View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
February 28, 1997updated 05 Sep 2016 12:58pm

INSIGNIA FORCED TO RESTATE 1996 PROFITS AS SERIOUS LOSSES

By CBR Staff Writer

UK-based Insignia Solutions Plc, must be wondering whether it was such a good idea to float in the US. The Windows emulation software company warned yesterday that it is restating its first and second quarter results after finding irregularities in the reporting of sales contracts and reseller inventories. It says some individuals had entered into unauthorized pacts with distributors and resellers and failed accurately to report on unsold inventories. For the quarter to March 31 1996, for a profit of $749,000 read a loss of $225,000, on sales of $13.1m, and not $14.7m. In the second quarter net profit is only $569,000, a far cry from the $1.5m reported, sales are $14.9m, not $15.7m. And for the full year, the company, which thought it had made a profit of $5.3m on sales of $55.1m, actually made a sickening loss of $10.8m on sales of only $44.2m. Bolting the stable door and so forth, the company is implementing additional accounting and reporting controls to help prevent future breaches of company policies. It has also restructured its operations to integrate development, marketing and sales of its two major product lines and now comprises two business units: an NTrigue Business Group and a SoftWindows Business Group. The restructuring is intended to help the company to refocus and improve its operations, Insignia noted.

Content from our partners
Green for go: Transforming trade in the UK
Manufacturers are switching to personalised customer experience amid fierce competition
How many ends in end-to-end service orchestration?

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU