Teletouch Releases Preliminary Unaudited Results of Operations for the First Quarter Ended August 31, 2005 Pending Filing of Its
26 October 2005 - 3:53AM
Business Wire
Teletouch Communications, Inc. (AMEX:TLL) today released
preliminary unaudited financial information in the interest of
providing information to its shareholders with respect to its first
fiscal quarter ended August 31, 2005. The Company has released this
information in light of its previous announcement that it is
delinquent in the filing of its Annual Report on Form 10-K for the
period ended May 31, 2005 and Form 10-Q for the period ended August
31, 2005 for the reasons stated below. Readers are cautioned that
the financial information set forth in this release is preliminary,
has not been reviewed and is subject to further analysis and
independent review. The actual reviewed financial information as of
August 31, 2005 for the quarter then ended may vary materially from
the guidance provided by this release. Company management estimates
that revenues for the three months ended August 31, 2005 were
approximately $5.6 million. Net loss for the quarter is estimated
to be between $0.3 and $0.4 million, or between $0.06 and $0.08 per
share based upon the 4.9 million weighted average shares
outstanding for the three month period. The Company cautions
shareholders and potential investors that BDO Seidman, LLP, the
Company's Independent Public Accountants, have not audited or
reviewed these amounts and disclaims any responsibility for them.
These results are preliminary and are subject to change, possibly
materially, following completion of the audit for the period ended
May 31, 2005 and review for the period ended August 31, 2005. As
previously announced, the Company's Annual Report for the year
ended May 31, 2005 on Form 10-K has not been filed due to a
restatement of the Company's Consolidated Statement of Operations
for the years ended May 31, 2002 and 2003 and its Consolidated
Balance Sheet as of May 31, 2002 and 2003. The Company stated that
it appeared that there would be no impact on the Company's results
of operations, financial position or cash flows for the years ended
May 31, 2004 and 2005, respectively, related to this restatement.
In accordance with its previously submitted and approved plan of
compliance, the Company intends to file with the SEC as soon as
possible, its Form 10-K for 2005 and Form 10-Q for the period ended
August 31, 2005, along with the amended and restated financial
statements on Form 10-K/A for the fiscal year ended May 31, 2004.
In the interim, the Company urged investors and other users of the
Company's SEC filings not to rely on the Company's financial
statements for the years ended May 31, 2002 and 2003. The readers
of this press release are urged to read carefully the Company's
public announcements and regulatory filings with the Securities and
Exchange Commission, including the press release and a Current
Report on Form 8-K filed with the Securities and Exchange
Commission, both dated September 2, 2005. AMEX Non-Compliance
Notification On September 2, 2005, the American Stock Exchange
(AMEX) notified the Company that, as a result of the Company's
failure to file its Annual Report on Form 10-K for the fiscal year
ended May 31, 2005 within the prescribed timeframe, the Company was
not in compliance with the currency in public reporting continued
listing requirement under the AMEX Rules. The Company submitted a
plan of compliance addressing the continued listing deficiency on
September 20, 2005, which was accepted by the AMEX on September 26,
2005. The Company must regain its compliance with the AMEX listing
requirements no later than November 28, 2005. About Teletouch
Teletouch Communications, Inc., a U.S. leader in wireless messaging
and related network management, provides a complete suite of mobile
asset tracking solutions using sophisticated, yet cost-effective
GPS-based hardware and software products for fleets, hazardous
materials and "worker-down" emergency notification applications. In
addition to its telemetry business, Teletouch offers two-way radio
communications, cellular and wireless messaging services throughout
the United States. Teletouch's common stock is traded on the
American Stock Exchange under stock symbol: TLL. Additional
product, business and financial information for Teletouch is
available at www.Teletouch.com. This release contains certain
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Exchange Act, as amended, that are based on management's exercise
of business judgment as well as assumptions made by and information
currently available to management. When used in this document, the
words "may," "will," "anticipate," "believe," "estimate," "expect,"
"intend," and words of similar import, are intended to identify any
forward-looking statements. You should not place undue reliance on
these forward-looking statements. Negotiations with respect to the
transaction that are the subject of this release are ongoing and
may result in significant modifications to the transaction. There
can be no assurance that the transaction that is the focus of this
release will be concluded, or if concluded that it will be
concluded on terms currently contemplated. These statements reflect
our current view of future events and are subject to certain risks
and uncertainties as noted in our securities and other regulatory
filings. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, our
actual results could differ materially from those anticipated in
these forward-looking statements. We undertake no obligation and do
not intend to update, revise or otherwise publicly release any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
any unanticipated events. Although we believe that our expectations
are based on reasonable assumptions, we can give no assurance that
our expectations will materialize. Many factors could cause actual
results to differ materially from our forward-looking statements.
Proshares Ultrashort Telecommunications (AMEX:TLL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Proshares Ultrashort Telecommunications (AMEX:TLL)
Historical Stock Chart
From Jul 2023 to Jul 2024