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Gold/Mining/Energy : Unitec Int. Controls Inc.
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To: john hackert who wrote (665)12/26/1998 6:50:00 PM
From: John B. Smyth  Read Replies (6) of 856
 
In 1997 the 3rd Quarter revenue was higher than the same period in 1998 as we changed the accounting to a percentage of completion method from recognizing revenue only at the time of invoicing. We had a large balloon invoice in the 1rst Quarter of 97 which was revenue that had not been previously accrued in 96. Hence, sales look lower, when in fact there has been a steady climb in revenue.

Likewise the comparative A/R is distorted, as payment for revenues in 97 reflected completion and payment of a large 1996 project. Eighty percent of the third quarter A/Rs were from three projects and the balance represented some 5 or 6 smaller ones.

While our bank offered competitive A/R financing, it was not prepared to provide the level of project financing the company needed to handle two of its larger export contracts. We therefore arranged alternate financing for our contracts in process.
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