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Microcap & Penny Stocks : IATV - ACTV Interactive Television -- Ignore unavailable to you. Want to Upgrade?

To: art slott who wrote (1960)	4/17/1998 7:07:00 PM
From: Lazlo Pierce	Respond to of 4748

Friday April 17, 5:01 pm Eastern Time ACTV restates '96, '97 statements NEW YORK, April 17 (Reuters) - ACTV Inc. said Friday it has restated its 1996 and 1997 financial statements to conform with Financial Accounting Standards Board requirements. The company said in a statement its 1996 loss applicable to common shareholders increased by $1.5 million, or $0.13 per share. Its 1997 loss increased by $2.5 million, or $0.19 per share. The company reported last month that is 1997 loss applicable to shareholders was $7.86 million, or $0.61 per share, and its 1996 loss to shareholders was $8.8 million, or $0.75 per share. Revenues, expenses, net loss, total assets and total shareholders' equity are not affected by this restatement, which has no impact on ACTV's financial position, the company said. The company said the restatement stems from FASB's Topic D60, which refers to ''Accounting for the issuance of Convertible Preferred Stock and Debt Securities with a Nondetachable Conversion Feature.'' The ruling formally announced the U.S. Securities and Exchange Commission staff's position that any discounts resulting from an allocation of proceeds to the beneficial conversion feature is analogous to a dividend and should be recognized as a return to the preferred shareholders over the minimum conversion period. ****************************** Dave