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Thursday, July 31, 2014 7:38:25 AM
It was reported this morning that FSYS "expects to delay the announcement of its financial results for the second quarter of 2014 beyond its typical announcement date and that it also may file a notification of late filing (Form 12b-25) to extend the time to file its Quarterly Report on Form 10-Q for that period. The delay is expected to be necessary for management to complete its analysis of whether the Company may be required to record a goodwill and long-lived asset impairment charge for the second quarter of 2014 and, if required, to determine the amount of any such non-cash charge." (http://finance.yahoo.com/news/fuel-systems-solutions-inc-expects-103000943.html)
I'm wondering if this delay is related to today's events concerning Argentina's bond default...which could lead to a serious currency devaluation.
FSYS assembles products in Beccar, Argentina, as well as at other sites outside of Argentina.
They warned in their discussion of Quantitative and Qualitative disclosures about market risk that they are " exposed to significant volatility from countries that could devalue their currencies, such as Argentina. In countries outside of the United States, we generally generate revenues and incur operating expenses denominated in local currencies. These revenue and expenses are translated using the average rates during the period in which they are recognized and are impacted by changes in currency exchange rates. We monitor this risk and attempt to minimize the exposure to our net results through the management of cash disbursements in local currencies."
Note that per the 8K filled 3/14/2014, operating loss for the fourth quarter of 2013 totaled $3.2 million, or 3.4% of revenue, compared to operating loss of $20.8 million, or 21.2% of revenue in the fourth quarter of 2012, which included a non-cash goodwill and asset impairment charge of $22.0 million.
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