PRG-Schultz Reports Second Quarter 2004 Financial Results
Thursday July 22, 6:30 am ET
ATLANTA--(BUSINESS WIRE)--July 22, 2004--PRG-Schultz International, Inc. (NASDAQ:PRGX - News) today announced financial results for the second quarter of 2004, updated its 2004 full-year outlook and provided an outlook for the third quarter of 2004. "
I found this interesting in PRG-Schultz International, Inc's Forward Looking Statements:
"(iv) we may continue to experience revenue losses or delays as a result of our U.S. retailing clients' actual and / or potential revision of claim approval and claim processing guidelines, (v) the bankruptcy of any of our larger clients, or of any such clients' larger customers or suppliers, could impair then-existing accounts receivable and reduce expected future revenues from such clients, (vi) an indeterminate portion of $5.5 million in payments on account from a bankrupt client of the Company received during the quarter ended March 31, 2003 might be recoverable as "preference payments" under United States bankruptcy laws and, if so, would result in the recording of an unbudgeted expense in the Company's consolidated financial statements and the creation of an unbudgeted liquidity demand, (vii) modifications to auditor compensation models may negatively impact employee productivity and retention, and therefore, our ability to generate revenues"
Those recalled preference payments are tough.
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