Business
Vecima Files Amended Quarterly Report and Clarifies Record Date for Special Dividend
Vecima Files Amended Quarterly Report and Clarifies Record Date for Special Dividend.
About this update from Vecima Networks Inc.
[{"type":"text","content":"\n\n\n\n\nVICTORIA, Nov. 15 /CNW/ - Vecima Networks Inc. (TSX: VCM) announces today\nthat it has filed amended unaudited consolidated financial statements as at\nand for the three months ended September 30, 2006 and related disclosures to\ncorrect a summation error in the Consolidated Statement of Cash Flows\ncontained in the First Quarter Report that was filed on November 14, 2006.\nIn the interests of more transparent disclosure, we made a last-minute\nchange in the First Quarter Report that was filed on November 14, 2006 to\nsplit out the extraordinary gain from future income tax expense (recovery).\nUnfortunately, the summation in the cash flows from operations did not include\nthe broken-out number. The total cash flows from operations should be\n$4,829,000, which is $6,549,000 (the amount of the extraordinary gain) lower\nthan the $11,378,000 shown in the First Quarter Report filed on November 14,\n2006. The same error was carried down to the increase (decrease) in cash\nduring the period, which should read $(1,133,000), which is $6,549,000 lower\nthan the $5,416,000 shown in the First Quarter Report filed on November 14,\n2006. Those errors have been corrected in the material filed today.\nIn addition, Vecima confirms that the record date for its special\ndividend announced November 13, 2006 will be November 22, 2006, as stated in\nthe press release dated November 13, 2006. The earnings press release dated\nNovember 14, 2006 incorrectly stated the record date for the special dividend\nto be December 1, 2006.\n\nAbout Vecima Networks\n\nVecima Networks Inc. designs, manufactures and sells products that enable\nbroadband access to cable, wireless and telephony networks. Vecima's hardware\nproducts incorporate original embedded software to meet the complex\nrequirements of next-generation, high-speed digital networks. Service\nproviders use Vecima's solutions to deliver services to a converging worldwide\nbroadband market, including what are commonly known as \"triple play\" (voice,\nvideo and data) and \"quadruple play\" (voice, video, data and wireless)\nservices. Vecima's solutions allow service providers to rapidly and\ncost-effectively bridge the final network segment that connects the system\ndirectly to end users, commonly referred to as \"the last mile\", by overcoming\nthe bottleneck resulting from insufficient carr...