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Luxell to restate financials for Q2 and Q3 2008
- Impacts non-cash items relating to tax allowance benefits - TORONTO, Dec. 5 /CNW/ - Luxell Tech...
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[{"type":"text","content":"\n\n\n\n- Impacts non-cash items relating to tax allowance benefits -\n\n\nTORONTO, Dec. 5 /CNW/ - Luxell Technologies Inc. (TSX:LUX), a leading\nprovider of electronic displays to the defense and aerospace industries,\nannounced today that it will refile selected financial statements of its 2008\nfiscal year based on the recommendation of its audit committee and in\nconsultation with its independent auditors, McGovern, Hurley, Cunningham, LLP.\n\n\nThe restatements of non-cash items are due to the reversal of an\nextraordinary gain of approximately $8 million associated with a valuation\nallowance on unused tax benefits previously adjusted in the Company's second\nquarter results of fiscal 2008. The restatements only affect Luxell's\nfinancial results for the second and third quarters of fiscal 2008. The\nCompany's recently filed fourth-quarter and year-end results for fiscal 2008,\nwhich reported a first-ever net income of $717,000 in Q4 and consolidated\nrevenues of $5.0 million for the year, remain unaffected.\n\n\n"We are committed to the highest level of financial reporting standards\nand will complete our restated financial results as quickly as possible," said\nJean-Louis Larmor, President and CEO of Luxell Inc. "While the restatements\nare unfortunate, they do not impact the operation of our ongoing business nor\nnegate any of the significant progress we have made over the past 12 months to\nstrengthen our Company."\n\n\nThe valuation at the end of the second quarter, February 28 2008, was\nbased upon sales expectations for 2009 before the recent economic slowdown.\nAlthough Luxell has not received any cancellation of sales contracts, some\nsupply contracts have been delayed by customers in the first quarter of fiscal\n2009.\n\n\nAbout Luxell\n\n\nLuxell designs, manufactures and licenses flat panel display technologies\nand solutions for the defense and aerospace industries. More information can\nbe found at www.luxell.com. Luxell Technologies Inc., Luxell and Black Layer\nare trademarks of Luxell Technologies Inc. All other company and/or product\nnames are trademarks and/or registered trademarks of their respective\nmanufacturers.\n\n\nForward-Looking Statements\n\n\nThis news release contains certain "forward-looking statements" that\nreflect the current views and/or expectations of Lux...