Ugly info about FCM's largest customer:
FCM reported sales in the June quarter were much higher than in previous quarters, because of sales to a single customer.
That customer accounted for 76% of sales in the FY that ended 6/30. That's 76% of $10,631,000, which means that other customers bought only $2.55 M from FCM.
The 10Q doesn't identify that customer, but judging from the news releases, it must be USAT, or USATalks, which is a stock that was halted by the SEC.
Here's a link to a URL on USAT's server, showing a newsrelease from FCM announcing a $3.75 M sale to USAT. Note that the amount of this sale means that USAT must be the unidentified largest customer of FCM:
usatalks.com
Now here's the SEC order to stop USAT stock from trading:
sec.gov
U.S. SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
RELEASE NO. 41002 / January 29, 1999
The Securities and Exchange Commission announced the
temporary suspension, pursuant to Section 12(k) of the
Securities Exchange Act of 1934 ("Exchange Act"), of over-
the-counter trading of the securities of USA Talks.com, Inc.
("USA Talks"), of San Diego, California at 9:30 a.m. EST on
January 29, 1999, and terminating at 11:59 p.m. EST on February
11, 1999.
The Commission temporarily suspended trading in the
securities of USA Talks because of questions that have been
raised about the accuracy and adequacy of publicly disseminated
information concerning, among other things, the status and
extent of USA Talks? business operations.
The Commission cautions broker dealers, shareholders, and
prospective purchasers that they should carefully consider the
foregoing information along with all other currently available
information and any information subsequently issued by the
company.
Further, brokers and dealers should be alert to the fact
that, pursuant to Rule 15c2-11 under the Exchange Act, at the
termination of the trading suspension, no quotation may be
entered unless and until they have strictly complied with all
of the provisions of the rule. If any broker or dealer has any
questions as to whether or not he has complied with the rule,
he should not enter any quotation but immediately contact the
staff of the Securities and Exchange Commission in Washington,
D.C. If any broker or dealer is uncertain as to what is
required by Rule 15c2-11, he should refrain from entering
quotations relating to USA Talks? securities until such time as
he has familiarized himself with the rule and is certain that
all of its provisions have been met. If any broker or dealer
enters any quotation which is in violation of the rule, the
Commission will consider the need for prompt enforcement
action.
If any broker-dealer or other person has any information
which may relate to this matter, the Pacific Regional Office of
the Securities and Exchange Commission should be telephoned at
(213) 965-3998. |
