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Microcap & Penny Stocks : DCI Telecommunications - DCTC Today
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To: Art Vandelay who wrote (7683)8/10/1998 8:26:00 PM
From: ron forgus  Read Replies (1) of 19331
 
SmarTalk delays Q2 results over accounting
COLUMBUS, Ohio, Aug 10 (Reuters) - SmarTalk TeleServices Inc. said Monday it was delaying the release of its second-quarter results while it reviews accounting practices in 1997.
The company said its anticipated second quarter, year-end and prior quarterly results could be materially affected by any adjustments resulting from the accounting review.

The company said in a statement it had anticipated announcing revenues of $51.8 million, net income from continuing operations of $1.9 million and earnings per share from continuing operations of $0.08.

The results reflect the proposed treatment of SmarTalk's recent acquisition of Worldwide Direct on a pooling-of-interests basis, the company said.

SmarTalk said its independent accountants, PricewaterhouseCoopers, recently informed the company about potentially ''significant issues'' with its accounting treatment for acquisitions that occurred during 1997 and certain other items relating to 1997.

The accounting treatment of these transactions was previously reviewed by PricewaterhouseCoopers in connection with SmarTalk's annual audit, the company said.

The company intends to evaluate and promptly resolve the issues and then release its results for the quarter ended June 30, 1998.

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