Communications firm Solution Dynamics, whose shares listed with a bang just over a year ago, yesterday restated its previously reported June year result.
"As part of the completion of the accounts which included review by directors and auditors, Solution Dynamics has made additional expenditure provisions for items relating to the
2004/05 year that were not finalised until after the provisional result was released," the company said.
Earnings before interest, depreciation, taxation and amortisation were $140,000 lower at $483,000 than the "provisional" result announced on August 26.
Additional expenditure provisions were made relating to increased costs for accrued items, late creditor invoices, stock-on-hand adjustments and increased provisions for doubtful debts totalling $82,000.
"In addition to the additional expenditure provisions there has been a change to the accounting treatment of a refinanced lease resulting in a decrease in income of $58,000."
The company said its loss was now $448,000 against the previous year's $451,000.
That was on operating revenue of $10.9 million, down from $11.8 million, giving an operating loss of $568,000.
Solution Dynamics told the stock exchange it was "outlining the issues that were faced in the 2004/05 year which resulted in the poor performance of the company".
In July last year, the company listed at a 30 cent premium on the stock exchange's alternative market, raising $2.3 million.
Its shares traded at $1.30 and rose to $1.68 in February before subsiding. They last traded at 82c.
- NZPA
