Watch VXGN 4.40 for a move over 4.49 yesterday's HOD on this restatement in 2001/2002/2003 earnings and revenues higher than reported yesterday: bizjournals.com
VaxGen restates results for three years
Tuesday September 26, 1:36 pm ET
Vaccine maker VaxGen Inc. filed its restated financial report for 2003 on Tuesday -- the first step toward getting its stock listed on the Nasdaq National Market exchange again.
The Brisbane company (Pink Sheets: VXGN - News) restated results in the 2003 report for 2001, 2002 and 2003. Its fiscal year ends Dec. 31.
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The company decided to restate results because it deferred revenue in a way that wasn't appropriate under generally accepted accounting principles. VaxGen's investment in a South Korean subsidiary, Celltrion Inc., also complicated its accounting and financial reporting.
VaxGen reported the following results:
For 2003: Restated revenue of $29.1 million instead of $14.3 million; restated loss of $21.7 million instead of a loss of $28.7 million. For 2002: Restated revenue of $3.2 million instead of $1.6 million; restated loss of $54.7 million versus a loss of $49.8 million. For 2001: Revenue unchanged at $895,000; restated loss of $24.2 million versus a previously reported loss of $24.5 million.
VaxGen was awarded an $877.5 million anthrax vaccine contract by the federal government, although the company's ability to meet the delivery requirements of that agreement has been questioned.
The company still owns a minority stake in Celltrion.
Published September 26, 2006 by San Francisco Business Times
Consider anything a fish says as borderline entertainment at best, and most likely another lousy stock pick he'll lose his tail on again. circa 2005 source unknown
