erba diagnostics inc (ERB) Key Developments
ERBA Diagnostics, Inc. Announces Earnings Results for the Year Ended December 31, 2014
May 18 15
ERBA Diagnostics, Inc. announced earnings results for the year ended December 31, 2014. For the year, the company reported net income of $450,000, compared to net income of $676,000 for the year ended December 31, 2013. Net revenues decreased by $1,863,000 to $26,392,000 in 2014 from $28,255,000 in 2013. This 7% decrease was primarily attributed to a decrease in net revenues of $2,231,000 from domestic operations during 2014, compared to 2013, due to a number of factors including the move of the facility location which caused disruption in production/operation and changes in the sales organization as well as reduced headcount from attrition and reorganization initiatives. Operating income was $873,000 in 2014 compared to an operating income of $1,037,000 in 2013, a decrease of $164,000, or 16%. The decrease in operating income in 2014 as compared to 2013 resulted primarily from the reduction in gross profit, which was partially offset by the reductions in selling and research and development expenses due to cost containment efforts designed to align with the lower revenues and to fund the facility move which is reflected in the higher general and administrative expenses.
ERBA Diagnostics, Inc. announced delayed 10-Q filing
May 15 15
On 05/15/2015, ERBA Diagnostics, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.
ERBA Diagnostics, Inc. Announces Executive Appointments
May 6 15
ERBA Diagnostics, Inc. has appointed Ernesina Scala as Chief Financial Officer effective May 1, 2015 and Chandra Krishnan as Senior Vice President Global Sales, Marketing and Business Development of ERBA Diagnostics, effective as of April 20, 2015. Ms. Scala has over 20 years' experience in finance and accounting. Prior to joining the Company, from 2002 until 2014, Ms. Scala was employed at Tyco International Ltd. and held various senior finance and accounting positions, most recently as Senior Director of Finance and Chief Financial Officer Latin America. Mr. Krishnan has over 20 years' experience in the IVD Industry. Previously, Mr. Krishnan was Head of Marketing and Corporate Strategy for Qiagen Gmbh in Germany, and has held various leadership positions at Abbott
Laboratories - Diagnostics and Molecular divisions.
Prakash Patel to Resign as Controller, Principal Financial Officer and Principal Accounting Officer of ERBA Diagnostics, Inc
Apr 24 15
On April 13, 2015, Prakash Patel, the Controller, Principal Financial Officer and Principal Accounting Officer of ERBA Diagnostics, Inc., delivered notice to the company of his intention to resign effective as of April 30, 2015.
ERBA Diagnostics Announces Notice Of Non-Compliance With NYSE MKT Continued Listing Standards
Apr 21 15
ERBA Diagnostics, Inc. announced that, on April 17, 2015, the Company received a letter from NYSE MKT LLC stating that the Exchange has determined that the Company is not in compliance with Sections 134 and 1101 of the Exchange’s Company Guide due to the Company’s failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2014 with the Securities and Exchange Commission. The letter also states that the Company’s failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2014 is a material violation of its listing agreement with the Exchange and, therefore, pursuant to Section 1003(d) of the Company Guide, the Exchange is authorized to suspend and, unless prompt corrective action is taken, remove the Company’s securities from the Exchange. The Exchange has informed the Company that, in order to maintain its listing on the Exchange, the Company must, by May 1, 2015, submit a plan of compliance addressing how it intends to regain compliance with Sections 134 and 1101 of the Company Guide by July 16, 2015. If the Company’s Plan is accepted by the Exchange, then the Company may be able to continue its listing during the Plan Period, during which time it will be subject to periodic review to determine whether it is making progress consistent with the Plan. If the Company’s Plan is not accepted by the Exchange, then the Company will be subject to delisting proceedings. Furthermore, if the Plan is accepted by the Exchange, but the Company is not in compliance with the continued listing standards of the Company Guide by July 16, 2015, or if the Company does not make progress consistent with the Plan during the Plan Period, then the Exchange staff will initiate delisting proceedings as appropriate. The Company is working diligently to submit the Plan by May 1, 2015 and to regain compliance with the Company Guide by July 16, 2015. As previously disclosed in its Notification of Late Filing on Form 12b-25 filed with the SEC on April 1, 2015, the Company has delayed filing its Annual Report on Form 10-K for the year ended December 31, 2014 because of unforeseen delays in connection with completing and filing the Company’s consolidated financial statements and the accompanying footnotes. Until these matters can be resolved, the Company will not be in a position to file its Annual Report on Form 10-K for the year ended December 31, 2014 with the SEC. Pursuant to Rule 12b-25 under the Securities Exchange Act of 1934, the Company received an extension until April 15, 2015 to file its Annual Report on Form 10-K for the year ended December 31, 2014, which extension has now expired. The Company is working diligently to complete and file its Annual Report on Form 10-K for the year ended December 31, 2014 with the SEC, which, as previously disclosed, the Company expects to do on or about April 30, 2015.