IXYS Discovers Bookkeeping Errors Resulting in an Inventory Overstatement
Tuesday May 13, 10:32 pm ET
Plans to Restate Nine Months Ended December 31, 2002
SANTA CLARA, Calif.--(BUSINESS WIRE)--May 13, 2003--During the process of conducting its annual audit for the fiscal year ended March 31, 2003, IXYS Corporation (NASDAQ:SYXI - News) has identified bookkeeping errors in its accounting that resulted in the overstatement of inventories during the nine months ended December 31, 2002.
The amount of the adjustment to correct the bookkeeping errors as of December 31, 2002 was $4.1 million. IXYS plans to restate its financial statements for each of the fiscal quarters during the nine months ended December 31, 2002. The booking of the adjustment will increase IXYS's net loss for the nine months ended December 31, 2002. In connection with its ongoing audit, IXYS is continuing to review its accounting relating to inventories and other accounts.
IXYS develops and markets primarily high performance power semiconductors and control ICs that are used in controlling and converting electrical power efficiently in power systems for telecommunication infrastructure, motor drives, medical systems and transportation. IXYS also serves emerging markets with digital and analog integrated circuits that control flat panel displays, medical instruments and telecommunication products. |
