Toshiba Not Reporting Audited Full-Year Financial Results at Shareholders’ Meeting
Troubled Toshiba Corporation of Tokyo, Japan, reported on May 31st that it won’t report its audited full-year financial results, as required by its company regulations, at its general meeting of share holders to be held on June 28th.
The firm reports that its full-year results – for its 178th fiscal year – are still by audited by its independent auditor, including results for its former subsidiary, Westinghouse Electric Company, and its group of companies, which has filed for Chapter 11 U.S. bankruptcy.
Toshiba stated that “completion of the auditing is expected to take some more time.” It expects to report full-year earnings at an extraordinary meeting of shareholders that it will schedule for a later date. At this meeting, it says it will explain the status of its progress in securing third-party investment in its memory-chip business.
Japan Today had previously reported that Toshiba would report a 950 billion yen ($8.4 billion) net loss for its fiscal year that ended March 31, 2017. In April, Toshiba reported a $5.9 billion loss for its latest fiscal quarter, and warned of its “ability to continue as a going concern.”
- May 2017: Report: Toshiba Corp May be Considering Bankruptcy
- April 2017: Toshiba Splitting Off Four of its Companies into Wholly Owned Subsidiaries
- April 2017: TABS CEO Reassures Clients in Wake of Toshiba Corp. Difficulties
- March 2017: Toshiba Approves Sale of Chip Business; Foxconn May be Bidder
- April 2017: Toshiba Reports $5.9 Billion Loss, Warns of Ability to Continue as Going Concern
- March 2017: Troubled Toshiba Fails to Submit Audited Third-Quarter Earnings Report