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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.

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.