I wouldn't hold my breath, see below:
USAD didn't meet the 10Q filing deadline, so it filed an
NT-10Q to explain why. I pasted it below.
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As the Company disclosed on August 11, 1997, it has discovered a
number of errors in its 1996 financial statements that will require these
statements to be restated to reflect adjustments from amounts previously
reported. The Company is in the process of conducting a review of certain
additional items which may further negatively impact 1996 results of
operations. The Company will be unable to report its 1997 second quarter
results until this review is completed.
For the reasons set forth above, the Company's inability to file
timely its quarterly report on Form 10-Q for the fiscal quarter ended June 30,
1997 could not be eliminated by the Company without unreasonable effort or
expense. The Company intends to file the subject quarterly report on Form 10-Q
no later than the fifth calendar day after the due date of the report.
PART IV. OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to
this notification
Frederick J. Horowitz (908) 828-1800
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(Name) (Area code) (Telephone number)
(2) Have all other periodic reports required under Section 13 or 15(d)
of the Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed?
If the answer is no, identify report(s).
[ X ] Yes [ ] No
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject report or
portion thereof?
[ X ] Yes [ ] No
If so: attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons why a
reasonable estimate of the results cannot be made.
As explained in Part III -- Narrative above, the Company is unable
to report its results of operations for the quarter ended June 30, 1997 until
its currently in-process review is completed. These results for the second
quarter of 1997 will be materially worse than the results of operations
reported for the quarter ended June 30, 1996. As the Company disclosed
in a press release on August 11, 1997, errors discovered in the Company's
1996 financial statements require those statements to be restated to reflect
adjustments which will negatively impact its 1996 results of operations in
the amount of approximately $1.3 million (net of tax) from amounts previously
reported. The Company is in the process of conducting a review of certain
additional items which may further negatively impact 1996 results of
operations.
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In the interests of full disclosure, I am short this one.
Carl |
