American Access Technologies to Restate Financial Statements to Correct Error in Calculation of Inventory and Cost of Goods Sold
August 09 2005 - 10:16PM
PR Newswire (US)
KEYSTONE HEIGHTS, Fla., Aug. 9 /PRNewswire-FirstCall/ -- American
Access Technologies, Inc. (NASDAQ:AATK) today announced that our
management has determined that there was an inadvertent error in
the calculation of inventory and cost of goods sold contained in
the Company's financial statements that affected the fiscal year
ended December 31, 2004 and the quarter ended March 31, 2005. The
error resulted in an overstatement of inventory and an
understatement of cost of sales in the amount of approximately
$130,000. The restatement will result in an increase in the net
loss in the fiscal year ended December 31, 2004 in the amount of
approximately $130,000. The restatement will not affect the net
loss reported in the quarter ended March 31, 2005. As a result, the
Company will be restating its consolidated financial statements for
the year ended December 31, 2004 included in the Company's Annual
Report of Form 10-KSB for the year ended December 31, 2004 and, if
necessary, the consolidated interim financial statements for the
quarter ended March 31, 2005 included in the Company's Quarterly
Reports on Form 10-QSB for that quarter. The restatement will have
no impact on the Company's liquidity, capital resources or cash
position. In light of the restatement, readers should no longer
rely on the previously-filed financial statements and other
financial information for the fiscal year ended December 31, 2004
and the previously announced results for such period. Joe McGuire,
Chief Financial Officer stated, "This error was discovered
internally and was promptly disclosed to our audit committee and
independent auditors. The restatements reported today reflect our
commitment to full and fair disclosure. Management is working with
the audit committee to enhance the Company's internal controls over
financial reporting designed to prevent a recurrence of the error
discussed above. Orders continue to be strong and we remain on
track to reach our previously announced goal of achieving
profitability in fiscal 2005. We are simultaneously reporting that
the quarter ended June 30, 2005 was profitable." About American
Access Technologies, Inc. American Access Technologies, Inc.
manufactures patented zone cabling and wireless enclosures that
mount in ceilings, raised floors, and in custom furniture, for
routing of telecommunications cabling, fiber optics and wireless
solutions to the office desktop. The Company's concept of "zone
cabling" has achieved industry acceptance and is now the subject of
industry standards. Zone cabling reduces costs for initial network
installation and facilitates moves, adds, changes and upgrades for
the network installations of today and tomorrow. The Omega Metals
division manufactures proprietary products, and also employs
state-of-the-art metal fabrication and finishing techniques for
public and private companies and U.S. government contractors. Our
SEC filings, news and product/service information are available at
http://www.aatk.com/. Cautionary Note Concerning Forward Looking
Statements: This press release contains forward-looking statements
as defined in Section 27A of the Securities Exchange Act of 1934,
regarding future revenues and profits. While the Company believes
that such forward looking statements are based on reasonable
assumptions, there can be no assurance that such future revenues
and profits will be achieved or achieved on the schedule indicated.
Furthermore, unanticipated future events, conditions and financial
trends may affect the Company's revenues, operating results and
financial position. Prospective investors are cautioned that these
forward-looking statements are not guarantees of future
performance. Actual events or results may differ from the Company's
expectations, and are subject to various risks and uncertainties,
including those listed in the Company's SEC filings. The Company
assumes no obligation to publicly update or revise its
forward-looking statements even if experience or future events make
it clear that any of the projected results expressed or implied
therein will not be realized. Company Contact: Joe McGuire, Chief
Financial Officer (352) 473-6673/ DATASOURCE: American Access
Technologies, Inc. CONTACT: Joe McGuire, Chief Financial Officer of
American Access Technologies, Inc., +1-352-473-6673, Web site:
http://www.aatk.com/
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