WAYNE, Pa., Nov. 14 /PRNewswire-FirstCall/ -- Millstream II Acquisition Corporation (BULLETIN BOARD: MSMA, MSMAW, MSMAU) announced today that the company has filed unaudited restated interim financial statements for the quarter ended March 31, 2006 and the quarter and six-month period ended June 30, 2006 and its amended management report for the same periods. While reviewing the third quarter interim financial statements, it was determined that a legal retainer billed and expensed in the first quarter was subsequently determined to consist of both expense and deferred items relating to both the first and second quarters when the related support was received from the law firm in the third quarter.
The effect of this change to the unaudited interim net income and earnings per share is as follows:
For the period ended March 31, 2006:
Period from September 24, 2004
Quarter Ended March 31, 2006 (inception) to March 31, 2006
As Reported As Amended As Reported As Amended
Net income $11,963 $68,388 $70,570 $126,995
Earnings per share $0.00 $0.01 $0.01 $0.03
For the period ended June 30, 2006:
Quarter Ended Six Months Ended
June 30, 2006 June 30, 2006
As Reported As Amended As Reported As Amended
Net income $76,625 $85,081 $88,588 $153,469
Earnings
per share $0.01 $0.02 $0.02 $0.03
Period from
September 24, 2004
(inception) to June 30, 2006
As Reported As Amended
Net income $147,195 $212,076
Earnings per share $0.03 $0.04
ABOUT MILLSTREAM II
Millstream II, based in Wayne, Pennsylvania, was incorporated in September 2004 to acquire an operating business in North America. Millstream II's initial public offering became effective December 17, 2004 and was consummated on December 23, 2004. In its initial public offering Millstream II received net proceeds of $27.6 million through the sale of 4.6 million units at $6.00 per unit. Each unit was comprised of one share of Millstream II common stock and two warrants, each with an exercise price of $5.00 per share. As of September 30, 2006, Millstream II held approximately $25.0 million in a trust account maintained by an independent trustee, which will be released upon the consummation of a business combination.
The audited and unaudited financial statements of Millstream II can be found on the Securities and Exchange Commission Web site (http://www.sec.gov/) within Millstream II's 10-KSB and 10-QSB filings for the relevant periods.
