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Biotech / Medical : SABRATEK CORP (SBTK)

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To: RockyBalboa who wrote (454)	10/7/1999 1:01:00 PM
From: Kevin Podsiadlik	Read Replies (1) of 487

The wheels turn slowly but the end is at hand. Pluvia may be overseas but Shan is doubtless feeling his FIST yet again today. Sabratek to delay 10-Q again, may be delisted NEW YORK, Oct 7 (Reuters) - Medical technology company Sabratek Corp. (NasdaqSC:SBTK - news) on Thursday said it will further delay the filing of its second-quarter earnings report, which could result in its being delisted if Nasdaq does not grant an extension. The Skokie, Ill.-based company said it will meet with the Nasdaq Listing Qualifications Panel on Thursday to determine its continued eligibility to remain listed on Nasdaq. Sabratek said the second-quarter earnings filing will be delayed until its board of directors reviews recently-proposed adjustments to previously-reported financial results. Sabratek said the adjustments would reduce reported pre-tax earnings for the periods April 1, 1997 through March 31, 1999 by approximately $39 million. Sabratek first delayed the financial report in August after warning its second-quarter earnings would fall ``significantly' below expectations. It received notice of potential delisting from Nasdaq the following week. The adjustments being reviewed by the board relate primarily to reclassifying intangible assets as expenses and accounting for amounts advanced to affiliated companies as expenses rather than as loans. Sabratek's board also is considering other accounting issues raised by the company's chief financial officer. The company did not provide detail about those accounting issues. ``The Board of Directors began its review and consideration promptly following notification of these matters,' Sabratek Chairman Edson W. Spencer, Jr. said. ``However, due to the magnitude and complexity of the proposed adjustments and other accounting issues, the Board of Directors has determined that additional time is needed before it can recommend releasing financial statements,' he said.

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