The company extended the forbearance agreement and paid the interest due. The refinancing work continues. All good stuff.
The numbers were sharpened from the estimates released on April 12, with the revenue range dropping a couple of percent, the net range increasing +10% and the adjusted EBITDA range dropping +10%. The company also laid the foundation for a goodwill adjustment which, of course, will have an adverse effect on the numbers.
Of course, as I said before, it is only funny money at this stage, and, therefore, I would rather have that the company throws everything into the sink at this stage (thereby making the following quarters look strong,) so I was not alarmed about the increases (which primarily affects the covenants -- which, of course, are already in flux.)
The news that some of the lost revenues would be recaptured in 2013 were welcome as were the news that the company is still working at recouping the Pinnacle transaction money. Hopefully, they will also go after money from the auditors who did a terrible job.