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Author: badsin Big gold star, 5000 posts Old School Fool Home Fool Global Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 12  
Subject: Cohesion's coming unstuck Date: 3/31/2002 2:41 AM
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'Cohesion Technologies Inc. (CSON) auditor Ernst & Young LLP said it has doubts the company can remain a going concern, according to a form filed Friday with the Securities and Exchange Commission.

Ernst & Young cited Cohesion Technologies' historical annual operating losses that exceed its financial resources.

The accounting firm issued the opinion in its audit report included with Cohesion Technologies' transition report for the period between July 1 and Dec. 31, 2001.

Cohesion Technologies reported in February that it lost 75 cents a share in 2001, compared with a loss of 73 cents a share in 2000.

In the Form 10-K transition filed Friday, the company said recent Food and Drug Administration approval of its CoSeal surgical sealant will boost revenue in 2002, which it expects will cut its operating loss. Cohesion Technologies said in February it expects an operating loss of $17 million to $20 million in 2002.

The filing also said the company implemented restructuring plans in 2001 that are expected to cut research and development and other expenses.

The company's management believes it has sufficient resources to meet operating needs for six to 12 months and will seek additional funding, according to the filing.'

-Christopher Scinta; Dow Jones Newswires; 202-628-7699

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