RESULTS IMPROVE AT FIRM CALIFORNIA AMPLIFIER SAYS YEAR PROFITABLE.Byline: Gregory J. Wilcox Staff Writer CAMARILLO - California Amplifier Inc., whose controller resigned earlier this spring after acknowledging bookkeeping bookkeeping, maintenance of systematic and convenient records of money transactions in order to show the condition of a business enterprise. The essential purpose of bookkeeping is to reveal the amounts and sources of the losses and profits for any given period. improprieties, on Friday reported improved results for the fourth quarter and fiscal year 2001. For the fourth quarter, the Camarillo-based company had net income of $400,000, or 3 cents a share, on sales of $26.5 million. This compares with a loss of $5.7 million, or 46 cents a share, on sales of $27.8 million. California Amplifier designs, markets and manufacturers a broad line of integrated microwave communications devices. On March 30, the company said its controller had resigned abruptly after informing management that he overstated o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o fiscal 2000 earnings by as much as $2.2 million. The controller was not identified. As a result, trading of California Amplifier stock on the Nasdaq exchange was halted, the company conducted a probe into the matter, and had to restate fiscal 2000 results and delay reporting current financials. The audit, released May 22, found that the controller reduced expenses through the posting of improper adjustments and irregularities in the consolidation of its Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. procurement subsidiary. This understated the net loss for fiscal 2000 by $3.7 million, 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 audit. California Amplifier executives did not return calls seeking comment Friday. For fiscal 2001, the company reported net income of $5.2 million, or 37 cents a share, on sales of $125 million. This compares with a net loss of $5.1 million, or 42 cents a share, on sales of $86.4 million in 2000. California Amplifier expects to release unaudited fiscal 2002 first- quarter results June 21. The company also said in a statement that its investigation revealed no indication there was any misappropriation misappropriation n. the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose, particularly by a public official, a trustee of a trust, an executor or administrator of a dead person's estate, or by any of cash or 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. or that the management was aware of any of the actions of the controller. Costs associated with the investigation will be recorded in the first quarter of 2002 and are expected to reduce earnings per share by up to 6 cents. Also California Amplifier believes it is in full compliance with all Nasdaq listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. , but trading in its stock will not resume until the exchange completes its investigation. |
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