Cyanotech to Restate Financial Statements
2006年12月2日 - 6:30AM
ビジネスワイヤ(英語)
Cyanotech Corporation (Nasdaq:CYAND) announced today that it has
determined to restate certain of its previously issued financial
statements. The restatement will include amounts correcting the
Company�s results for historical treatment of certain inventory
related costs. Additionally, the Company has identified certain
minor out-of-period items relating to recording Hawaii state tax
credits and accruing interest, which will also be recorded in the
appropriate periods in the restated consolidated financial
statements. Further, the Company will also reclassify certain
certificates of deposit from cash to investments in conjunction
with the restatement. The Company identified the matter during the
ordinary course of reviewing the Company�s financial results for
the first quarter of fiscal year 2007. This was in conjunction with
the Company�s previously disclosed intent to adopt Statement of
Financial Accounting Standards No. 151 for the first quarter of
fiscal year 2007. The financial statements expected to be restated
are the consolidated balance sheets as of March 31, 2006 and 2005
and the consolidated statements of operations, stockholders� equity
and comprehensive income (loss), and cash flows for each of the
years in the three year period ended March 31, 2006. This includes
the Company�s unaudited quarterly financial statements during these
years. The Company said that these consolidated financial
statements, as filed, contain errors and should therefore not be
relied upon. The related auditor reports of KPMG LLP, the Company�s
independent registered public accounting firm, with respect to
these consolidated financial statements should also no longer be
relied upon. The Company has informed its secured credit facility
administrator of its intention to restate its financial statements
and of its failure to submit its quarterly financial statements
timely for the first and second quarters of fiscal year 2007. The
Company also requested and has obtained waiver of debt covenants
that may not be in compliance as a result of restating previously
issued financial statements and waiver as related to untimely
submission of its quarterly financial statements for the first and
second quarters of fiscal year 2007. The Company said that
following completion of its work and that of its independent
registered public accounting firm, restatement of the Company�s
financial results will be effected as soon as practicable by the
filing of a Form 10-K/A. Cyanotech Corporation (Nasdaq:CYAND)
announced today that it has determined to restate certain of its
previously issued financial statements. The restatement will
include amounts correcting the Company's results for historical
treatment of certain inventory related costs. Additionally, the
Company has identified certain minor out-of-period items relating
to recording Hawaii state tax credits and accruing interest, which
will also be recorded in the appropriate periods in the restated
consolidated financial statements. Further, the Company will also
reclassify certain certificates of deposit from cash to investments
in conjunction with the restatement. The Company identified the
matter during the ordinary course of reviewing the Company's
financial results for the first quarter of fiscal year 2007. This
was in conjunction with the Company's previously disclosed intent
to adopt Statement of Financial Accounting Standards No. 151 for
the first quarter of fiscal year 2007. The financial statements
expected to be restated are the consolidated balance sheets as of
March 31, 2006 and 2005 and the consolidated statements of
operations, stockholders' equity and comprehensive income (loss),
and cash flows for each of the years in the three year period ended
March 31, 2006. This includes the Company's unaudited quarterly
financial statements during these years. The Company said that
these consolidated financial statements, as filed, contain errors
and should therefore not be relied upon. The related auditor
reports of KPMG LLP, the Company's independent registered public
accounting firm, with respect to these consolidated financial
statements should also no longer be relied upon. The Company has
informed its secured credit facility administrator of its intention
to restate its financial statements and of its failure to submit
its quarterly financial statements timely for the first and second
quarters of fiscal year 2007. The Company also requested and has
obtained waiver of debt covenants that may not be in compliance as
a result of restating previously issued financial statements and
waiver as related to untimely submission of its quarterly financial
statements for the first and second quarters of fiscal year 2007.
The Company said that following completion of its work and that of
its independent registered public accounting firm, restatement of
the Company's financial results will be effected as soon as
practicable by the filing of a Form 10-K/A.
Cyanotech (MM) (NASDAQ:CYAND)
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