Greenstone Roberts Attributes Loss to Litigation Charge

Share this content:
Greenstone Roberts Advertising Inc. reported a net loss of $1.1 million for the fiscal year ended Oct. 31, compared with a net income of $53,828 for fiscal 1996. The company blamed the loss on a noncash charge taken to establish a provision for a loss on a litigation claim for $796,167, but the company also reported that revenues dropped 20.6 percent. Revenues for the year were $7.1 million, compared with $9 million for 1996. ìWe have taken this provision because while we are aggressively pursuing our claim and believe we will be successful on its merits, we are concerned about the financial viability of this past client,î chairman Ronald Greenstone said.

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here