ACPW » Topics » General and administrative

These excerpts taken from the ACPW 10-K filed Mar 4, 2010.

General and administrative

General and administrative expense is primarily comprised of compensation and related costs for executive and administrative personnel, professional fees, taxes, and the allowance for doubtful accounts expense. The following table summarizes for the periods indicated, a year-over-year comparison of our selling, general and administrative expense (in thousands):

 

Year

   Annual Amount    Change from
Prior Year
    Percent
Change
 

2009

   $ 4,592    $ (527   (10 )% 

2008

     5,119      (2,741   (35 )% 

2007

     7,860      —        —     

The decrease in general and administrative expense from 2008 to 2009 reflects lower expenses for executive incentive compensation and lower bad debt allowances in 2009. These lower expenses were offset by higher professional fees incurred in connection with the private placement of securities that we made in the second quarter of 2009 and with the employee stock option exchange program that we completed in the third quarter of 2009. General and administrative expense included approximately $0.7 million and $0.6 million of stock-based compensation for 2008 and 2009, respectively. We anticipate that the level of general and administrative expenses in 2010 should remain at similar absolute levels to those in 2009.

General and administrative

The decrease in general and administrative expense from 2007 to 2008 was primarily attributable to the absence of $2.9 million in expenses incurred in 2007 related to an investigation into our historical stock option granting procedures that resulted in restatement of prior year financials.

These excerpts taken from the ACPW 10-K filed Oct 28, 2009.

General and administrative

General and administrative expense is primarily comprised of compensation and related costs for executive and administrative personnel, professional fees, taxes, and the allowance for doubtful accounts expense. The following table summarizes for the periods indicated, a year-over-year comparison of our selling, general and administrative expense (in thousands):

 

Year

   Annual Amount    Change from
Prior Year
    Percent
Change
 

2008

   $ 5,119    $ (2,741   (35 )% 

2007

     7,860      610      8

2006

     7,250      —        —     

The decrease in general and administrative expense from 2007 to 2008 was primarily attributable to the absence of $2.9 million in expenses incurred in 2007 related to an investigation into our historical stock option granting procedures that resulted in restatement of prior year financials. We are currently in the process of negotiating to settle outstanding tax matters resulting from the option investigation with the Internal Revenue Service and do not anticipate any further expenses from this investigation. We anticipate that the level of general and administrative expenses in 2009 should remain at similar absolute levels to those in 2008.

 

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Table of Contents

General and administrative

The increase in general and administrative expense from 2006 to 2007 was primarily attributable to $2.9 million in expenses related to an investigation into our historical stock option granting procedures that resulted in restatement of prior year financial statements. Absent these expenses, our general and administrative expenses would have been 32% lower than 2006, reflecting our efforts to control costs and headcount and the resolution of our prior legal issues resulting in lower legal expenses.

These excerpts taken from the ACPW 10-K filed Mar 3, 2009.

General and administrative

General and administrative expense is primarily comprised of compensation and related costs for executive and administrative personnel, professional fees, taxes, and the allowance for doubtful accounts expense. The following table summarizes for the periods indicated, a year-over-year comparison of our selling, general and administrative expense (in thousands):

 

Year

   Annual Amount    Change from
Prior Year
    Percent
Change
 

2008

   $ 5,119    $ (2,741 )   (35 )%

2007

     7,860      610     8 %

2006

     7,250      —        

 

33


Table of Contents

The decrease in general and administrative expense from 2007 to 2008 was primarily attributable to the absence of $2.9 million in expenses incurred in 2007 related to an investigation into our historical stock option granting procedures that resulted in restatement of prior year financials. We are currently in the process of negotiating to settle outstanding tax matters resulting from the option investigation with the Internal Revenue Service and do not anticipate any further expenses from this investigation. We anticipate that the level of general and administrative expenses in 2009 should remain at similar absolute levels to those in 2008.

General and administrative

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">General and administrative expense is primarily comprised of compensation and related costs for executive and administrative personnel, professional fees,
taxes, and the allowance for doubtful accounts expense. The following table summarizes for the periods indicated, a year-over-year comparison of our selling, general and administrative expense (in thousands):

STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> 






























































Year

  Annual Amount  Change from
Prior Year
  Percent
Change
 

2008

  $5,119  $(2,741) (35)%

2007

   7,860   610  8%

2006

   7,250   —     

 


33







Table of Contents


The decrease in general and administrative expense from 2007 to 2008 was primarily attributable to the
absence of $2.9 million in expenses incurred in 2007 related to an investigation into our historical stock option granting procedures that resulted in restatement of prior year financials. We are currently in the process of negotiating to settle
outstanding tax matters resulting from the option investigation with the Internal Revenue Service and do not anticipate any further expenses from this investigation. We anticipate that the level of general and administrative expenses in 2009 should
remain at similar absolute levels to those in 2008.

General and administrative

The increase in general and administrative expense from 2006 to 2007 was primarily attributable to $2.9 million in expenses related to an investigation into our historical stock option granting procedures that resulted in restatement of prior year financial statements. Absent these expenses, our general and administrative expenses would have been 32% lower than 2006, reflecting our efforts to control costs and headcount and the resolution of our prior legal issues resulting in lower legal expenses.

These excerpts taken from the ACPW 10-K filed Feb 29, 2008.

General and administrative

The increase in selling, general and administrative expense from 2005 to 2006 was primarily attributable to $1.4 million of stock-based compensation expense that we began recording in 2006, and from $723,000 of higher legal fees in connection with the Greenwich litigation. These increases were offset by a decrease in the change in our allowance for doubtful accounts expense of $1.2 million compared to 2005, and lower salaries due to lower headcount.

General and administrative

STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%">The increase in selling, general and administrative expense from 2005 to 2006 was primarily attributable to $1.4 million of stock-based compensation
expense that we began recording in 2006, and from $723,000 of higher legal fees in connection with the Greenwich litigation. These increases were offset by a decrease in the change in our allowance for doubtful accounts expense of $1.2 million
compared to 2005, and lower salaries due to lower headcount.

This excerpt taken from the ACPW 10-K filed May 14, 2007.

General and administrative

The increase in general and administrative expense from 2004 to 2005 was primarily attributable to an increase in our allowance for doubtful accounts of $1.2 million that we made in the fourth quarter of 2005 because of collection difficulties with a foreign customer. We were able to offset these higher costs by lowering other administrative expenses in 2005 compared to 2004, particularly with regard to compliance costs of the Sarbanes-Oxley Act, insurance expenses, and legal fees related to the Magnex lawsuit.

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