Company Announces Preliminary Results for Year Ended March 31, 2005
ALEXANDRIA, Va., July 1 /PRNewswire-FirstCall/ -- Halifax Corporation
(Amex: HX) today announced that it has notified the Securities and Exchange
Commission that it intends to file its Annual Report on Form 10-K for the year
ended March 31, 2005, on or before July 14, 2005. Halifax's SEC filing
indicated that the extension was due to the completion of year-end closing
matters and the audit taking longer than anticipated. Halifax expects to meet
the SEC requirement of filing its annual report on or before the fifteenth
calendar day following the prescribed due date.
For the fiscal year ended March 31, 2005, Halifax expects to report that
it incurred a net loss of approximately $1.4 million, or $.46 per diluted
share, compared to net income of $4.2 million, or $1.53 per diluted share, for
the fiscal year ended March 31, 2004. The loss for the fiscal year ended
March 31, 2005, was primarily the result of costs associated with the start-up
of a new, long-term, enterprise maintenance contract and certain unanticipated
service delivery costs that exceeded the estimates utilized in pricing this
contract, increases in reserves for inventory obsolescence, and the
abandonment of certain office space.
The Company noted that it expects to report a significant gain on the sale
of its Secure Network Services business for the quarter ended June 30, 2005.
Founded in 1967, Halifax Corporation is an enterprise maintenance
solutions company providing a wide range of technology services to commercial
and government customers throughout the United States. The Company's
principal products are high availability hardware maintenance services,
technology deployment and integration services. More information on Halifax
can be found at http://www.hxcorp.com.
Certain statements made by the Company which are not historical facts may
be considered forward-looking statements, including, without limitation,
statements as to trends, management's beliefs, views, expectations and
opinions, which are based upon a number of assumptions concerning future
conditions that ultimately may prove to be inaccurate. Such forward-looking
statements are subject to risks and uncertainties and may be affected by
various factors described in the Risk Factors Section in the Company's Annual
Report on Form 10-K that may cause actual results to differ materially from
those in the forward-looking statements. For further information that could
affect the Company's financial statements, please refer to the Company's
reports filed with the Securities and Exchange Commission.
SOURCE Halifax Corporation
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Related links:
http://www.hxcorp.com
Company News On-Call:
http://www.prnewswire.com/comp/391950.html
CONTACT:
For investor relations information: Karen
Vahouny of Qorvis Communications, +1-703-744-7809 or
kvahouny@qorvis.com, for Halifax Corporation
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