Answerthink Comments on Investment In Bank of America Strategic Cash Portfolio
18 12์ 2007 - 10:30PM
Business Wire
Answerthink, Inc. (NASDAQ: ANSR) commented today on its $8.2
million investment in Bank of America๏ฟฝs Strategic Cash Portfolio
(the ๏ฟฝFund๏ฟฝ). On Friday, December 7, 2007, the Fund was closed to
new investors, and on Monday, December 10, 2007, Bank of America
informed Answerthink that the Fund would be liquidated. Given
Answerthink๏ฟฝs substantial available cash balances which totaled
over $25 million as of the end of its last fiscal quarter,
Answerthink does not believe that the Fund๏ฟฝs liquidation plans will
have any material impact on its operating plans. Answerthink
currrently estimates its year-end cash balances, excluding its
investment in the Fund, to be in the range of $15-20 million.
Answerthink has been an investor in the Fund since 2003, using it
as one of its various AAA-rated money market oriented investment
alternatives. Bank of America informed Answerthink that it expects
to liquidate approximately 90% of the Fund in the first six months
of 2008, with the balance to be liquidated by the end of 2008 or
early 2009. Bank of America has given Answerthink the option of
maintaining its investment while the Fund is liquidated or taking a
like-kind distribution of the underlying assets of the Fund. The
Company currently believes that keeping the underlying assets with
Bank of America will optimize the value of its investment. Based on
the latest information received from Bank of America, each share in
the Fund is valued at $.99 of par value with par value representing
$1.00. At this valuation, Answerthink๏ฟฝs investment in the Fund has
experienced an unrealized investment loss of approximately $80,000.
Answerthink believes that this valuation is benefiting from a
reported cash infusion by Bank of America. The Company is closely
monitoring the value of the underlying assets in the Fund, and will
continue to evaluate the status and value of its investment in the
Fund until the Fund assets are fully liquidated. About Answerthink
Answerthink, Inc. (www.answerthink.com) is a leading business and
technology consulting firm that enables companies to achieve
world-class business performance. By leveraging the comprehensive
database of The Hackett Group, Answerthink's business and
technology solutions help clients significantly improve performance
and maximize returns on technology investments. Answerthink's
capabilities include benchmarking, business transformation,
business applications, business intelligence, and offshore
application development and support. Founded in 1997, Answerthink
has offices throughout the United States and in Europe and India.
This press release contains ๏ฟฝforward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 and
involve known and unknown risks, uncertainties and other factors
that may cause Answerthink's actual results, performance or
achievements to be materially different from the results,
performance or achievements expressed or implied by the
forward-looking statements. Factors that impact such
forward-looking statements include, among others, the ultimate
amount of our unrealized investment loss, the ability of Bank of
America to liquidate the Fund, the ultimate per share value of the
Fund, the timing and amount of the proceeds distributed to us from
the Fund, the availability of other cash and cash equivalents to
meet our liquidity and operating needs our ability to generate
sufficient cash flow to meet cash balance estimates, the ability of
the products, services, or practices mentioned in this release to
deliver the desired effect, our ability to effectively integrate
acquisitions into our operations, our ability to attract additional
business, our ability to effectively market and sell our product
offerings and other services, the timing of projects and the
potential for contract cancellations by our customers, changes in
expectations regarding the information technology industry, our
ability to attract and retain skilled employees, possible changes
in collections of accounts receivable, risks of competition, price
and margin trends, foreign currency fluctuations, changes in
general economic conditions and interest rates as well as other
risks detailed in the Company's Annual Report on Form 10-K for the
fiscal year ended December 29, 2006 filed with the Securities and
Exchange Commission. We undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.
Answerthink (NASDAQ:ANSR)
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