Business
/C O R R E C T I O N from Source -- Allen-Vanguard Corporation
In c4139 transmitted at 06:00e today, an error occurred in the "Webcast" section. The web access ...
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\nIn c4139 transmitted at 06:00e today, an error occurred in the "Webcast"\n\n\nsection. The web access should have read\n\n\n"http://cnw.ca/en/webcast/viewEvent.cgi?eventID(equal sign)2366320" and\n\n\nnot "http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID(equal sign)2243780".\n\n\nCorrected copy follows:\n\n\nAllen-Vanguard Corporation reports financial results for the third\n\n\nquarter ended June 30, 2008 and announces expressions of interest in\n\n\nstrategic investment\n\n\nOTTAWA, Aug. 14 /CNW Telbec/ - Allen-Vanguard Corporation (TSX: VRS)\n("Allen-Vanguard" or the "Company") of Ottawa, Canada today reported financial\nresults for the third quarter ended June 30, 2008. The Company also announced\nthat it has received and is considering unsolicited expressions of interest\nfor significant strategic investment in the Company by outside investors. All\nfigures are in Canadian dollars unless otherwise noted.\n\n\nThird quarter (Q3) results\n\n\nIn summary, the third quarter continued to be impacted by delays in\ntiming of major orders, particularly in Electronic Counter Measures ("ECM")\nequipment to strategic U.S. partners, General Dynamics and Lockheed Martin.\nThis in turn led to a significant under-absorption of fixed overheads,\nresulting in negative operating margins.\n\n\nAt the same time, order intake in the quarter increased substantially to\n$84 million, resulting in backlog at June 30, 2008 of $93.4 million, more than\ndouble the level of $45 million recorded at the end of the previous quarter.\nThis increase in backlog reflected a pronounced upturn in order intake of\nElectronic Systems ("ES") equipment of approximately $60 million vs.\n$12 million in the previous quarter.\n\n\nThe Company noted that the timing and receipt of final approvals on major\ndefense orders for the U.S. will continue to have a significant impact on\nElectronic Systems revenue over the next several quarters. To mitigate that\nvolatility the Company stated that it is taking steps to strengthen order\nvisibility from its major customers. "Although we had a pronounced upturn in\nChameleon order intake in the third quarter and recently announced a follow-on\nSymphony order, we recognize that this uneven order flow makes it difficult\nfor investors to monito...