WFII (nasdaq) large insider buys starting Message Board

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Technology Stocks : WFII (nasdaq) large insider buys starting

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From: bob zagorin	3/13/2007 10:07:05 AM
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Wireless Facilities may restate results Mon Mar 12, 2007 6:40 PM ET (Adds details, changes headline) March 12 (Reuters) - Wireless Facilities Inc. <WFII.O> said measurement dates for stock option grants issued between 1998 and 2003 appear incorrect and could affect previously issued financial statements. In addition, the company said due to the review it will not be able to file its 2006 annual results by a March 15 deadline. It plans to take a number of charges on continuing operations. The shares hit an all-time low at $1.80 in after-market trading. In a statement, the company said results from continuing operations would be impacted by charges related to goodwill, stock-based compensation expense restructuring and other asset impairment charges, most of which are as part of its plan to divest its international operations that had operating losses throughout 2006. The company expects a goodwill impairment charge of $18.3 million related to acquisitions made in its Enterprise Network Services segment in 2003, a $9.2 million charge related to stock-based compensation expense and a restructuring and other asset impairment charge of $3.4 million. Further, the results from discontinued operations will include losses of about $3.2 million from its European and South American operations and an estimated loss of about $5.2 million from its South American operations. Earlier this month, the provider of engineering and technical services for the wireless communication industry, agreed to sell its Europe, Middle East and Africa business. The gain on the sale will not be recorded until the first quarter of 2007. (Reporting by Hari Kumar in Bangalore)

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