Digital Solutions projects $2.8 million special charge in fourth quarter.SOUTH PLAINFIELD South Plainfield, borough (1990 pop. 20,489), Middlesex co., NE N.J.; inc. 1926. It is the seat of several research and consulting firms and has plants that make chemicals, plastics, spices and flavorings, cosmetics, rubber products, pigments, electrical machinery, , N.J.--(BUSINESS WIRE)--November 3, 1995--Digital Solutions, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DGSI DGSI Direction Générale des Stratégies Industrielles (France) ), a leading third party provider of human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. management services, announced today that it will take a special non-cash pre-tax charge of approximately $2.8 million in the fourth fiscal quarter ended Sept. 30, 1995, reflecting the accelerated amortization of loan costs as a result of a pending debt refinancing, reserves established against certain customer accounts, as well as a reassessment Reassessment The process of re-determining the value of property or land for tax purposes. Notes: Property is usually reassessed on an annual basis. You may request a "reassessment" if you disagree with your assessment. of the value of certain intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. associated with prior business acquisitions. Raymond J. Skiptunis, chief executive officer, said, "Although these charges will impact our fiscal 1995 results, they will not impact our strong financial foundation or cash flow. Our core operations remain strong, and we are confident that future earnings will benefit from our penetration of new markets and our diversification into such high-growth employer services as outsourcing. We made a strategic decision to commit substantial resources to these goals during 1995, in our continuing effort to enhance shareholder value, and our recognition of the resulting charges in the fourth quarter are consistent with conservative accounting practices. "We believe results in fiscal 1996 will begin to demonstrate the revenue and profit potential of our ambitious growth program," Skiptunis concluded. CONTACT: Digital Solution, Inc. Raymond J. Skiptunis Chief Executive Officer 908/561-1200 or Porter, LeVay & Rose, Inc. L. B. Stauffer 212/564-4700 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion