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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: Joe Copia who wrote (67374)	10/17/2000 11:30:35 AM
From: myturn	Respond to of 150070

WEIR, DITTO Joe! WEIR, we have one of the stores near us. The company generates over 200 million dollars a year in revenue. Why they filed the chapter 11 protection may have something to do with them getting their fundig. Otherwise, from my conversations I have had with the company; there is no apparent reason for them to file Chapter 11. JUST MY OPINION. The CFO told me that they would have been profitable the last two qtrs. if it were not for the new accounting policies required by the SEC. Due to the new policies by the SEC, WEIR were not able to book their Laways till the following qtrs. You can read about it the PRS. biz.yahoo.com Mr. Miller also stated, ``In the first six months of fiscal 2000 and in the important back-to-school period of the second quarter, the Company has de-emphasized the use of 'free layaway' due to both the change in revenue recognition rules and the high layaway cancellation rates that we experienced last year. The reduction in layaway transactions in the second quarter and first half of 2000 as they relate to the same periods last year, are expected to result in a higher layaway fulfillment percentage in August thus recording higher sales as compared to the same period last year.'' Mr. Miller further stated, ``Due to the SEC's mandated change in fiscal year 2000 in revenue recognition of layaway sales and leased department sales, sales and earnings are not comparable to last year. As of the end of the second quarter and first six months of fiscal year 2000, the Company has deferred approximately $7.5 million and $8.3 million in layaway sales, respectively, to future periods and has not recorded approximately $1.1 million and $2.1 million, respectively, in leased department sales. Had these changes in revenue recognition rules not occurred, the sales decrease for the first six months of fiscal 2000 would have been 6.7%. DISCLAIMER: THIS IS NOT A BUY OR SELL RECO ON WEIR. I PURCHASED 50K SHARES @.05. DO YOUR OWN DD AND CALL THE COMPANY.