The Company reported a net loss from continuing operations of $0.8 million for the fiscal year ended September 30, 2011 compared to $0.8 million in the prior year period. The Company reported a total net loss, including net loss from discontinued operations, of $3.9 million for the fiscal year ended September 30, 2011 compared to $2.0 million in the prior year.
As previously announced, Company concluded that its Perf-Form and Plazco segments no longer fit with the long term strategic plans of the Company. As a result, with the changes in the senior management of the Company, the determination was made that these segments no longer fit the Company’s strategic plan, and therefore, these segments are expected to cease operations within one year and are reported as discontinued operations in the condensed consolidated financial statements. For more detailed information, please see the Company’s annual report on Form 10-K, which is available from the SEC website at www.sec.gov.
The Company also announced that on April 27, 2012 it received a notice
from the American Stock Exchange (Amex) indicating that the Company is
below certain of the Amex’s continued listing standards as set forth in
Sections 1003(a)(ii), 610, and 132 and 623 of the Amex Company Guide.
The Company was afforded the opportunity to submit a plan of compliance
to the Amex by May 28, 2012 that demonstrates the Company’s ability to
regain compliance with the Amex’s continued listing standards, and the
Company intends to do so.
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