Atc venture group inc. announces preliminary, unaudited fiscal 2012
first quarter results, update on restatement of prior financial results
Spencer, iowa--(business wire)--atc venture group inc. (amex:atc), announced its preliminary, unaudited financial results today for the quarter ended december 31, 2011. for the quarter, the company announced net income of $1,627,453 compared to a net loss in the first quarter of the prior fiscal year of ($309,079). as previously discussed in the company's sec filings, the company has undergone a substantial restructuring of its business since january 1, 2011. the company sold two of its reportable business segments, and mitigated its losses in one other by selling its plastic injection molding operations which were inefficient to operate. the company now outsources the production of that business line. however, the company will continue to operate its metal manufacturing plant for all of its oem and other contract metal fabrication clients. as previously announced, the company discovered an error in the way it accounted for certain equity compensation grants, which will require it to amend its previously-filed annual report on form 10-k for the fiscal year ended september 30, 2010, and its quarterly reports on form 10-q for the first, second and third quarters of fiscal 2011. the error, which related to a non-cash compensation expense, caused the company to understate the number of shares that were to have been issued and outstanding, having the effect of inaccurately reporting the basic and fully-diluted earnings per share for those periods. amending these previously-filed sec reports will cause a delay in filing the company’s annual report on form 10-k for the year ended september 30, 2011 and the company’s form 10-q for the first quarter of fiscal year 2012. the company expects to file its 2011 form 10-k by march 15, 2012 and its first quarter 2012 form 10-q by march 20, 2012. preliminary, unaudited results for the quarter ended december 31, 2011.
ATC Ratings Summary
ATC Quant Ranking
You've reached your free article limit.
Want To Read More Articles?
See what it all means for your stocks with premium tools
Stockprices is a weekly video covering what moved markets
this week, featuring a panel of Stockprices editors. It is published by the
close of trading on Fridays. Hosted by Nathaniel E. Baker, contributing editor,
and featuring: Aaron Task, VP Contributor Content and co-host Stockprices's Alpha
Trader podcast; Brad Olesen, VP News; Steve Alpher, Managing Editor News, co-host
Alpha Trader.
Unsubscribe From All
You successfully activated
“Only Essentials”
Confirm Upgrade
Your subscription will be moved to the annual plan. Service will automatically renew unless cancelled. No Refunds. Click upgrade to confirm.
Stockprices uses Plaid to connect you account
Connect effortlessly
Plaid lets you securely connect your financial accounts in seconds
Your data belongs to you
Plaid doesn't sell personal info, and will only use it with your permission