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News, Articles and Releases
Asconi Files Its Amended and Restated Quarterly Reports for the First, Second and Third Quarters of the 2003 Fiscal Year
FRIDAY JUNE 18, 4:34 PM ET
ORLANDO, Fla., June 18 /PRNewswire-FirstCall/ -- Asconi Corporation (Amex: ACD - News), an Eastern European producer of wines and spirits, today announced that on June 16, 2004, it filed its amended Quarterly Reports on Form 10-QSB/A for the fiscal quarters ended March 31, June 30 and September 30, 2003, respectively, containing certain amended and restated financial information.
The results of operations for the quarters ended March 31, June 30 and September 30, 2003 were restated to correct:
- the accounting for the April, 2003
issuance of 10 million shares to Constatin Jitru and Anatolie
Sirbu, the founders of Asconi S.R.L., which the board of directors
approved in order to increase the ownership levels of Messrs.
Jitru and Sirbu to the levels contemplated under agreements for
the April 2001 merger between Asconi S.R.L. and the Company,
resulting in the recording of $40 million of non-cash
non-recurring stock issuance expense;
- the accounting for the April, 2003
issuance of 100,000 shares to Serguei Melnik under his employment
contract, resulting in the recording of $400,000 of non-cash
non-recurring stock compensation expense;
- the accounting for the issuance of
200,000 shares in April and May, 2003 under two consulting
contracts;
- the periods for which certain
subsidiaries were consolidated and the computations of the
minority interest in the net income of the Company's
partially-owned subsidiaries; and
- the computation of certain
deferred taxes.
The following sets forth the effects of each correction on the results of operations for the quarters ended March 31, June 30 and September 30, 2003:
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| |
Quarter ended
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|
March 31,
2003 |
June 30,
2003 |
September 30,
2003
|
|
|
| Net income as previously
reported |
$392,494 |
$640,019 |
$1,018,453
|
| Issuance of 10 million
shares |
- |
(40,000,000) |
- |
| Issuance of 100,000 shares |
- |
(400,000) |
- |
| Issuance of 200,000 shares |
|
(16,665) |
(42,500) |
| Minority interests |
- |
- |
(74,984) |
|
Deferred taxes
|
(25,610) |
(23,736) |
(25,608) |
|
|
|
Net income (loss) as restated
|
$366,884 |
$(39,800,382) |
$875,361 |
|
|
|
|
| Net income per share as
previously reported (a) |
$0.27 |
$0.09 |
$0.09 |
| Net income (loss) per share
as restated (a) |
$0.25 |
$(5.68) |
$0.07 |
Weighted average shares
outstanding (a)
|
1,458,669 |
7,005,074 |
11,759,153 |
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(a) All share and per share amounts are adjusted for the effects of the Company's May 2003 one-for-ten reverse stock split.
The restatements of the Company's March 31, June 30 and September 30, 2003 financial statements also included adjustments that did not affect the results of operations but did affect the Company's reported financial position and cash flows, and readers are urged to read the information above in conjunction with the full restated financial statements and notes thereto included in the Form 10-QSB/As. Those filings are available at the SEC website at http://www.sec.gov.
Although there is no assurance, the Company presently anticipates the filing of its Quarterly Report on Form 10-QSB for the period ended March 31, 2004 to occur on or about June 30, 2004.
About Asconi Corporation
Asconi Corporation (Amex: ACD - News) is a producer and distributor of wines and spirits in Eastern Europe. For more information, please visit http://www.asconi.com.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here; however, readers should review carefully reports of documents the Company files periodically with the SEC.
Contact: Mr. Serguei Melnik,
Asconi Corporation Chief Operations Officer
Phone: 407 679-9463
Email: info@asconi.com
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