Measurement Specialties Announces Update on Filings and AMEX Hearing
FAIRFIELD, N.J., Oct. 23 /PRNewswire-FirstCall/ -- Measurement Specialties (Amex: MSS) today announced they intend to file their Annual Report on Form 10-K for the fiscal year ended March 31, 2002 this week, and file their Quarterly Report on Form 10-Q for the three-month period ending June 30, 2002 immediately thereafter. Additionally, the Company announced the hearing with the American Stock Exchange to appeal the AMEX determination that the Company is no longer eligible for listing on the exchange, originally scheduled for 10/22/02, has been postponed to 10/31/02. A conference call to review the financial information will be scheduled for next week. "This has been a long and painful process," commented Frank Guidone, CEO. "Due to the restatement, and subsequent re-audit of FY01, the challenges associated with sorting through the financial issues were substantial. While we are terribly disappointed with the results, we believe the restructuring efforts have largely addressed the cost and debt issues, and have positioned the company for a successful turnaround. The shutdown of the Schaevitz-UK operation, the sale of the ICS wafer fab and closure of the Valley Forge facility (and associated reductions in headcount), have reduced operating expenses; second quarter sales are strong, gross margins are recovering, and we anticipate net income will follow. While the Company is still incurring substantial professional fees associated with the restructuring efforts, on an operating basis, we are cash flow neutral. We fully expect the changes made to the organizational, process and financial controls to allow the Company to provide more accurate and timely reporting in the future." Measurement Specialties is a designer and manufacturer of sensors, and sensor-based consumer products. Measurement Specialties produces a wide variety of sensors that use advanced technologies to measure precise ranges of physical characteristics, including pressure, motion, force, displacement, angle, flow, and distance. Measurement Specialties uses multiple advanced technologies, including piezoresistive, application specific integrated circuits (ASICs), micro-electromechanical systems (MEMS), piezopolymers, and strain gages to allow their sensors to operate precisely and cost effectively. This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, including but not limited to, statements regarding the continued production of current product lines. Forward looking statements may be identified by such words or phases as "intends," "are expected to," "will continue," "is anticipated," "estimated," "projected," "may," "continued listing on the exchange," "we believe," "future prospects," "continue to make solid progress," "return the Company to profitability" or similar expressions. The forward-looking statements above involve a number of risks and uncertainties. Factors that might cause actual results to differ include, but are not limited to, success of any reorganization; consummation of any contemplated sale of assets; ability to raise additional funds; the outcome of the class action lawsuits filed against the Company; the outcome of the current SEC investigation of the Company; conditions in the general economy and in the markets served by the Company; competitive factors, such as price pressures and the potential emergence of rival technologies; interruptions of suppliers' operations affecting availability of component materials at reasonable prices; timely development and market acceptance, and warranty performance of new products; success in integrating prior acquisitions; changes in product mix, costs and yields, fluctuations in foreign currency exchange rates; uncertainties related to doing business in Hong Kong and China; and the risk factors listed from time to time in the Company's SEC reports. The Company is involved in an announced active disposition program. Forward-looking statements do not include the impact of acquisitions or dispositions of assets, which could affect results in the near term. Actual results may differ materially. The Company assumes no obligation to update the information in this issue. Make Your Opinion Count - Click Here http://tbutton.prnewswire.com/prn/11690X49115466
SOURCE Measurement Specialties
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