Short Take: MicroTouch revises financial statements
MicroTouch will restate its financial statements for 1995 and for the first three quarters of 1996 in order to account for arbitration costs incurred in a battle with Nissha Printing, the company's former distributor. Net income for 1995 will be reduced to $1.7 million (from $2.3 million) and for the first three quarters of 1996 to $3.8 million (from $4.4 million). MicroTouch has alleged that Nissha violated provisions of their distribution agreement; the arbitration concluded in the third quarter of 1996 but a decision has yet to be announced.
will restate its
financial statements for 1995 and for the first three quarters of 1996 in
order to account for arbitration costs incurred in a battle with Nissha Printing, the
company's former distributor. Net income for 1995 will be reduced to $1.7
million (from $2.3 million) and for the first three quarters of 1996 to
$3.8 million (from $4.4 million). MicroTouch has alleged that Nissha
violated provisions of their distribution agreement; the arbitration
concluded in the third quarter of 1996 but a decision has yet to be
announced.