My old LT pick ORCA .... I missed this PR.
Why does this NASDAQ stock own 13% of ORCA?
Friday August 13, 7:35 pm Eastern Time
Company Press Release
SOURCE: Pacific Aerospace & Electronics, Inc.
Pacific Aerospace & Electronics Issues Restated Fourth Quarter Results To Reflect Write Down of Investment in Orca
Technologies
WENATCHEE, Wash., Aug. 13 /PRNewswire/ -- Pacific Aerospace & Electronics, Inc. (Nasdaq: PCTH - news), an international engineering and manufacturing company specializing in technically demanding components and assemblies, today restated results for the fourth quarter ending May 31,
1999 to reflect the write down of the Company's investment in the unregistered shares of Orca Technologies common stock (OTC Bulletin Board: ORCA - news).
The Company will write down approximately $840,000, which will be recorded before taxes as ``other expenses.' Restated results will include a net loss for the fourth quarter of fiscal 1999 of $4.6 million or ($0.25) per diluted share, and a net loss for fiscal 1999 of $12.9 million or ($0.74) per diluted share. This restatement does not affect revenues, gross margin, operating margin, cash, cash flow from operations, or working capital of the Company.
The Company, after consultation with its independent auditors, said the decision to restate earnings was driven by management's reassessment of the estimated fair value of the unregistered shares of Orca stock at May 31, 1999. Pacific Aerospace holds 2.3 million shares of Orca, approximately 13% of Orca's outstanding shares.
Pacific Aerospace & Electronics, Inc. is an international engineering and manufacturing company specializing in technically demanding components and assemblies for global leaders in the aerospace, defense, electronics, medical, energy and transportation industries. The Company is organized into three operational groups -- U.S. Aerospace, U.S. Electronics and European Aerospace -- with
European operation accounting for approximately half of its revenue. Pacific Aerospace & Electronics is headquartered in Wenatchee, WA, and has approximately 1,100 employees
worldwide.
Forward-looking statements in this release concerning trends or anticipated operating results are
made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are not guarantees of future performance and are subject to risks
and uncertainties related to the Company's operations. These risks and uncertainties include, but are
not limited to, competitive factors (including the possibility of increased competition or technological
development, competitors, and price pressures); legal factors (such as limited protection of the
Company's proprietary technology and changes in government regulation); and the Company's
dependence on key personnel and significant customers.
SOURCE: Pacific Aerospace & Electronics, Inc.
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