Azure Dynamics Adopts International Financial Reporting Standards
Azure Dynamics Corp. (OTC: AZDDF), the Oak Park hybrid and electric truck powetrain developer, said Tuesday that it plans to release its first quarter 2011 earnings on Tuesday, June 14 after the financial markets close.
Azure Dynamics will report its first quarter 2011 results for the first time under International Financial Reporting Standards, which replaces Canadian Generally Accepted Accounting Principles effective last Jan. 1 for all publicly accountable enterprises in Canada. (Azure was founded in Canada and its stock still trades on the Canadian exchange.)
A conference call is scheduled for 50 p.m. Eastern time the same day. Interested listeners can access the call toll free at (877) 407-4134 and should call in at least 15 minutes before start time. Participants from outside North America can participate in the call by dialing (201) 689-8430.
The company anticipates that the adoption of IFRS will not have an impact on the company's strategy or operations. However, certain elements of the Consolidated Statement of Financial Position and results of operations will be determined differently from those that were previously reported under Canadian GAAP. The CSA granted a 30-day extension to those issuers filing their first IFRS interim financial report, which means companies will have until June 14, 2011 to report results for the three-month period ended March 31, 2011.
Azure's earnings release and an accompanying presentation will be posted to the Company's website, www.azuredynamics.com, immediately prior to the call. For those unable to participate in the live conference, a call replay will be posted on Azure's website following the call no later than June 15.
