Datatec Systems Announces Estimated Quarterly Loss for the Second Fiscal Quarter of $10 Million.Business Editors/High-Tech Writers FAIRFIELD, N.J.--(BUSINESS WIRE)--Dec. 17, 2003 Datatec Systems, Inc. (Nasdaq:DATC DATC Davis Applied Technology College (Kaysville, Utah) DATC Days After Test Completion DATC Deferred Adverse Tax Consequence DATC Direct Assistance & Training Command DATC Director of Air Traffic Control ), a leading provider of technology deployment software, services and post-implementation customer care solutions, today announced that it expects the loss for the fiscal quarter ended October 31, 2003 to be approximately $10 million. The Company also intends to take a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of approximately $4.5 million in the following fiscal quarter in connection with its decision to eliminate the commercialization of certain software applications and to refocus Verb 1. refocus - focus once again; The physicist refocused the light beam" focus - cause to converge on or toward a central point; "Focus the light on this image" 2. the business on its core strengths of configuration and deployment. The Company also announced that it will delay the filing with the Securities and Exchange Commission of its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the fiscal quarter ended October 31, 2003 and has decided, through its Audit Committee, to hire outside counsel to conduct an independent review of the valuation of long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. contracts. About Datatec Systems, Inc. Fairfield, N.J.-based Datatec Systems specializes in the rapid, large-scale market absorption of networking technologies. Datatec's deployment services model includes configuration, integration, and the rollout in support of new technology solutions using a "best practices" structured process. Its customers include Fortune 1000 companies and world-class technology providers. Datatec stock is listed on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (DATC). For more information, visit http://www.datatec.com/ This Press Release contains 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 risks and uncertainties that may cause the actual results or objectives to be materially different from those expressed or implied by such forward-looking statements as more fully discussed in Datatec's filings with the Securities and Exchange Commission. |
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