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Guru3D.com » News » OCZ Technology Group Updates Investors on Restatement Progress

OCZ Technology Group Updates Investors on Restatement Progress

by Hilbert Hagedoorn on: 07/03/2013 08:35 AM | source: | 16 comment(s)
OCZ Technology Group Updates Investors on Restatement Progress

OCZ is updating investors on its restatement process. "We know that our restatement efforts are top of mind for all investors. This process has taken longer than we expected due to a number of items. Complexity of the transactions, as well as resource issues, were the main drivers for the additional time needed. It seems that OCZ finally is clearing deep waters.

 Rafael Torres, our new CFO, joined us in late March with significant restatement experience and has filled key financial leadership positions and improved the technical depth of the finance organization," stated Ralph Schmitt, CEO of OCZ Technology. "Through these improvements, we have implemented a more rigorous review process that has also resulted in the identification of additional restatement items that have taken some time to review, document and conclude on. Taking these items into account, we believe that we are on track to becoming current with our SEC filings before the end of August."
As previously disclosed, on December 17, 2012, the Audit Committee of OCZ Technology Group, Inc. concluded that the Company should restate its previously-issued consolidated financial statements for fiscal year 2012 and the first quarter of fiscal 2013. In the course of its restatement work for these periods, the Company identified two misclassification items in its previously-issued consolidated financial statements for fiscal years 2009, 2010 and 2011. These items include: 1) the recording of certain previously-expensed manufacturing and freight costs that should have been capitalized in inventory and recorded in cost of goods sold upon shipment, and 2) the classification of certain customer incentive program credits as operating expenses that should have been recorded as an offset to reported net revenue. The aggregate impact of these items on the Company's previously-reported net income or loss for these periods is expected to be de minimis, although gross profit levels will be reduced from amounts previously-reported. We believe the impact to periods prior to 2012 will be isolated to these two items, though we have not yet completed our restatement work. 

The impact of all adjustments made during the restatement process will be disclosed in more detail in the Company's restated financial statements, which will be provided as soon as practicable. Until the restatements are released, in addition to the financial statements for the periods referenced in the paragraph above, related press releases and shareholder communications describing the results reported in these financial statements should no longer be relied upon.







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hallryu
Don Altobello



Posts: 11387
Joined: 2007-07-29

#4630283 Posted on: 08/02/2013 01:18 AM
Honours degrees in Engineering and Law here. Didn't bother with the masters Law course I had planned because of the fees!

lmimmfn
Senior Member



Posts: 10474
Joined: 2006-03-21

#4630287 Posted on: 08/02/2013 01:23 AM
Honours degree in Computer Science here

slick3
Senior Member



Posts: 1865
Joined: 2010-08-28

#4630316 Posted on: 08/02/2013 02:41 AM
-Major in Anthropology.
-Minor in Sociology.

scoter man1
Senior Member



Posts: 4861
Joined: 2008-12-09

#4630382 Posted on: 08/02/2013 05:27 AM
I'm either going to major in Computer Engineering, Computer Science, or possibly do a double major in Electrical Engineering and Computer Science (EECS). Probably will end up doing Computer Engineering unless I see a reason to do EECS

Chillin
Senior Member



Posts: 6814
Joined: 2006-01-18

#4630389 Posted on: 08/02/2013 05:51 AM
....

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