Ability (ABIL) Posts Q3 Loss of 4c/Share

November 15, 2016 8:12 AM EST
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Ability (NASDAQ: ABIL) reported Q3 EPS of ($0.04), $0.28 worse than the analyst estimate of $0.24. Revenue for the quarter came in at $6.5 million versus the consensus estimate of $18.2 million.

The results for the third quarter of 2016 reflect a payment by the Company under a legal settlement, approved by the Board but not yet executed, in an amount of $1.8 million, as well as $654,000 in legal and professional services fees related to the Audit Committee's investigation of the previously announced restatement. The settlement is with respect to a claim previously disclosed brought against Ability Computer & Software Industries Ltd. and the Company's controlling shareholders, Messrs. Anatoly Hurgin and Alexander Aurovsky. The total settlement amount for the claim was $2.25 million. The Company and Messrs. Hurgin and Aurovsky agreed to appoint an independent third party to make a final determination as to which of the parties should pay the settlement amount, and the allocation of the settlement amount between the Company and Messrs. Hurgin and Aurovsky, if applicable. The Company has agreed to pay 80%, and Messrs. Hurgin and Aurovsky have agreed to pay the balance, in each case until a final determination of the allocation by the independent third party is made. Excluding these non-operational expenses of $2.5 million, the Company would have reported positive EBITDA for the quarter.

For earnings history and earnings-related data on Ability (ABIL) click here.

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