Raytech Corporation Announces Notification of Late Filing of Form 10-Q for the Third Quarter, Preliminary Third Quarter Results
16 November 2005 - 11:13PM
Business Wire
Raytech Corporation (NYSE: RAY) announced today it will be filing a
notification of late filing relating to its quarterly report on
Form 10-Q for the third quarter ended October 2, 2005. The Company
will also be filing an Amended Form 10-Q for the second quarter
ended July 3, 2005. The filings are being delayed to allow the
Company to reflect the second quarter changes in their financial
statements and to complete the overall review. The second quarter
Form 10-Q is being amended to restate the net loss for a $1.6
million, or $0.04 per share, non-cash reversal of a fresh start
accounting reserve for potential IRS issues. The tax reserves,
which were no longer necessary after the IRS settlement during the
second quarter, were established as part of the fresh start
accounting in 2001, when the Company emerged from Chapter 11
bankruptcy. During the second quarter the reversal of the reserve
was treated as a reduction in the provision for income taxes and
therefore reduced the reported net loss. The reversal should have
been treated as a reduction of goodwill. Had the entry been
reported properly the reported net loss would have been $5.0
million or $0.12 per share and $3.3 million or $0.08 per share for
the 13 weeks and 26 weeks ended July 3, 2005, respectively. The
third quarter Form 10-Q results for the 39 weeks ended October 2,
2005 will also reflect the adjustment for the non-cash $1.6 million
tax reserve. The Company estimates a net loss for the thirteen-week
period ended October 2, 2005 of approximately $5.0-$6.0 million or
$0.12-$0.14 loss per basic and fully diluted share compared to a
net loss of $3.3 million or $0.08 per basic and fully diluted share
for the same period in the prior year. For the thirty-nine-week
period ended October 2, 2005 the Company estimates a net loss of
$8.3-$9.2 million or $0.20-$0.22 loss per basic and fully diluted
share compared to a net loss of $1.8 million or $0.04 per basic and
fully diluted share for the same period in the prior year. Net
sales for the thirteen-week period ended October 2, 2005 of $54.9
million compares to $54.0 million for the same period in the prior
year, an increase of $0.9 million or 1.8%. Net sales for the
thirty-nine-week period ended October 2, 2005 of $178.9 million
compares to $169.0 million for the same period in the prior year,
an increase of $9.9 million or 5.9%. The decrease in earnings is
primarily due to the continued poor performance of the Domestic OEM
segment, restructuring expenses recorded in 2005 and a $1.8 million
impairment charge to write-down to net realizable value the
carrying value of certain assets used in the Company's steel
stamping business. As part of its strategy to improve production
and profitability in its Domestic OEM segment, the Company
announced on October 4, 2005 that it plans to exit its steel
stamping business and on November 1, 2005 that it plans to relocate
its conventional automotive assembly operations to a more cost
competitive location. The Company anticipates filing the Form 10-Q
for the third quarter ended October 2, 2005 by November 21, 2005
and the Amended Form 10-Q for the second quarter ended July 3, 2005
prior to the end of November 2005. Raytech Corporation is a
worldwide manufacturer of wet and dry clutch, power transmission
and brake systems as well as specialty engineered polymer matrix
composite products and related services for vehicular applications,
including automotive OEM, heavy duty on-and-off highway vehicles
and aftermarket vehicular power transmission systems. Through two
technology and research centers and five manufacturing operations
worldwide, Raytech develops and delivers energy absorption, power
transmission and custom-engineered components focusing on niche
applications where its expertise and technological excellence
provide a competitive edge. Raytech Corporation, headquartered in
Crawfordsville, Indiana, operates manufacturing facilities in the
United States, Germany and China as well as technology and research
centers in Indiana and Germany. The Company's operations are
strategically situated in close proximity to major customers and
within easy reach of geographical areas with demonstrated growth
potential. Raytech common stock is listed on the New York Stock
Exchange and trades under the symbol "RAY." Company information may
be accessed on our Internet website http://www.raytech.com. From
time to time, information provided by Raytech Corporation,
statements made by its employees, or information included in its
filings with the Securities and Exchange Commission may contain
statements which are so-called "forward-looking statements" and not
historical facts. Forward-looking statements can be identified by
the use of words such as "believe," "expect," "intend,"
"anticipate," "in my opinion," and similar words or variations.
These forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Raytech's actual future results may differ significantly
from those stated in any forward-looking statements.
Forward-looking statements involve a number of risks and
uncertainties, including (without limitation) product demand,
pricing, market acceptance, litigation, risks in product and
technology development, and other risk factors detailed from time
to time in Raytech's Securities and Exchange Commission reports
(including its Forms 10-K and 10-Q).
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