Company Announcement Today 9-22-98 as follows (from FreeRealTime):
"All American Food Group Announces 3rd Quarter Results
SOUTH PLAINFIELD, N.J. (Sept. 22) BUSINESS WIRE -Sept. 22, 1998--
Loss Includes $500,000 in Adjustments
All American Food Group, Inc., (OTC/BB: AAFG) announced results for its third fiscal quarter ending July 31, 1998.
The net loss for the period was $957,147, a reduction from the net loss recorded during the comparable period in the prior year. The
improved results, according to CEO Andrew Thorburn, were owing to the continued success of the Company's restructuring program.
"The third quarter results include two non-recurring charges: $150,000 for adjustments to our inventories and accounts payable, and a
charge of $330,000 related to our efforts to maintain our NASDAQ listing. Adjusted for these charges our operating loss for the quarter continued to decrease on a quarter by quarter basis."
The Company's filing also makes it clear that the recent drop in the Company's stock price to a range below .05 a share, has adversely
affected the Company's ability to raise additional funds. The financial statements do not reflect any additional adjustments resulting from the potential failure of the Company to raise additional capital. |
