============ ============ Wre -------------------------- Earnings (loed average shares outstanding 6,975,3 1996 1995 ------------ ------------ Net ------------ ------------ -------- Operating income (loss) 5,361,332 4,060,486 Interest expense 2,599,942 700,986 Other income (344,469) (383,801) ------------ ------------ ------------ Incomehare before extraordinary item $ $ 0.54 $ 0.66 = Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of ------ ------------ ------------ July 31, January 31, January 31, $ 701,066 $ 554,197 $ 3 -- -- -- Sharehol -- -- 642,264 Pre -- -- Deferred debt issuance costs -- -- -- Deferred income taxes 1,388,687 1,117,000 1,752,000 Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 309,008 364,511 224,783 ------------ ------------ ------------ $ 21,280,810 $ 11,410,779 $ 19,928,719 ============ ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. : Accounts payable and accrued liabilities Accrued liabilities are liabilities which have occurred, but have not been paid or logged under accounts payable during an accounting period; in other words, obligations for goods and services provided to a company for which invoices have not yet been received. $ 10,293,569 $ 6,799,290 $ 9,740,201 Current portion of 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. 3,772,134 824,675 585,783 Income taxes payable 467,397 271,920 108,630 Deferred income taxes -- -- -- ------------ ------------ ------------ Total current liabilities 14,533,100 7,895,885 10,434,614 Long-term debt 1,147,718 2,540,522 7,495,000 Notes payable - shareholder -- -- -- Deferred income taxes 113,789 113,000 119,000 -- -- -- 102,500 102,500 Accumulated other comprehensive income 3,894 14,296 ============ ============Prepaid expenses Prepaid Expense An asset that arises on a balance sheet because of the payment of something in advance (prepayment). Services for the payment will be received in the near future. 1,462,189 1,130,006 Deferred income taxes 362,000 Property and equipment, net 1,190,498 -- -- Other assets 89 3,359,210 Income taxes payable 193,211 314,874 Deferred income taxes 158,000 79,408 ------------ ------------ Total current liabilities 9,36 paid-in capital Paid-in capital Capital received from investors in exchange for stock, but not stock from capital generated from earnings or donated. This account includes capital stock and contributions of stockholders credited to accounts other than capital stock. 3,443,093 3,504,661 Common stock warrants 100,000 100,000 6,816,505 ------------ ------------ 12,=== ============ |
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