Tag Archives: Generally Accepted Accounting Principles

Business, Finance, Occupation & Industry

Industrias Unidas, S.A. de C.V. Consolidated Results of Operations for Q4 2012

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By Business Wirevia The Motley Fool

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Industrias Unidas, S.A. de C.V. Consolidated Results of Operations for Q4 2012

MEXICO CITY–(BUSINESS WIRE)– Industrias Unidas, S.A. de C.V. (“IUSA” or the “Company”) has announced its unaudited results for the twelve months ended December 31 of 2012. Figures are unaudited and have been prepared in accordance with Mexican Financial Reporting Standards (“MFRS”), which are different in certain respects from Generally Accepted Accounting Principles in the United States (“U.S. GAAP”). The results from any interim period are not necessarily indicative of the results that may be expected for a full fiscal year. Unless stated otherwise, reference herein to “Pesos”, “pesos”, or “Ps.” are to pesos, the legal currency of Mexico and references to “U.S. dollars”, “dollars”, “U.S. $” or “$” are to United States dollars, the legal currency of the United States of America. Except as otherwise indicated, all peso amounts are presented herein in pesos with purchasing power as of December 31, 2012 and in pesos with their historical value for other dates cited. The dollar translations provided in this document are calculated solely for the convenience of the reader using an exchange rate of Ps. 12.8704 per U.S. dollar, the exchange rate published by Banco de Mexico, the country’s central bank, on December 31, 2012.

Twelve Months ended December 31, 2011 compared to Twelve Months ended December 31, 2012.

The following table summarizes our results of operations for the twelve months ended December 31, 2011 and 2012:

  (Figures in Millions of Pesos)
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Source: FULL ARTICLE at DailyFinance
Business, Finance, Occupation & Industry

Avid Announces Receipt of Anticipated NASDAQ Letter

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By Business Wirevia The Motley Fool

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Avid Announces Receipt of Anticipated NASDAQ Letter

BURLINGTON, Mass.–(BUSINESS WIRE)– Avid Technology, Inc. (NAS: AVID) , announced today that, due to the previously disclosed delay in the filing of its annual report on Form 10-K for the year ended December 31, 2012 (the “Form 10-K”), the Company has, as expected, received on March 19, 2013 a notification letter from staff of the NASDAQ Listing Qualifications Department (the “Staff”). The notification states that the Company is no longer in compliance with NASDAQ Marketplace Rule 5250(c)(1), which requires timely filing of periodic reports with the Securities and Exchange Commission (SEC). The NASDAQ letter was issued in accordance with standard NASDAQ procedure, which provides that failure to timely file the Company’s Form 10-K could serve as a basis for the delisting of the Company’s stock from the NASDAQ Global Select Market. The Company intends to submit to the Staff a plan as to how it plans to regain compliance with NASDAQ‘s continued listing requirements. The NASDAQ notice specifies that this plan has to be submitted by May 20, 2013. If the Staff accepts the Company’s plan, the Company expects to have up to 180 calendar days from the initial due date for the Form 10-K, or until September 16, 2013, to regain compliance. If the Staff does not accept Avid’s plan, Avid will have the opportunity to appeal that decision to a NASDAQ Hearings Panel. The NASDAQ notice has no immediate effect on the listing of Avid’s common stock on the NASDAQ Global Select Market.

On March 19, 2013, the Company filed a Form 12b-25 with the SEC stating that it was unable to file the Form 10-K with the SEC on or before March 18, 2013, the prescribed due date, because it is continuing to evaluate the accounting treatment related to bug fixes, upgrades and enhancements in certain of the Company’s customer arrangements (collectively, “Software Updates“). The primary focus of the Company’s evaluation to date has been to determine whether certain Software Updates previously thought to be only bug fixes met the definition of post-contract customer support under U.S. Generally Accepted Accounting Principles. The Company is working diligently to complete the review and continues to focus its efforts on completing the Form 10-K filing as soon as possible.

During this evaluation, the Company plans to continue to invest in its product innovation and execute on its growth strategy. The company has no debt and ample cash to support it in these efforts and believes it is well positioned to support its customers’ ongoing success.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Maxwell Technologies Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches

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By Business Wirevia The Motley Fool

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Maxwell Technologies Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors

DALLAS–(BUSINESS WIRE)– Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that a federal class action lawsuit has been filed against Maxwell Technologies, Inc. (“Maxwell Technology” or “Company”) (NasdaqGS: MXWL). The firms are investigating additional legal claims against the officers and Board of Directors of Maxwell Technologies during the period of April 28, 2011 to March 7, 2013 (the “Class Period”).

If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at zach@powerstaylor.com. There is no cost or fee to you.

In a recently filed federal class action complaint, Maxwell Technologies and certain of its officers were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants’ misrepresented and/or failed to disclose that: (a) Maxwell had overstated its revenues and earnings in 2011 and 2012 in violation of Generally Accepted Accounting Principles; (b) Maxwell had reported revenues prior to the time the sales price was fixed and/or collection was reasonably assured; and (c) Maxwell’s internal accounting controls were deficient and permitted the premature recognition of revenue, leading to materially misstated financial results. According to the complaint, when these facts were finally disclosed, Maxwell Technologies‘ shares dropped substantially.

“Recent revelations about alleged improper business practices and procedures regarding key aspects of Maxwell Technologies‘ business and other misleading financial statements have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Maxwell Technologies‘ officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Maxwell Technologies stock for all shareholders,” said shareholder rights attorney Patrick Powers.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder …read more
Source: FULL ARTICLE at DailyFinance