Press Release

COM DEV Announces Amendment of Previously Issued Interim Financial Statements

By SpaceRef Editor
January 12, 2016
Filed under , ,

COM DEV International Ltd. (TSX:CDV) announced today that in connection with the completion of its financial results for the fiscal year ended October 31, 2015, the Company discovered that previously issued financial results for the interim periods ending on January 31, 2015, April 30, 2015 and July 31, 2015 were misstated. The nature of the misstatements consisted of misclassifications of certain intercompany foreign exchange gains or loss items between Net Income and Other Comprehensive Income and the misapplication of revenue guidance under International Financial Reporting Standards in respect of a single customer contract. The foreign exchange misstatements represent the translation of intercompany receivables and loans from GBP and USD to CAD and largely offset one another over the nine months ended July 31, 2015. The misstatements did not have an impact on previously reported cash flows from operating activities for any of the periods impacted. While the impact of these matters is not material to previously reported nine month year to date net income, other comprehensive income and equity attributable to shareholders, the Company has elected to disclose the impact to the discrete quarterly and year to date results within this press release.

View the full release and financials.

SpaceRef staff editor.