Lowrance to Restate Financials for Changes in the Accounting Treatment ::
2004 Form 10-K, it will again restate the quarterly information for the first September 16-18, 2008 †Los Angeles Convention Center, Los Angeles, CA
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Computer Associates will restate six years' worth of financials dating back to 2000 to account for some recently discovered irregularities, officials announced Thursday evening.
The news came at the same time the Islandia, N.Y.-based software company reported numbers below analyst expectations in its fourth quarter results for fiscal 2004.
Officials at CA were not available for comment at press time.
These transactions affect the financial statements for fiscal years 2000 through 2005; internal auditors discovered transactions ranging from 1998 to 2001 tendered by former members of the company.
Scottrade::
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CTV.ca | Nortel to make 2003 results public on Tuesday::
filing audited 2003 financials, sending the stock tumbling. Nortel again delaying financial restatements. Web Links. Nortel. User Tools. del.icio.us
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"These transactions appear not to have been negotiated on an arm's-length basis and to have no valid commercial purpose," a document filed yesterday at the Securities & Exchange Commission (SEC) noted. "In several other cases, the terms of certain license agreements were altered by side agreements that would have prevented the full recognition of related revenue until some future point."
Hybrid Networks, Inc. - Class Action Case C-98-20956 - Securities Class ::
Id. Again, Coopers signed off on Hybrids financial statements, although 93-103. As defendants concede, it is undisputed that Hybrids financials violated GAAP.
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The adjustments, according to officials, are expected to reduce revenues by $80 million to $110 million for fiscal years 2000 and 2001, while fiscal years 2002 through 2004 will see a slight revenue gain of up to $10 million to $15 million each year.
An adjusted fiscal year 2005 report, officials note, will increase revenues $7 million to $10 million. CA will re-issue financial statements for fiscal years 2000 and 2001 this summer, after it completes a re-audit of those years.
This is the second time the two years have been adjusted. In April 2004, the company restated 2000 and 2001 reports to reflect revenues improperly accounted for in the now-infamous "35-day month" practice.
The company will include the necessary adjustments to fiscal years 2002 through 2005 in its annual report to the SEC, which they expect to file in the coming weeks.
CA has been trying to put its past behind it since the 35-day month scandal first hit the company years ago. The improper revenue recognition practice led to the ouster of former CEO Sanjay Kumar and many senior executives in the company.
 No Summer Break From The RIAA
 Peter Horan, CEO, AllBusiness.com
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