INVE Technologies revised its preliminary results for the quarter ended Sept. 30, replacing an expected profit with a loss. The change reflects post-closing adjustments related to the sale of assets to Trackonomy Systems, including working-capital adjustments and the acceptance of certain customer contracts after closing.
The company said its estimated cash balance and all other preliminary results remain unchanged.
- Revised earnings: INVE now expects a net loss of $1.1 million to $1.3 million, or a loss of 5 to 6 cents per share. Its earlier estimate was net income of $400,000 to $800,000, or 1 to 2 cents per share.
- Reason for the revision: The adjustments stem from the Trackonomy asset sale, specifically working capital and the post-closing acceptance of certain customer contracts.
- Cash: The expected cash balance at Sept. 30 remains $87.1 million.
- Status of results: The figures are preliminary and unaudited. They may change as INVE completes its quarter-end close and its independent accounting firm reviews the interim financial statements.
The revision changes INVE’s estimated quarterly result from a modest profit to a loss, while leaving its reported expected cash balance unchanged.