Ace*Comm reports loss for the quarter; finance chief resigns

Article Abstract:

Ace*Comm Corp. posted a net loss that was larger-than-expected for the fiscal 1998 fourth-quarter. The company blamed the net loss partly on delivery delays of certain orders. Ace*Comm also announced the resignation of its chief financial officer, Joseph F. Greeves. The company posted a net loss of $3 million for the quarter that ended on June 30, 1998. During the same period in 1997, Ace*Comm posted $693,000 in net income.

Comment:

Posts a net loss that was larger-than-expected for the fiscal 1998 fourth-quarter

Telecommunications Equipment, Communications Equipment Manufacturing, Telecommunications systems, Ace*Comm Corp.

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Vesta investigating accounting issue, may restate profit

Article Abstract:

Vesta Insurance Group Inc. announced that it was looking into "possible accounting irregularities" and that it expected to revise its 1997 fourth-quarter and 1998 first-quarter earnings. The company also announced that its president and CEO, Robert Y. Huffman, had resigned from his posts. Vesta is an insurance holding company. The company is expecting to see a net financial impact on earnings of around $15.3 million.

Comment:

Expects to revise its 1997 fourth-quarter and 1998 first-quarter earnings due to possible accounting irregularities

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Stock market likely overreacted to Vesta's problems, officials says

Article Abstract:

According to a state insurance regulator, there may have been an overreaction in the stock market in relation to Vesta Insurance Group Inc.'s problems. In June 1998, the company's stock fell almost 50% as Vesta announced that it was holding a probe into the possibility of accounting irregularities in its reinsurance business. Vesta is a property and casualty insurer based in Birmingham, Alabama.

Comment:

There may have been an overreaction in the stock market in relation to Vesta Insurance Group Inc.'s problems

Stockholder data

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