Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : thcg -- Ignore unavailable to you. Want to Upgrade?

To: Sarkie who wrote (333)	11/15/2000 10:38:46 AM
From: Sarkie	Read Replies (1) \| Respond to of 336

THCG Files Amendments to 1999 10-K and Q1/2000 and Q2/2000 10-Qs to Reflect Previously Announced Accounting Changes NEW YORK--(BUSINESS WIRE)--Nov. 15, 2000--THCG, Inc. (Nasdaq:THCG), an international merchant banking firm actively engaged in building and supporting its global portfolio of industry leading technology companies, today announced that the Company has filed an amendment to its Annual Report on Form 10-K for the year ended December 31, 1999, and amendments to its Quarterly Reports on Forms 10-Q covering the first and second quarters of 2000. These amended Reports reflect the accounting change as discussed below. The results for the third quarter of 2000 already reflect the accounting change and revisions made for previous periods. On November 9, 2000, following consultation with its auditors Arthur Andersen, LLP, THCG announced its intention to file amended Forms 10-K and 10-Qs in response to comments by the U.S. Securities and Exchange Commission staff of the Company's financial statements incorporated in its Form S-3 Registration Statement filed on August 31, 2000. Such revisions will have the effect of reducing "acquired intangibles," a non-cash item, related to the merger with Walnut Financial Services and the acquisition of Mercury Coast. Accordingly, the Company's goodwill asset has been reduced by approximately $12.8 million at December 31, 1999. Consequently, amortization expense during each quarter since the start of 2000 and in future reporting periods through 2005 shall be reduced by approximately $0.64 million each quarter. Amortization expense for the year ended December 31, 1999 was reduced by approximately $168,000. Revenues and cash expenditures have not been changed.