September 30, 2016 / 10:26 AM / in 10 months

BRIEF-Versar files for non-timely 10-k

2 Min Read

Sept 30 (Reuters) - Versar Inc :

* Files for non-timely 10-k - sec filing

* Currently in default under certain covenants of current credit facility and operating under forbearance agreement with Bank of America, N.A.

* Company is in negotiations with Bank of America, N.A. Regarding the resolution of defaults

* Company is also in discussions with other lenders regarding establishment of a new, replacement credit facility

* Expects to file the form 10-k with the commission upon resolution of financing issues

* Until co amends existing credit facility or obtains new adequate credit facility, there is substantial doubt relative to ability to continue as going concern

* Recognized gross revenues of about $166.5 million for FY 2016, increase of 4 percent from gross revenues of $159.9 million for FY 2015

* Net loss for fiscal 2016 was $16.4 million or $1.66 per share, compared with net income of $1.4 million or $0.14 per share, in fiscal 2015 Source text bit.ly/2dggpwM Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below