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ATC Venture Group Inc. Announces Delay In Filing Third Quarter Form 10Q

Stocks in this article: ATC

ATC Venture Group Inc. (AMEX:ATC) announced today that it will not be able to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 on a timely basis because of an issue involving the reversal of a non-cash inventory impairment charge that it recorded in its financial results for the year ended September 30, 2011. The Company is working expeditiously with its auditors to resolve this issue but cannot predict at this time when it will be able to file its Form 10-Q.

On July 26, 2012, the Company announced its preliminary, unaudited financial results for the third fiscal quarter. The Company is unable to predict at this time what effect, if any, the issue described above will have on its previously announced financial results.

The Company's preliminary, unaudited financial results for the third fiscal quarter, as announced on July 26, 2012, were as follows:

For the nine months ended June 30, 2012 For the nine months ended June 30, 2011
Continuing   Discontinued   Continuing   Discontinued  
Operations Operations Total Operations Operations Total
Sales $ 3,583,732 $ 5,557,682 $ 9,141,414 $ 7,981,162 $ 338,376 $ 8,319,538
Cost of goods sold   2,495,930     3,643,875     6,139,805     6,014,394       565,794       6,580,188  
Gross profit 1,087,802 1,913,807 3,001,609 1,004,932 (227,419 ) 777,513
Sales, general & admin 1,486,160 1,284,531 2,770,691 3,475,267 (200,415 ) 3,274,852
Other income (expense)   594,944     2,115,295     2,710,239     (81,241 )     (11,596 )     (92,837 )
Net income (loss) pre tax $ 196,585 $ 2,744,571 $ 2,941,156 $ (2,551,576 ) $ (38,600 ) $ (2,590,176 )
Net income (loss) $ 196,585   $ 1,709,571   $ 1,906,156   $ (1,695,535 )   $ (387,706 )   $ (2,083,241 )

The Company reported total sales, including sales from discontinued operations, of $9.14 million for the nine months ended June 30, 2012 compared to $8.32 million in the prior year.

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