Hodgins restates 2012 financials and files 2013 financials

MELFORT, SK, July 11, 2014 /CNW/ - The Corporation is pleased to announce it has filed today its 2013 audited financial statements and corresponding MD&A with the Securities Commissions.  The Corporation expects to file its First Quarter Interim Report by the end of next week following which it will apply to the Securities Commissions for a revocation of the cease trader order.

The Corporation has restated its December 31, 2012 financial statements as a result of discovering real estate sales transactions which closed 2012, but were incorrectly recorded in 2013.  The impact of this restatement is as follows:

Income Statement:

	December 31, 2012	December 31, 2012 Restated	Difference
Revenue	4,322,406	4,416,839	94,433
Direct Costs	2,951,153	2,951,159	-
Gross Margin	1,371,253	1,371,253
Expenses	2,139,814	2,139,814	-
Other Income and Impairments	115,952	115,952	-
Net Loss and Comprehensive Loss	(884,513)	(790,080)	94,333

Balance Sheet:

	December 31, 2012	December 31, 2012 Restated	Difference
Accounts Receivable	484,356	582,562	98,206
Other Current Assets
Total Current Assets	1,149,082	1,247,288	98,206
Total Assets	1,747,395	1,845,601	98,206
Account Payables	590,932	594,705	3,773
Other Current Liabilities
Total Liabilities	2,259,360	2,263,133	3,773
Share Capital	724,566	724,566
Contributed Surplus	321,049	321,049
Deficit	(1,557,580)	(1,463,147)	94,433
Total Shareholders' Equity	(511,965)	(417,532)	94,433

The restated financial statements are available for review under the Corporations profile on SEDAR at www.sedar.com

About Hodgins Auctioneers Inc.

Hodgins Auctioneers is an auction company conducting business in Western Canada.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release)

SOURCE: Hodgins Auctioneers Inc.

Grant Hodgins, CEO, 306.752.2075 or visit www.hodginsauctioneers.com