Novik re-files its interim financial statements of March 31, 2011 and June 30, 2011
September 18 2011 - 12:07PM
PR Newswire (Canada)
QUEBEC CITY, Sept. 21, 2011 /CNW Telbec/ - Novik Inc. re-files
today its interim condensed consolidated financial statements of
March 31, 2011 and June 30, 2011. Following review of these
Interim Condensed Consolidated Financial Statements by The Autorité
des marchés financiers du Québec, Novik had to proceed with
restatements related to the transition to IFRS. Novik has firstly
restated its IFRS comparative balance sheet as at December 31, 2010
by reclassifying an amount of $7,863,902 from long-term debt in
current liabilities. This reclassification followed the application
of IAS 1 Presentation of financial statements, which requires to
present in current liabilities any debt for which the company does
not have unconditional right to defer settlement for at least
twelve months after the reporting date. As at December 31, 2010,
the company did not meet same financial ratio on certain long-term
debts. In February 2011, an agreement on refinancing these debts
was obtained allowing the company to respect this financial ratio.
Thus, in accordance with IAS 1, Novik has reclassified an amount of
$7,863,902 of long-term debt in current liabilities as the
refinancing was not obtained before the reporting date. Novik has
also amended the presentation of its interim condensed consolidated
statement of comprehensive income to present operating expenses by
function, as required by IAS 1. This change had the effect of
allocating the amortization expense between the various functions,
but had no impact on the total comprehensive income. Finally, Novik
has changed the adjustment on accumulated depreciation of property,
plant and equipment at transition to IFRS as at January 1st, 2010.
This modification results from the fact that the company has
changed the useful life of some molds from 300 months to 46 months
following a further analysis of the contracts signed with its
customers. Since this information was available at the transition
date, it should have been reflected in IFRS adjustments as at
January 1st, 2010. That led the company to change its adjustments
retroactively. Thus, the adjustment of consolidated equity as at
January 1st, 2010 was reduced by $ 52,553 related to Property,
plant and equipment and increased by $ 16,817 due to the adjustment
of related deferred income taxes. Consequently, the quarterly
amortization expense was subsequently modified to be increased by $
15,766, while the quarterly deferred income taxes expense has been
reduced by $ 5,045, for a net impact of a decreased of the total
quarterly comprehensive income of $ 10,721. About Novik Novik Inc.
is a leader in the manufacturing and marketing of innovative
polymer exterior siding and roofs, replacing traditional materials
such as stone, brick, and wood at a lower cost. The target market
is the global residential and commercial construction industry.
Readers may visit at www.novik.com to learn more about Novik.
Forward-looking statements contained in this press release involve
known and unknown risks, uncertainties or other factors that may
cause actual results, performance or achievements of the company to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Novik Inc. CONTACT: Source : Novik inc.For further
information:Pascal Bouthot, CAVice-President, FinancesTel. : (418)
878-6161E-mail : pasbou@novik.com
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