Revenue was US$9 million for the third quarter ended February 28, 2006, comprised of primarily Samsung computer products. Revenue was 5% lower compared to a year ago same period, due to slower consumer demands. Gross margin decreased 5 points due to heavy retail promotion activities of Samsung computer products in December 2005. Operating expenses lowered to US$1.8 million, a 67% reduction compared to a year ago, a result of tight control over expenditures.
Due to the on-going dispute over the distribution agreement between our operating subsidiary Control Tech, a distributor of high end video conference products and its major supplier Radvision, we had no sales in the current quarter. We recorded a goodwill impairment charge of US$1.08 million as prescribed by SFAS No. 142. We further made a provision of US$0.5 million on Control Tech's inventory. As such, we had a net loss of US$1.5 million in the third quarter of 2006.
We are currently conducting a re-audit of our 2003 financial results. The re-audit is expected to be completed in May, 2006.
Da fällt mir doch fast ein Osterei aus der H.... Noch schlimmer als ich es erwartet habe.
Es würde mich wirklich wundern, wenn HRCT nochmal die Kurve bekommt !
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Trotzdem frohe Ostern !
CE.
