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News Breaks | | | | January 11, 2013 | | 16:36 EDT |  | MLNK | ModusLink concludes restatement process
ModusLink Global Solutions filed with the SEC an annual report on Form 10-K for the fiscal year ended July 31, 2012, which includes a restatement of the company's financial statements for fiscal years 2009 through 2011 and unaudited selected financial data for fiscal years 2007 and 2008, as well as unaudited interim financial statements for the four fiscal quarters of each of 2010 and 2011, and the first two quarters of fiscal 2012. The company also filed a Form 10-Q for the third quarter of fiscal 2012 ended April 30, 2012 and a Form 10-Q for the first quarter of fiscal 2013 ended October 31, 2012. With these filings, the company has become current in its SEC reporting as required under NASDAQ Listing Rules. The restated periods from fiscal 2007 through the first two quarters of fiscal 2012 include cumulative downward adjustments to revenue of $32.9M, or 0.6% of restated aggregate revenue of $5.4B. These restated periods include cumulative downward adjustments to net income of $18M on a restated aggregate net loss of $231.1M, inclusive of $231.6M of impairments related to goodwill and intangible assets. Details related to the restatement are contained in the company's Form 10-K for the fiscal year ended July 31, 2012, filed with the SEC. | |
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