Wednesday, March 04, 2015
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Google Says Android Lollipop Does Not Encrypt Data Due To Performance Issues
Apple To Release Fix For Freak Security Bug
Mozilla Brings Native Games to the Web
AMD Enters The Virtual Reality market With Liquid VR
SanDisk Creates New Storage Category With InfiniFlash All-Flash Storage System
HyperX Releases FURY And High-capacity Predator DDR4 Kits
ARM Announces Enlighten 3 Engine
Samsung Lost Top Position to Apple in Q4's Global Smartphone Market
Active Discussions
Need serious help!!!!
burning
nvidia 6200 review
Hello
Burning Multimedia in track 0
I'm lazy. Please help.
sanyo e6 camera
need help on some cd burning...
 Home > News > General Computing > OCZ Con...
Last 7 Days News : SU MO TU WE TH FR SA All News

Wednesday, July 03, 2013
OCZ Continues Its Restatement Process


OCZ Technology Group is in progress of restating its previously-issued consolidated financial statements for fiscal year 2012 and the first quarter of fiscal 2013, and hopes to become current with oits SEC filings before the end of August.

OCZ had failed comply with NASDAQ listing rules as the company was not current in its periodic report filings with the Securities and Exchange Commission.

"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. 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."

Late last year, 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, OCZ said it 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. OCZ believes the impact to periods prior to 2012 will be isolated to these two items.

OCZ will disclose the impact of all adjustments made during the restatement process in the company's restated financial statements, which will be provided "as soon as practicable."


Previous
Next
Mitsubishi Develops Searchable Encryption Platform Software        All News        Ubisoft Warns of Database Breach
Mitsubishi Develops Searchable Encryption Platform Software     General Computing News      Samsung To Invest $4.5B In New R&D Hubs

Get RSS feed Easy Print E-Mail this Message

Related News
OCZ to Unveil New JetExpress SSD Controller at CES 2015
OCZ Introduces New Saber 1000 Series SATA SSDs For Enterprises
New OCZ Vertex 460A Comes Armed With 19nm NAND
OCZ Releases The More Affordable ARC 100 SSD Series
OCZ Storage Solutions Launches New ZD-XL SQL Accelerator
OCZ Vector 180 SSD Appears At Computex
OCZ Storage Solutions Unveils Latest Vector SSD at Computex 2014
OCZ and Panorama Software To Offer Real-time Big Data Analytics
OCZ Launches the RevoDrive 350 PCIe SSD
OCZ Storage Solutions Addresses Big Data at CeBIT 2014
OCZ Launches New Z-Drive 4500 PCIe SSD Series with Windows Accelerator Software
FirePower Buys Power Supply Assets of OCZ

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2015 - All rights reserved -
Privacy policy - Contact Us .