GreenMan delays annual filing.Tire recycler GreenMan Technologies, Lynnfield, Mass., has said that it is delaying the filing of its Form 10-KSB for its fiscal year ended Sept. 30, 2005. The delay will be no longer than 30 days as GreenMan finalizes the accounting treatment of the pending divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of its Georgia operating assets Operating Assets Another term for working capital. , according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the company. "Due to the magnitude of the operating losses incurred by our Georgia subsidiary, management adopted a plan in September 2005 to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose all Georgia operating assets," Chuck Coppa, GreenMan CFO See Chief Financial Officer. , says in a press release. "Accordingly, we have written down these assets to their estimated fair market value and anticipate recording an estimated non-cash loss on disposal of between $2.5 and $3.5 million at Sept. 30, 2005." In addition to the Georgia divestiture, GreenMan also divested its Tennessee operations on Sept. 13, 2005. The company estimates the loss on disposal from the Tennessee divesture to be $416,000 for the fiscal year. "We estimate the aggregate net loss for the fiscal year ended Sept. 30, 2005, to be between $14 million and $15 million as compared to approximately $2.6 million for the year ended Sept. 30, 2004," Coppa says. |
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