Following Priam Corp’s Chapter 11 bankruptcy filing, disk head maker Applied Magnetics Corp, Goleta, California has had to restate its figures for the fourth quarter and year to September 30 (CI No 1,296): where it showed net profit of $278,000 for the quarter and $7.6m for the year, it now has to show a net loss for the quarter of $1.4m and a profit for the year of $5.9m because it doesn’t know whether it will ever now see Priam’s money.
