California Amplifier Report Delayed
California Amplifier expects to receive a qualified opinion on its audit for the fiscal year ended Feb. 28, but neither the nature or extent of the qualification has been determined, the company said.
When auditors qualify a financial statement, it means they were unable to examine, or have doubts about, material in the report.
The company’s audit is expected to be completed by the middle of this month. California Amplifier, a Camarillo maker of components for satellite dish antenna systems, said it filed for an extension on its annual report to the Securities and Exchange Commission, known as a 10-K.
In a prepared statement, Donald W. Fuller, chairman and chief executive, said the company’s estimated loss before taxes for the year ended Feb. 28 will be $6.6 million on sales of $14.7 million. In the previous year, the company lost $1.5 million before taxes, on sales of $19 million.
Last month, California Amplifier reached an agreement with its creditors restructuring about $1.9 million in unsecured debt. The company had said it might need to file for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code if it did not reach such a pact.