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Technology Stocks : Vari-L (VARL)
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To: John J. Riley who wrote (2230)5/17/2000 11:39:00 AM
From: J Stone   of 2702
 
"In connection therewith, the independent accounting firm is evaluating the Company's internal accounting procedures, including but not limited to the Company's policies and practices concerning the capitalization of labor expense and other costs and the appropriate documentation thereof. The Company believes that such evaluation may result in further adjustments of the Company's financial statements. The amount of such adjustments, if any, cannot presently be determined by the Company."

I'll give Jon Clark the benefit of the doubt on this one. Though if more issues popup besides capitalization, I'll reconsider. I believe any decent audit firm, as part of its due diligence, should have previously analyzed VARL's methodology for capitalizing costs. Absolutely, no excuse for this to happen now. Haugen, Springer & Co. must go. Bring in 1 of the Big 5 that knows the issues facing high-tech companies.
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