This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

ATC Venture Group Inc. Announces Preliminary, Unaudited Fiscal 2012 First Quarter Results, Update On Restatement Of Prior Financial Results

Stocks in this article: ATC

ATC Venture Group Inc. (AMEX:ATC), announced its preliminary, unaudited financial results today for the quarter ended December 31, 2011.

For the quarter, the Company announced net income of $1,627,453 compared to a net loss in the first quarter of the prior fiscal year of ($309,079).

As previously discussed in the Company's SEC filings, the Company has undergone a substantial restructuring of its business since January 1, 2011. The Company sold two of its reportable business segments, and mitigated its losses in one other by selling its plastic injection molding operations which were inefficient to operate. The Company now outsources the production of that business line. However, the company will continue to operate its metal manufacturing plant for all of its OEM and other contract metal fabrication clients.

As previously announced, the Company discovered an error in the way it accounted for certain equity compensation grants, which will require it to amend its previously-filed Annual Report on Form 10-K for the fiscal year ended September 30, 2010, and its Quarterly Reports on Form 10-Q for the first, second and third quarters of fiscal 2011. The error, which related to a non-cash compensation expense, caused the Company to understate the number of shares that were to have been issued and outstanding, having the effect of inaccurately reporting the basic and fully-diluted earnings per share for those periods.

Amending these previously-filed SEC reports will cause a delay in filing the Company’s Annual Report on Form 10-K for the year ended September 30, 2011 and the Company’s Form 10-Q for the first quarter of fiscal year 2012. The Company expects to file its 2011 Form 10-K by March 15, 2012 and its First Quarter 2012 Form 10-Q by March 20, 2012.

Preliminary, Unaudited Results for the Quarter ended December 31, 2011.

  For the three months ended December 31,
2011   2010 Restated
(Unaudited) (Unaudited)
STATEMENT OF OPERATIONS
Sales $ 6,118,400 $ 4,237,306
Cost of goods sold 4,151,891 3,470,728
Gross profit 1,966,509 766,578
 
Sales, general & admin 1,588,759 1,126,843
Loss (Gain) on sale of assets   -       23,141  
Operating expense 1,588,759 1,149,984
 
Gain on sale of divisions 2,221,850 -
Other expense   (73,147 )     (71,674 )
Net income (loss) pre tax $ 2,526,453 $ (455,080 )
 
Net income (loss) $ 1,627,453 $ (309,079 )
 
As of December 31,
2011 2010 Restated
(Unaudited) (Unaudited)
BALANCE SHEET
Total current assets $ 4,004,408 $ 6,012,961
Net fixed and intangible assets 8,891,075 9,987,023
Other assets   777       5,419  
Total assets $ 12,896,260 $ 16,005,403
 
Total current liabilities $ 4,817,408 $ 5,517,804
Long term liabilities   2,927,113       3,780,120  
Total liabilities $ 7,744,521 $ 9,297,924
 
Net worth   $ 5,151,739     $ 6,707,479  




1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs