Answerthink Comments On Impact of Dana Corporation's Chapter 11 Filing
March 07 2006 - 5:05PM
Business Wire
Answerthink, Inc. (Nasdaq:ANSR), a strategic business advisory and
technology consulting firm, today commented on the anticipated
impact of the March 3, 2006 Chapter 11 business reorganization
filing of one of its REL Consultancy Group customers, Dana Corp.,
and certain of Dana's U.S. subsidiaries under the U.S. Bankruptcy
Code. Answerthink reported that it has approximately $800,000 in
accounts receivable and unbilled revenue due from Dana as of the
date of the bankruptcy filing. In addition, March revenue backlog
of approximately $400,000 related to ongoing Dana projects may not
to be realized unless the bankruptcy court approves the payment of
fees under the existing or a new contract. Answerthink anticipates
that it will continue efforts to participate in the ongoing
turnaround effort at Dana, but can provide no assurances that it
will be successful in these efforts. Depending on the outcome of
these efforts, the impact from the Dana filing could reduce the
Company's previously provided first quarter 2006 revenue guidance
by as much as $400,000 and proforma earnings per share guidance by
as much as one and one half cents. About Answerthink Answerthink,
Inc. (http://www.answerthink.com) is a leading business and
technology consulting firm that enables companies to achieve
world-class business performance. By leveraging the comprehensive
database of The Hackett Group, Answerthink's business and
technology solutions help clients significantly improve performance
and maximize returns on technology investments. Answerthink's
capabilities include benchmarking, business transformation,
business applications, business intelligence, and offshore
application development and support. Founded in 1997, Answerthink
has offices throughout the United States and in Europe and India.
About The Hackett Group The Hackett Group
(http://www.thehackettgroup.com), a strategic advisory firm and an
Answerthink company, is a world leader in best practice research,
benchmarking, business transformation and working capital
management services that empirically define and enable world-class
enterprise performance. The foundation of Hackett's services is a
proprietary database of Hackett-Certified(TM) Practices, approaches
that correlate with superior performance. Only The Hackett Group
empirically defines world-class performance in sales, general and
administrative (SG&A) and supply chain activities with analysis
gained through 3,400 benchmark studies over 14 years at 2,000 of
the world's leading companies. Hackett clients comprise 96 percent
of the Dow Jones Industrials, 77 percent of the Fortune 100 and 92
percent of the Dow Jones Global Titans Index. This press release
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 and involve known
and unknown risks, uncertainties and other factors, including, in
particular, statements regarding the financial impact of Dana
Corporation's Chapter 11 bankruptcy filing, that may cause
Answerthink's actual results, performance or achievements to be
materially different from the results, performance or achievements
expressed or implied by the forward-looking statements. Factors
that impact such forward-looking statements include, among others,
the ability of the products, services, or practices mentioned in
this release to deliver the desired effect, our ability to
effectively integrate acquisitions into our operations, our ability
to attract additional business, our ability to effectively market
and sell our transformation advisory product offerings and other
services, the timing of projects and the potential for contract
cancellations by our customers, changes in expectations regarding
the information technology industry, our ability to attract and
retain skilled employees, possible changes in collections of
accounts receivable, risks of competition, price and margin trends,
changes in general economic conditions and interest rates as well
as other risks detailed in the Company's Annual Report on Form 10-K
for the fiscal year ended December 31, 2004 filed with the
Securities and Exchange Commission. We undertake no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise.
Answerthink (NASDAQ:ANSR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Answerthink (NASDAQ:ANSR)
Historical Stock Chart
From Jul 2023 to Jul 2024