Aixtron restates accounts as prepares U.S. listing
Fri Dec 24, 2004 05:09 AM ET
FRANKFURT, Dec 24 (Reuters) - German semiconductor equipment maker Aixtron (AIXG.DE: Quote, Profile, Research) has restated its accounts for the past three years according to new U.S. stockmarket rules as it prepares to list shares in New York, it said late on Thursday.
Aixtron, which is in the process of taking over U.S. peer Genus (GGNS.O: Quote, Profile, Research) , plans to list shares it uses to pay for the acquisition on the Nasdaq stock exchange.
This listing requires the company, whose clients include telecoms equipment makers Lucent (LU.N: Quote, Profile, Research) and Nortel (NT.TO: Quote, Profile, Research) , mobile phone makers Samsung (005930.KS: Quote, Profile, Research) and Siemens (SIEGn.DE: Quote, Profile, Research) , to apply more restrictive rules in revenue accounting, it said.
The rules were introduced by the Securities and Exchange Commission, the U.S. stockmarket watchdog.
Aixtron, which already reports under U.S. GAAP, has so far recognised revenues as soon as its products were delivered. Now it has to wait until clients have confirmed their proper delivery and installation under the SEC rules, it said.
The effect of the changes on last year's result was that revenues were 1 percent lower than previously reported, at 90.4 million euros ($121.6 million) instead of 91.3 million, Aixtron said. In 2002 and 2001, revenues were also revised down by about 1 percent.
Restated operating losses for 2003 were also smaller than initially reported, by 8 percent, at 26.6 million euros. Net losses are restated at 17.8 million euros, 7 percent less than before.
Aixtron is offering Genus shareholders 0.51 of its planned U.S. listed shares for every Genus share in its all-stock bid, which is still pending as some Aixtron shareholders are trying to block it in court.
On the basis of Aixtron's closing price of 3.10 euro on Thursday, the offer was worth 62.9 million euros, or $2.14 per Genus share.
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