Asconi Releases Preliminary Second Quartery 2005 Results
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Wednesday, September 7, 2005, 4:00 pm ET
Press Release Source: Asconi Corporation
ORLANDO, Fla.--(Business Wire)--Sept. 7, 2005-- Asconi Corporation (AMEX:ACD), an Eastern European producer of wines and spirits, today released the following preliminary financial information for the three and six month periods ended June 30, 2005, respectively.
Asconi indicated that the information was preliminary and not reviewed by an independent accountant as the review of the second quarter of fiscal 2005 had not yet been completed. Asconi previously announced that on August 25, 2005, it was advised by its independent accountants, Moore Stephens Lovelace, P.A., that they elected to resign from their engagement as the Company's registered public accounting firm. Following the resignation of Moore Stephens Lovelace, P.A., the Company immediately commenced the process of searching for new independent accountants in order to retain such independent accountants and complete the quarterly review as expeditiously as possible.
Because any audit firm the Company seeks to engage will have to undertake certain client acceptance procedures, the Company cannot currently predict when it will engage new auditors. As a result, the Company cannot currently predict when it will file the quarterly report in question.
As of the date of this press release, the Company was not aware of any issues that were likely to result in material adjustments to the amounts reported.
| In Millions USD, except earnings per share |
Three months ended June 30, |
Six months ended June 30, |
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| 2005 | 2004 | 2005 | 2004 | |
| Revenues | $6.2 |
$4.6 |
$11.5 |
$9.0 |
| Net Income | 0.3 |
0.4 |
0.5 |
1.1 |
| Earnings per common share | $.03 |
$.04 |
$.05 |
$.09 |
| Weighted average number of common shares | 12.2 |
12.1 |
12.2 |
12.1 |
June 30, 2005 |
December 31, 2004 |
|||
| Shareholders' Equity | $11.4 |
$10.9 |
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In its Current Report on Form 8-K filed with the SEC on August 30, 2005, the Company disclosed the receipt of a notice from the American Stock Exchange (AMEX) stating that due to the Company's failure to file the Quarterly Report for the fiscal quarter ended June 30, 2005, the Company was not in compliance with the currency in public reporting continued listing requirement under the AMEX rules.
The Company also disclosed that AMEX invited the Company to submit a plan of compliance with the AMEX rules by September 8, 2005, and that the Company plans to timely submit such a plan. AMEX set the deadline of October 6, 2005 for the Company to regain compliance with the currency in public reporting continued listing requirement. The Company is applying its best efforts to meet the deadline set by AMEX.
In its Form 12b-25 Notification of Late Filing with the SEC on August 16, 2005, the Company explained that the original delay in filing of the Quarterly Report in question was caused by the additional time required by the Company's registered public accountants Moore Stephens Lovelace, P.A. to complete client continuance procedures, which resulted from the recent changes in the composition of the Company's Board of Directors and senior management. Subsequently, Moore Stephens Lovelace, P.A. was unable to complete its client continuance procedures to its satisfaction; which has led it to make the election to resign as the Company's registered independent public accounting firm.
The readers of this press release are urged to carefully read the Company's public announcements and regulatory filings with the Securities and Exchange Commission, including the press release dated August 30, 2005 as well as the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 30, 2005.
About Asconi Corporation
Asconi Corporation (AMEX:ACD) 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.
Asconi Corporation
Phone: 407 245 7379
Email: info@asconi.com
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