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Non-Tech : InvestRight Club Challenge
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To: Robert G. Hanah who wrote (2441)5/22/1999 12:35:00 PM
From: Jeffrey L. Henken   of 2662
 
Carnegie to restate 1997 and 1998 earnings

BALTIMORE, May 21 (Reuters) - Carnegie International Corp. on Friday said it would request the American Stock Exchange resume trading of its shares after the Securities Exchange Commission finishes its review that preceded the company's decision to restate its 1997 and 1998 financial statement.

The telecommunications and computer product maker said its restated statements would reflect an increase in the amount of goodwill recorded in connection with a 1997 acquisition by Carnegie; the re-characterization as an equity transaction of a sale of a distributorship during 1998; and the classification of the company's credit card processing.

However, the company said the restatement would not effect its earnings before interest, taxes, depreciation and amortization .

Lowell Farkas, chief executive officer said the company decided to restate the earnings after talks with the Security and Exchange Commission.

Farkas said the company expects to request that AMEX resume trading its stock after the SEC completes its review of it statement including the quarter ended March 31, 1999, which it plans to file on Monday.

The AMEX halted trading of the company's stock April 30, when it closed at 6-7/8.

biz.yahoo.com

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