Halifax Announces Fiscal 1999 Financial Results, Reports on Embezzlement And Restates Prior Year Financials; Preliminary Q1 2000 Results Are Also Announced.

PR Newswire | September 8, 1999 | Copyright

ALEXANDRIA, Va., Sept. 8 /PRNewswire/ -- Halifax Corporation (Amex: HX) today announced that the Company and its auditors have completed the review and reconstruction process associated with the embezzlement of funds by a former employee of the Company, reported on its financial results for fiscal 1999 and restated financial results for 1998 and 1997.

The embezzlement was first reported by Halifax in mid-March of 1999. In a subsequent announcement made in early May, the Company reported that the embezzlement was likely to have a material effect on the Company's ...

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