Akorn anticipates that it will not be able to file its Form 10-Q for the first quarter of 2015 in a timely manner because of the pending restatements to prior-period results. While the Company plans to request a five-day extension to file its Form 10-Q with the U.S. Securities and Exchange Commission, the Company does not anticipate it will meet the extended deadline.
On April 20, 2015, the Audit Committee of the Board of Directors of Akorn, Inc. (the Audit Committee), upon the recommendation of the Company's management concluded that the financial statements for the quarterly periods ending June 30, 2014, September 30, 2014 and December 31, 2014 along with the annual period ending December 31, 2014 should not be relied upon because of errors in the financial statements in those associated periods. Furthermore, management's report on the effectiveness of internal control over financial reporting as of December 31, 2014 should no longer be relied upon. Additionally, the opinion of Akorn's independent registered public accounting firm, KPMG LLP (KPMG) on the consolidated financial statements for the year ended December 31, 2014, as well as KPMG's opinion on the effectiveness of the Company's internal control over financial reporting as of December 31, 2014, should no longer be relied upon.
During the review process with respect to the quarter ended March 31, 2015, the Company identified errors related to understatements of rebates and other sales allowances that have resulted in an overstatement of the Company's net revenue for the affected periods described above. A substantial majority of these errors are related to companies and products acquired in 2014, the formation of purchasing alliances among several of the Company's customers and changing competitive dynamics for select acquired products during 2014.
Akrx late Friday said it would have to restate its 2014 financials, estimating that it overstated revenue and pre-tax income from continuing operations by $20 million to $35 million. Akron shares fell 14.4% to 47.28 in after-hours action.
Akron said the "errors related to the understatementments of rebates and other sales allowances," mostly from companies and products acquired last year. The drugmaker also named Terry Allison to its board of directors and its audit committee.
Akron also reaffirmed its 2015 guidance of EPS of $1.88-$1.98.
Back on March 17, Akorn said its Q2 revenue was overstated by $8.9 million and EPS by 5 cents largely due to its Hi-Tech Pharmacal buy
So how's that short position working out for you? Your quit the trader.. LOl
3D Systems warns on weak Q1, blurry FY outlook, shares -14%
3D Systems (NYSE:DDD) sees Q1 EPS of $0.02-0.04, vs. consensus $0.17.
Sees Q1 revenue of $158-160M, vs. consensus $182.78M.
"We were surprised and disappointed by the abrupt interruption in customer demand late in the quarter from several economic factors that we believe caused our industrial customers to defer their planned investments.
"We believe the combination of our expanding international business and growing concentration of manufacturing customers made us more vulnerable to the steep currencies decline relative to the U.S. dollar and the aftermath of lower oil prices that curbed aerospace and automotive expenditures.
"Several weeks into the second quarter, bookings are ahead of the same period in the first quarter. Specifically, OEMs that paused to assess their own exposure to foreign currency and macroeconomic impacts are beginning to resume their capital investments and are making the purchases they deferred during the first quarter.
"Given current uncertainties from continued macroeconomic pressures and foreign currency headwinds, management is undertaking a comprehensive evaluation of its full year guidance and plans to update investors during its scheduled first quarter 2015 earnings conference call on May 6, 2015.
"While the current economic climate disrupted our planned cadence for 2015, we believe that the fundamentals of our business and the strength of our portfolio remained intact. We are encouraged by the overall strengthening of our order patterns thus far during the second quarter and are accelerating our planned integration, productivity and efficiency measures without impairing future growth."
Don't look now fool but your précises UAL is dropping like a cheap $10 #$%$. Down $3 in pre-Market.
Defiantly sell. Time is your enemy! Rule # 1 never buy options, sell options. Rule # 2 never buy into a pump job. This stock is selling 60 times earning with only 20% growth. Fair value is about $40, if that. Good luck!
Crude futures extend gains on less than expected inventory build
EIA Petroleum Inventories:
Crude +1.3M barrels vs. +4.1M consensus, +10.9M last week.
Gasoline -2.1M barrels vs. -0.02M consensus, +0.8M last week.
Distillates +2M barrels vs. +0.9M consensus, -0.3M last week.