Note
1: Basis
of Presentation
The
financial statements have been prepared by the Company in
accordance with accounting principles generally accepted in
the United States of America for interim financial
reporting. Accordingly, they do not include all of
the information and notes required by generally accepted
accounting principles for complete financial
statements. These unaudited condensed financial
statements, which, in the opinion of management, reflect all
adjustments (including normal recurring adjustments)
necessary for a fair presentation, should be read in
conjunction with the financial statements and notes thereto
included in the Company’s Annual Report on Form 10-K
for the year ended June 30, 2011. Operating
results are not necessarily indicative of the results that
may be expected for any future interim period or for the
entire fiscal year.
During
the three months ended September 30, 2011, the Company fully
reserved for a receivable from a foreign customer in the
amount of $831,000 due to increased uncertainty in the
ability and willingness of the customer to repay its balance.
The Company is pursuing various options to recover the amount
it is owed, however, there is no assurance that it will be
successful in doing so.
The
preparation of financial statements and related disclosures
in conformity with accounting principles generally accepted
in the United States of America requires management to make
judgments, assumptions and estimates that affect amounts
reported in the consolidated financial statements and
accompanying notes. Note 2 to the Company’s
Consolidated Financial Statements included in the Annual
Report on Form 10-K for the fiscal year ended June 30, 2011
describes the significant accounting policies and methods
used in the preparation of the consolidated financial
statements which includes a change in the Company’s
method of accounting for defined benefit pension
costs. Results of operations for the three months
ended September 25, 2010 presented herein have been
retroactively adjusted for this accounting change.
The
Company has evaluated all events or transactions that
occurred after September 30, 2011 through the date of
issuance of these financial statements. The
Company did not have any material recognizable or
non-recognizable subsequent events.
Free historical financial statements for LS Starrett Co..
See how revenue, income, cash flow, and balance sheet financials have changed over 50 quarters since 2011. Compare with SCX stock chart to see long term trends.
Data imported from LS Starrett Co. SEC filings. Check original filings before making any investment decision.