Last week EDO MBM published their 2006 accounts nearly five months late, a crimal offence under the Companies Act.
As a result financial business information firm Creditgate now list the company under a maximum risk credit rating of ZERO and colour code of RED for danger.
The 2006 accounts that were signed and ready to file in August 2007 are particularly embarassing for the company as they reveal a year end loss of (£497,000) down from the 2005 profit of £923,000- a plunge of around 150%.
A exceptional expense item (£842,000) is blamed on the closure of EDO RUGGED Ltd, a subsidiary of EDO MBM that was closed in 2006, but the cost coincides with a massive unexpected payout by the company when their high court injunction bid against anti-war protesters failed in the same year. However no mention is made of this legal cost in the accounts, while parent firm EDO Corp accounts for the same year refer to legal costs of $2.7million
http://www.thestreet.com/_googlen/stocks/manufacturing/10282244.html?cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA
In 2007 EDO MBM profits were £867,000 (but down £66,000 from 2005), with 39 fewer employees than in 2005 (down over 20%) and minus numerous directors who have resigned since Jan 2005, the latest of which was company secretary Anthony Roberts who left at the end of last December after failing to do his job of filing the 2006 accounts.
In a time of expanding genocidal war developments there is no other explanation for EDO MBM's financial disaster and loss of workers than the impact of the inspirational Smash EDO protest campaign whose commitment to their cause has demonstrated the remarkable power of direct action to get justice done where the law fails to act.
See the new film about the campaign
'On the Verge'
http://www.schnews.org.uk/schmovies/index-on-the-verge.htm
As a result financial business information firm Creditgate now list the company under a maximum risk credit rating of ZERO and colour code of RED for danger.
The 2006 accounts that were signed and ready to file in August 2007 are particularly embarassing for the company as they reveal a year end loss of (£497,000) down from the 2005 profit of £923,000- a plunge of around 150%.
A exceptional expense item (£842,000) is blamed on the closure of EDO RUGGED Ltd, a subsidiary of EDO MBM that was closed in 2006, but the cost coincides with a massive unexpected payout by the company when their high court injunction bid against anti-war protesters failed in the same year. However no mention is made of this legal cost in the accounts, while parent firm EDO Corp accounts for the same year refer to legal costs of $2.7million
http://www.thestreet.com/_googlen/stocks/manufacturing/10282244.html?cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA In 2007 EDO MBM profits were £867,000 (but down £66,000 from 2005), with 39 fewer employees than in 2005 (down over 20%) and minus numerous directors who have resigned since Jan 2005, the latest of which was company secretary Anthony Roberts who left at the end of last December after failing to do his job of filing the 2006 accounts.
In a time of expanding genocidal war developments there is no other explanation for EDO MBM's financial disaster and loss of workers than the impact of the inspirational Smash EDO protest campaign whose commitment to their cause has demonstrated the remarkable power of direct action to get justice done where the law fails to act.
See the new film about the campaign
'On the Verge'
http://www.schnews.org.uk/schmovies/index-on-the-verge.htm
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