Schick delays release of quarterly results

September 1, 1999

Digital radiography developer Schick Technologies continues to experience problems meeting reporting requirements of the Securities and Exchange Commission. The Long Island, NY-based company has filed a Notification of Late Filing for its first quarter

Digital radiography developer Schick Technologies continues to experience problems meeting reporting requirements of the Securities and Exchange Commission. The Long Island, NY-based company has filed a Notification of Late Filing for its first quarter (end-June 30), indicating that it has not filed a Form 10-Q and that it does not expect to file it within the five-day extension period permitted by the notice of late filing. The latest reporting delay comes on the heels of the company’s failure to file a Form 10-K for fiscal year 1999 (end-March 31) (SCAN 7/7/99), following the discovery of potential errors in the recognition and recording of certain sales transactions. The company has initiated an independent investigation of its revenue recognition and sales practices, which has further delayed the filing of its annual report, according to Schick.

Schick expects to report a decrease in revenues and an increase in net loss for the quarter compared to revenues of $12.4 million and a net loss of $324,000 for the same period a year ago. A day after announcing its late filing, Schick released news of the resignations of vice president of sales and marketing Fred Levine and vice president of operations Avi Itzhakov.