Item 2.02 Results of Operations and Financial Condition
As reported in an 8-K filed on
Based on an examination of all information currently available to CCUR, it has
determined that it is probable a loss has occurred related to its aviation
deposits. Due to the limited information available and uncertainty related to
the specific sources of recovery and their timing, CCUR is unable to make the
determination that a specific amount of recovery is probable. As a result, the
Company's Board of Directors determined on
The Company expects to aggressively pursue all remedies for recovery, including those related to insurance and actions against all parties that may have contributed to the loss of the aviation deposits.
As a result of the decision to take a full write-down of the aviation deposits,
CCUR is also announcing preliminary results for its fiscal Q2 ended
Preliminary results for Fiscal Q2 are as follows:
· Net loss attributable to its stockholders of
excluding the write-down of the aviation deposits, adjusted net income
attributable to its stockholders was
· Revenue for the quarter was
· Other interest income and realized and unrealized gains on investment, net,
totaled$3 .9mm
The Company reported net loss attributable to its stockholders of
Revenue for the quarter decreased to
Total working capital as of
Additional details about the financial results and aviation deposits will be
available in the Company's quarterly report on Form 10-Q for the fiscal quarter
ended
A full summary of the unaudited preliminary Fiscal Q2 balance sheet and income statement are shown below.
Non-Generally Accepted Accounting Principles (GAAP) Financial Measures
Management evaluates financial performance in part based on a non-GAAP financial measure, adjusted net income. Adjusted net income represents income from continuing operations, adjusted for the special, one-time write-down of the aviation deposits, which management believes is not indicative of CCUR's ongoing performance.
We believe that this non-GAAP financial measure, when coupled with the GAAP result and the reconciliation to the corresponding GAAP financial measure (net loss), provides a more complete understanding of the Company's results of operations for this period. We believe that this enables investors to perform an additional comparison of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of this one-time write-down, which may obscure trends in CCUR's underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to a key metric used by management. This non-GAAP financial measure is provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
Item 2.06 Material Impairment
The information provided in the second paragraph of Item 2.02 of Current Report on Form 8-K is incorporated by reference into this Item 2.06.
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