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Prospector
Profile
07.1284
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| Porta Systems Corp. |
NAICS |
541511 |
| 6851 Jericho Turnpike, Suite 170
Syosset, NY 11791 |
Description |
Computer Programming Services |
| (516) 364-9300 |
Employees |
355 |
| http://www.portasystems.com/ |
Revenue |
(mil) |
32.8180 |
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Income |
(mil) |
2.1820 |
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Assets |
(mil) |
17.7840 |
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Liability |
(mil) |
45.6070 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
BDO Seidman LLP raised doubts on the ability of Porta Systems Corp. to continue as a going concern after auditing its financial statements. The auditor points out that the Company has suffered substantial losses from operations in previous years. As of December 31, 2006, the Company has a stockholders’ deficit of $27,823,000 and a working capital deficit of $31,646,000. The auditor notes that the Company is dependent on the continued agreement of the holder of its senior debt to defer the maturity date of such debt.
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Intellectual Property:
The Company owns a number of domestic utility and design patents and has pending patent applications for certain of its products. In addition, the Company has foreign patent protection for a number of its products. From time to time, the Company enters into licensing and technical information agreements under which it receives or grants rights to produce certain subcomponents used in its products. [SEC Filing 10-K 03-30-07]
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Description:
The Company develops, designs, manufactures, and markets systems for the connection, protection, testing, and administration of public and private telecommunications lines and networks in the United States and internationally.
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Officers:
William V. Carney (Chair); Edward B. Kornfeld (CEO & CFO); Michael A. Tancredi (SVP, Sec., Treas. & Dir.); Warren H. Esanu (Dir.); Herbert H. Feldman (Dir.); Marco M. Elser (Dir.)
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Auditor:
BDO Seidman LLP
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Securities:
Common Stock-Symbol PYTM.OB; OTC BB;
10,075,560 common shares outstanding as of August 3, 2007.
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