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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: afrayem onigwecher who wrote (12406)	12/18/2003 11:01:34 AM
From: StockDung	Read Replies (1) \| Respond to of 19428

Dynacq Healthcare Announces Resignation of Independent Auditor Thursday December 18, 7:03 am ET HOUSTON--(BUSINESS WIRE)--Dec. 18, 2003--Dynacq Healthcare, Inc. (Nasdaq:DYII - News; the "Company") announced today that Ernst & Young, LLP ("E&Y") resigned late on December 17, 2003 as the Company's independent auditor effective immediately. No reason for the resignation was specified in E&Y's letter of resignation. However, E&Y verbally advised the Company that E&Y resigned due to the Company's lack of internal controls necessary to develop reliable financial statements. The Company believes there are no pending disagreements between the Company and E&Y as to any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. The Company has commenced the process of interviewing candidates to serve as successor auditor. As a result of E&Y's resignation, the Company continues to be unable to file its annual report on Form 10-K. The Company plans to file Form 10-K as soon as practicable after its new auditor completes the audit of the Company's financial statements for the year ended August 31, 2003 and the SEC completes its review of the Company's periodic reports. The Company is evaluating the impact of its inability to timely file its Form 10-K on its covenants under the Company's revolving credit facility, its obligations under Nasdaq listing standards, and its reporting obligations under the Securities Exchange Act of 1934. The Company already has communicated, or shortly will be in communication, with its banks, the Nasdaq Stock Market, and the Securities and Exchange Commission. Statements in this release concerning the beliefs, expectations, intentions, future events, future performance, and business prospects may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act and are based on several assumptions. If any of these assumptions are not satisfied or prove to be incorrect, actual results could differ materially from those indicated in the forward-looking statements. The risks and uncertainties that may cause these forward-looking statements to prove to be incorrect include, without limitation, that the engagement of the new audit firm or the new audit firm's review and audit of the Company's financials may be protracted, or that financing options and transactions otherwise available to the Company will be dependant upon retention of a new auditor and completion of any required audits and reviews. -------------------------------------------------------------------------------- Contact: Dynacq Healthcare, Inc. James N. Baxter, 713-378-2000 jimbaxter@dynacq.com -------------------------------------------------------------------------------- Source: Dynacq Healthcare, Inc., biz.yahoo.com

To: afrayem onigwecher who wrote (12406)	12/18/2003 2:12:46 PM
From: StockDung	Respond to of 19428

SEC May Charge Take-Two December 18, 2003 NEW YORK -- Take-Two Interactive Software Inc. (TTWO) said that Securities and Exchange Commission staff plan to recommend civil action against the company for alleged accounting violations. The videogame software maker Thursday said it received a Wells Notice from the SEC staff stating their intention to recommend that the SEC bring "a civil action seeking an injunction and monetary damages against the company" for allegedly violating certain provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. Take-Two said its chairman, an employee and two former officers of the company also received Wells Notices. The Wells Notice comes nearly two years after the company announced in February 2002 that the SEC had launched an investigation into certain accounting matters related to its financial statements and internal accounting control provisions. Take-Two said the SEC also has raised certain issues regarding the way it recognized revenue. The company said it believes that its revenue-recognition policies are in accordance with generally accepted accounting principles. The news Thursday comes as the videogame software maker, which sells the hit game "Grand Theft Auto," reported strong fourth-quarter results. For the fourth quarter ended Oct. 31, Take-Two posted net income of $26.6 million, or 59 cents a share, up 19% from $22.3 million, or 54 cents a share, a year earlier. Sales jumped 28% to $278.5 million from $218.4 million a year earlier. For all of fiscal 2003, Take-Two reported net income surged 40% to $100 million, or $2.31 a share, compared with $71.6 million, or $1.81 a share, in fiscal 2002. Revenue for the year increased 30% to $1.04 billion from $795 million a year earlier. Looking ahead, Take-Two cut its earnings guidance for the first quarter ending Jan. 31 to $1.10 a share from $1.21 a share, but reiterated its sales guidance of $412 million. A spokesman for the company said the downward revision was due to a change in the company's product mix, but declined to elaborate further before the conference call scheduled to begin at 8:30 a.m. EST. Take-Two also said it expects sales of $218 million and earnings of 41 cents a share for the second quarter ending April 30. -Yolanda E. McBride, Dow Jones Newswires; 609-520-7861 (END) Dow Jones Newswires 12-18-03 0921ET