Huntingdon Files Third Quarter 10-Q.Huntingdon, England--(BUSINESS WIRE)--Nov. 16, 1999-- Huntingdon Life Sciences Group, plc ("the Company")(NYSE NYSE See: New York Stock Exchange :HTD HTD Heated HTD Heat Transfer Division HTD Haste the Day (band) HTD High Torque Drive (synchronous belt drives) HTD HEDS Technology Demonstration (NASA) HTD Hit The Deck ) announced that it has filed its Form 10-Q Form 10-Q See 10-Q. with the United States Securities and Exchange Commission. A printed copy of the Form 10-Q is available on request from the registered office at Woolley Road, Alconbury, Huntingdon, Cambs PE17 5HS, England The Financial Statements reported in that filing have been prepared in accordance with US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). , under which pension costs, holiday pay and taxation are accounted for differently than under UK GAAP. This has resulted in Net Income for the third quarter in the 10-Q being (pound)1.0 million greater than that reported in the Company's UK Third Quarter Results announced on October 27, 1999. This change has no impact on cashflow, and simply reflects the different Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting of both countries. In future the Company will provide financial information under both standards in its earnings releases. In addition the Company has reclassified its (pound)22.5 million bank debt outstanding as short term debt due to the term of the loan expiring on August 31, 2000, as reported in the August 1998 Prospectus relating to the Subscription, Placing and Open Offer. This reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of the debt does not affect the Company's net assets as reported in the Third Quarter Results, but does increase current liabilities from (pound)17.9 million to (pound)40.4 million, while decreasing long term liabilities from (pound)52.7 million to (pound)30.2 million. Huntingdon Life Sciences Group plc is one of the world's leading CROs providing product development services to the pharmaceutical, agrochemical agrochemical Any chemical used in agriculture, including chemical fertilizers, herbicides, and insecticides. Most are mixtures of two or more chemicals; active ingredients provide the desired effects, and inert ingredients stabilize or preserve the active ingredients or aid and biotechnology industries. Huntingdon brings leading technology and capability to support its clients in non-clinical safety testing of new compounds in early stage development and assessment. Huntingdon operates research facilities in the United Kingdom (Huntingdon and Eye, England) and the United States (The Princeton Research Centre, New Jersey). This announcement contains statements that may be forward-looking as defined by the USA's Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. These statements are based largely on Huntingdon's expectations and are subject to a number of risks and uncertainties, certain of which are beyond Huntingdon's control, as more fully described in Huntingdon's Form 20-F as filed with the US Securities and Exchange Commission. |
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