FITCHBURG, MA--(Marketwired - May 17, 2013) - Arrhythmia Research Technology, Inc. (
The delay in filing is due to an ongoing internal review by the Audit Committee and the Company's independent auditor relating to the recognition of revenue with multiple element arrangements associated with respect to our tooling revenue. As of today's date, the 10-K has not been filed and as a result the interim period report on Form 10-Q is not complete. However, for the quarter ended March 31, 2013, the Company preliminarily expects to report the following:
|Preliminary March 31, 2013|
|Total Stockholder Equity||9,660,000|
Management is working diligently with its Audit Committee and the Company's independent auditor to finalize the review of the 10-Q by June 13, 2013. However, the ongoing finalizing of the 10-K has delayed the completion of the review of the 10-Q. Until the review of the Form 10-Q has been finalized, the Company cannot provide further assurance regarding the results of operations for the affected period.
Salvatore Emma, Jr., the Company's President and Chief Executive Officer, stated "Our stockholders expect timeliness, confidence and transparency in the filing and accuracy of our financial statements. Our Board of Directors, management and staff share this expectation and hold this responsibility to our stockholders as a priority. Accordingly, we are working diligently toward resolving the issues which caused a delay in the filing of our 10-K and the subsequent delay in the filing of our 10-Q."
About Arrhythmia Research Technology, Inc.
The Company through its wholly-owned subsidiary, Micron Products, Inc. has diversified manufacturing capabilities with the capacity to participate in full product life cycle activities from early stage development and engineering from prototyping to full scale manufacturing as well as packaging and product fulfillment services. Its subsidiary, Micron Products, Inc., also manufactures silver plated and non-silver plated conductive resin sensors and distributes metal snaps used in the manufacture of disposable ECG, EEG, EMS and TENS electrodes. The Company also has developed and distributes a customizable proprietary signal-averaging electrocardiography (SAECG) software used to diagnose the risk of certain heart arrhythmias and that is reconfigurable for a variety of hardware platforms.
Forward-looking statements made herein are based on current expectations of the Company that involve a number of risks and uncertainties and should not be considered as guarantees of future performance. The factors that could cause actual results to differ materially include our ability to maintain our current pricing model and/or decrease our cost of sales; our ability to increase sales of higher margin products and services; variations in the mix of products sold; variability of customer demand and delivery requirements; ability to license our software, provide timely customization and updates; a stable interest rate market and/or a stable currency rate environment in the world, and specifically the countries where we are doing business; continued availability of supplies or materials used in manufacturing at competitive prices; continued availability of supplies or materials used in manufacturing at competitive prices; amount and timing of investments in capital equipment, sales and marketing, engineering and information technology resources; volatility in commodity and energy prices; and the Company's ability to offset higher costs with price increases. More information about factors that potentially could affect the Company's financial results is included in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2011.
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David A. Garrison