They are changing their fiscal year reporting.
DataMirror estimates year-end earnings
DataMirror Corp DMC
Shares issued 10,360,060 Feb 1 close $11.75
Tue 2 Feb 99 News Release
Mr. Ronald Peters reports
The company has estimated its financial results for the 1999 fiscal year.
For the year ended Jan. 31, 1999, the company's estimates are for revenue
to be approximately $34-million and for net earnings to be in the range of
$700,000 to $900,000 (seven cents to nine cents per share).
These earnings estimates include the effect of changing the company's year
end to Jan. 31, 1999 from Dec. 31, 1998, which for fiscal 1999 results in
an increase in operating expense levels experienced for the financial year
due to higher operating expenses incurred in January 1999 as compared to
January 1998. The increase in these expense levels had the onetime effect
of decreasing trailing 12-month earnings by approximately 10 cents per
share.
These preliminary estimates may differ from final reported results due to
audit and other year-end adjustments. The company plans to report its
audited financial results for the 12-month period from Feb. 1, 1998 to Jan.
31, 1999 in mid-March. The company's historical financial statements, both
annual and quarterly, will be restated to reflect the change in year end in
order to provide appropriate comparative information.
Stock has dropped 50%, as of yesterday, I felt it was oversold. It dropped more today. It is bound to technically rebound. I picked a little yesterday and more today. It should reverse soon.
regards
Fast Frank |
