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Short Take: Centennial announces loss

Centennial Technologies, which has been hit with shareholder lawsuits and lost its CEO over criminal charges of inflating its financial results, Thursday announced a restated loss of $40.2 million over more than a three-year period. The company, which earlier had reported a profit of $12.1 million for the period, found the largest portion of the restatement occurred during the last six months of 1996. Meanwhile, the company, noting that its independent audit is complete, said it posted a third-quarter loss of $6.4 million, or 36 cents a share, for the period ending March 31, compared with a loss of $1.2 million a year ago. Its sales reached $10.9 million for the quarter, up from $8.8 million a year ago.

Centennial Technologies, which has been hit with shareholder lawsuits and lost its CEO over criminal charges of inflating its financial results, Thursday announced a restated loss of $40.2 million over more than a three-year period. The company, which earlier had reported a profit of $12.1 million for the period, found the largest portion of the restatement occurred during the last six months of 1996. Meanwhile, the company, noting that its independent audit is complete, said it posted a third-quarter loss of $6.4 million, or 36 cents a share, for the period ending March 31, compared with a loss of $1.2 million a year ago. Its sales reached $10.9 million for the quarter, up from $8.8 million a year ago.