COPPELL, Texas, May 11, 2015 /PRNewswire/ -- Costar Technologies,
Inc. (the "Company") (OTC Markets Group: CSTI), reported its
financial results for the year ended December 31, 2014 that was audited by the
independent accounting firm McGladrey LLP.
The Company previously issued a press release on March 31, 2015 detailing preliminary 2014
financial data. The only changes to the preliminary financials
relate to updated determinations of the Company's tax assets and
liabilities and their corresponding impact to the income
statement.
Upon finishing the tax work, the Company determined that as of
December 31, 2014 it was more likely
than not that it will utilize its $17,700 in NOL carryforwards prior to expiration.
The Company also believes that it is more likely than not that it
will utilize $1,034 in a tax credit
carryforwards prior to expiration. Based upon the level of
projected future taxable income over the period of expiration of
the net operating loss carryforwards when temporary differences
that give rise to the deferred tax assets are deductible,
management released a portion of its valuation allowance resulting
in a tax benefit of $7,688. The
Company also re-categorized $74 from
SG&A that was accrued for state income taxes to the current
income tax provision line and reduced its current income tax
provision by $14. With the completion
of the tax analysis, the Company anticipates returning to its
normal filing schedule.
For additional information regarding the Company's tax analysis,
please see Note 8 of the Company's financial statements for the
year ended December 31, 2014. For
additional information regarding the financial performance for
2014, please see the Company's press release dated March 31, 2015.
About Costar Technologies, Inc.
Costar Technologies, Inc. develops, designs and distributes a
range of security solution products including surveillance cameras,
lenses, digital video recorders and high-speed domes. The Company
also develops, designs and distributes industrial vision products
to observe repetitive production and assembly lines, thereby
increasing efficiency by detecting faults in the production
process. Headquartered in Coppell,
Texas, the Company's shares currently trade on the OTC
Markets Group under the ticker symbol "CSTI".
Cautionary Statement Regarding Forward Looking
Statements
This document contains forward-looking statements that involve
risks and uncertainties, as well as assumptions, that if they never
materialize or prove incorrect, could cause the results of the
Company to differ materially from those expressed or implied by
such forward-looking statements. Forward-looking statements
generally are identified by the words "expects," "anticipates,"
"believes," "intends," "estimates," "should," "would," "strategy,"
"plan" and similar expressions. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements. The risks, uncertainties and
assumptions include developments in the marketplace for our
products, competition, related products and services and general
economic conditions, as well as other risks and uncertainties.
Accordingly, we cannot give assurance that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what impact they will have on the
results of operations or financial condition of the Company.
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SOURCE Costar Technologies, Inc.