Kurt I am still here just busy, am suffering with everyone! I have not a clue, re their position! Boeing seems to be still in business! But amtk cannot get out of its own way!! Maybe 1999?????
Maybe after all this is washed out we can advance a bit!!!!!
Unusual item expenses of $3,845 were recorded in 1997. During the second and third quarters of
1997 the Company engaged in extensive efforts, including financing activities, negotiations and due
diligence, for the acquisition of a much larger company. The Company was not successful, and the
target company was acquired by a major competitor in September 1997. Negotiations related to
several smaller acquisitions were also terminated during the third quarter. As a result, expenses of
approximately $760 related to the Company's acquisition activities were recognized in the third
quarter. The Company also recorded charges of $1,085 in the third and fourth quarters related to its
investment in Carbon Design, primarily consisting of a writedown of goodwill and a reserve for loss
on sale following a decision to dispose of that business. Finally, goodwill related to the purchase of
Grafalloy was reduced by $2,000 in the fourth quarter.
Interest expense was $603 in 1997 compared to $434 in 1996, an increase of $169, as a result of
borrowings incurred in the purchase of Grafalloy. Interest and other income decreased in 1997
because of lower cash balances in interest-earning accounts.
An extraordinary loss of $29 was incurred in 1996 upon the early retirement of a loan made by an
affiliate of the Company.
As a result of the factors described above, the Company incurred a net loss of $5,894 in 1997 or
$1.35 per share (diluted), after reporting net income of $934 or $0.32 per share (diluted) in 1996.
Excluding the unusual item charges, the net loss in 1997 was $2,049 or $0.47 per share.
At December 31, 1997, the Company had a net operating loss carryforward for federal income tax
purposes of $3,900 available to offset taxable income of the Company through 2012. Additional
carryforwards of approximately $32,165 are available as a result of the acquisition of CCC in
December 1995. The change- in-ownership provisions of Section 382 of the Internal Revenue Code
limit the amount available to offset future taxable income to approximately $500 per year through
2010.
Well we will see if we can outwait the negatives of this writeoff!!!
I hope they do not try to buy anyone else for a while!!!! |
