Net loss for the first quarter of 2001, excluding writeoffs
as detailed in the Company's 2001 financial reports, was $(2,487,000), or $(0.
38) Weighted average number of ordinary shares (basic) 10,492,050 10,566,500 The results of the three months ended March 31, 2001 include one time charges that total $1,466,000 as follows: (1) Inventory writeoff
of $780,000; provision for layoff of employees of $25,000.
Israel-based Bank Hapoalim (TASE: POLI; LSE:80OA) is believed to have made additional writeoffs
in the fourth quarter.
The staff accountant failed to compare writeoff
percentages and thus did not notice the variance from the main store.
External auditors must be concerned that asset impairment writeoffs
not be unreasonably delayed; there may be problems if users believe auditors knew earlier in the year of impending asset writeoffs
but did not insist that management include them in a quarterly report.
This includes expenses of to-be-terminated employees, accounts receivable writeoffs
, sales commissions paid in error, internal costs of integrating the new business and consulting fees.
Without the collective effect of the writeoffs
, 1993's earnings per share would have been $2.
Luxtec Corporation (AMEX:LXU) today reported a net loss on lower revenues and non-recurring writeoffs
in the fourth quarter and fiscal year ended October 31, 1999.
Bardeen, senior vice president, Consumer Energy Services Group, said the Company is still facing close to 300,000 delinquent residential accounts, as well as substantial writeoffs
for uncollectible accounts.
Collections slowed and we had significant bad debt writeoffs
These strengths are partially offset by Consumers highly leveraged balance sheet, due to writeoffs
related to less than full recovery of MCV power purchase costs, and continued reliance on reasonable rate relief.
For example, if tax law permits bad-debt writeoffs
of 5%, a company probably will book a 5% bad-debt writeoff
to minimize taxes, even if actual bad-debt losses are less.