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Industry: Email Alert RSS FeedL.A. Gear amended statement shows 2d quarter loss. (L.A. Gear Inc.)
Footwear News, July, 1991
L.A. Gear amended statement shows 2d quarter loss
LOS ANGELES - L.A. Gear Inc. was negotiating with lenders last week after defaulting on its loan agreement when a revised second-quarter earnings statement reflected a $4,013,000 loss or a loss of 20 cents per share, instead of a $258,000 gain as the company had reported July 2.
L.A. Gear made the revision after reviewing comments from its independent accountants and the Securities and Exchange Commission (SEC) regarding the athletic footwear firm's Form 10-Q. Publicly held companies are required to file Form 10-Q's quarterly with the SEC.
The company's stock slid 1 1/8 to 10 1/2 on the New York Stock Exchange last Thursday.
As part of a covenant made with the 19-member lending group...
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