Anticipating a net loss for fiscal 2000 (end-July 29), imaging system vendor Del Global Technologies said it has delayed filing its Form 10K with the U.S. Securities and Exchange Commission pending a thorough internal review of its financial results for fiscal 1999 and 2000. At the same time, the Valhalla, NY-based vendor has taken steps to strengthen its internal accounting procedures, the company said.
Del said a shortfall from anticipated sales and net income was expected due to several factors, including a failure to ship completed products prior to the close of the fiscal year, a substantial decline in gross margins in its Medical Systems Group, late receipt of anticipated orders that could not be counted as sales for the fiscal year, and the expensing of costs related to its acquisition of Acoma Medical Imaging and X-Ray Technologies.
The company will review the sales cutoff dates for fiscal 1999, and may revise financial statements for both fiscal 1999 and fiscal 2000. Nevertheless, the company expects to set a record for sales in fiscal 2001, according to Leonard Trugman, Del's chairman, CEO and president.
By AuntMinnie.com staff writersNovember 7, 2000
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