Business
Allen-Vanguard announces measures to increase shareholder value
Allen-Vanguard announces measures to increase shareholder value.
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\n\n- Special committee of the Board appointed to consider strategic \n alternatives to maximize shareholder value - Paradigm Capital Inc. \n retained as advisors \n- Unaudited financial highlights announced for fiscal year ended \n September 30, 2005 \n- Request being made to extend filing of audited financial statements, \n AIF and MD&A to no later than January 31, 2006 \n- David Luxton, Company founder and formerly Vice Chair, appointed to \n Chair and interim Chief Executive Officer\n\nOTTAWA, Dec. 23 /CNW Telbec/ - Allen-Vanguard Corporation (the \"Company\"\nor \"Allen-Vanguard\") (TSX: VRS) of Ottawa, Canada today announced various\nmeasures to enhance shareholder value. It also announced selected unaudited\nfinancial highlights for the fourth quarter and fiscal year ended September\n30, 2005.\nThe Company intends to request a filing extension to January 31, 2006\nfrom the Ontario Securities Commission in respect of its audited financial\nstatements, annual information form and Management's Discussion and Analysis\nfor the fiscal year ended September 30, 2005. The request for such an\nextension beyond the statutory filing date of December 29, 2005 is being made\nin order to satisfactorily complete a complicated first full year audit for\nits U.K. and Irish subsidiaries.\n\nSelected Unaudited Financial Highlights and Business Update\n\nSubject to any year-end audit adjustments, the Company is pre-announcing\nselected unaudited financial highlights for its fiscal year ended\nSeptember 30, 2005. Revenues are expected to be approximately $51.4 million\nfor the year, compared to $20.3 million in the previous year. The unaudited\nexpected net loss for the year of approximately $29.3 million compared to a\nbreak-even level of net earnings in the previous year.\nThe Company noted that the net loss for fiscal 2005 is expected to\ninclude several non-recurring items: an impairment to goodwill of\napproximately $20.5 million, integration costs of $1.0 million, amortization\nof orders on hand of $2.4 million, and a charge of approximately $1.0 million\nfor a change in accounting policy with respect to the translation of foreign\nsubsidiaries. Earnings before interest, taxes, depreciation and amortization,\nforeign exchange and goodwill impairment is expected to be a loss of\napproximately $3.3 million, compared to earnings ...