USA: Banks To Extend Gerber Scientific's Credit Facility
Gerber Scientific Inc, parent of CAD/CAM supplier Gerber Technology, yesterday said it has obtained amendments and an extension to its bank credit facility, but will delay filing its fiscal 2002 annual report in order to complete an ongoing independent review.
"We are pleased with the positive outcome of our negotiations with the company's bank group," said Marc T Giles, president and chief executive officer. "We believe the company's existing cash balances, anticipated cash flows and borrowings against this credit facility will be sufficient to meet its operating requirements."
In a press release the company said it now expects to file its annual report on 13 August, 15 days after an earlier deadline.
This should also allow it to complete a previously announced independent review of its financial statements from 1 January 1998 through 30 April 2002, carried out in cooperation with a Securities and Exchange Commission probe into the company's inventory and reserve accounting.
Companies: Gerber Technology
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