This Day On The Street
Continue to site
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

American Learning Corporation To Restate March 31, 2011 Audited Financial Statements

JERICHO, N.Y., June 18, 2012 /PRNewswire/ -- American Learning Corporation (the "Company") (NASDAQ: ALRN) announced that it will restate the previously issued financial statements contained in its Annual Report on Form 10-K (the "Annual Report") for the fiscal year ended March 31, 2011 ("Fiscal 2011") and the subsequent Quarterly Reports on Form 10-Q ("Quarterly Reports") for the quarterly periods ended June 30, 2011, September 30, 2011 and December 31, 2011.

On June 15, 2012, the Audit Committee of the Company's Board of Directors, upon the recommendation of management, concluded that the previously issued financial statements contained in the Company's Annual Report for Fiscal 2011 and subsequent Quarterly Reports for the quarterly periods ended June 30, 2011, September 30, 2011 and December 31, 2011 should no longer be relied upon because of an error in the Fiscal 2011 financial statements and that the Company would restate those financial statements to make the necessary accounting corrections. This error relates to a non-cash goodwill impairment charge of $70,000 which should have been recorded by the Company in the fourth quarter of Fiscal 2011.  The amended financial statements for Fiscal 2011 will be included in the Company's Annual Report for the fiscal year ended March 31, 2012.

American Learning Corporation, through its wholly owned subsidiaries, Interactive Therapy Group Consultants, Inc. and Signature Learning Resources, Inc., offers a comprehensive range of services to children with developmental delays and disabilities.

SOURCE American Learning Corporation
Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs