Printer Friendly

CHAMBERS DEVELOPMENT ISSUES STATEMENT

 CHAMBERS DEVELOPMENT ISSUES STATEMENT
 PITTSBURGH, April 13 /PRNewswire/ -- Chambers Development Company,


Inc. (AMEX: CDVA, CDVB) today announced that management intends to recommend to the board of directors at its meeting on Wednesday, April 15, that the company take steps to retain a "big six" accounting firm to replace its present auditors.
 No firm has yet been selected. Management will recommend that the new accounting firm be engaged to evaluate the accounting principles applicable to the company's financial statements and to audit the financial results for the year ended Dec. 31, 1991. The scope of the engagement will also include a review of prior period financial statements.
 The company announced on March 17, 1992, that it earned $.03 per share in 1991, based in part on a $.45 per share charge in 1991 for periods prior to 1991. Based on a preliminary analysis to date and assuming the same $.45 per share charge, the company does not believe that the audited 1991 results will be as much as the $.03 per share previously announced. The company's Form 10-K for 1991 will not be filed until the new audit is completed.
 The company also announced that it has terminated the employment of Richard A. Knight, its chief financial officer. The company has commenced a search for a new chief financial officer from the outside.
 -0- 4/13/92
 /CONTACT: Jim Leonard, media, 412-244-7560, or Lewis Nevins, financial, 412-244-6195, both of Chambers Development/
 (CDV) CO: Chambers Development Company, Inc. ST: Pennsylvania IN: SU:


CD -- PG006 -- 7814 04/13/92 13:31 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 13, 1992
Words:259
Previous Article:CHEVRON CHEMICAL CO. SELLS AGRICULTURAL PRODUCT LINES TO TOMEN CORP.
Next Article:AMERICAN GREETINGS TO CELEBRATE INTERNATIONAL FRIENDSHIP AT WHITE HOUSE EASTER EGG ROLL


Related Articles
CHAMBERS DEVELOPMENT COMPANY ISSUES STATEMENT
CHAMBERS DEVELOPMENT COMPANY ISSUES ANNOUNCEMENT
CHAMBERS POSTPONES ANNUAL SHAREHOLDERS MEETING
CHAMBERS ISSUES STATEMENT
CHAMBERS FILES GRANT THORNTON LETTER TO SEC BUT DISPUTES FACTUAL DISCREPANCIES
A day in the life ...: Chamber tackles the border crisis.
T-Bay chamber acts as election watchdog.
Chamber of commerce elections next March.
BD20,000 boost for scholarship.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters