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Technology Stocks : Asyst Technologies (ASYT) Good Value/Where is the Bottom?
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To: robert b furman who wrote (2254)6/13/2005 7:41:50 PM
From: Proud_Infidel  Read Replies (1) of 2313
 
Asyst Tech Delays Filing Annual Report
Monday June 13, 5:12 pm ET
Asyst Technologies Delays Filing Annual Report Over Accounting Errors at Japanese Venture

FREMONT, Calif. (AP) -- Semiconductor equipment maker Asyst Technologies Inc. on Monday said it would delay filing its annual report with regulators due to errors in the way its Japanese joint venture accounts for certain transactions.

The company said it is looking into certain inter-company transactions at Asyst Shinko Inc., the company's 51 percent joint venture in Japan. The company said it believes that Asyst Shinko "inaccurately recorded certain inter-company sales and costs" during fiscal 2005. As a result, Asyst said it hasn't been able to finalize its results for 2005 -- but anticipates it will file the report by June 29.

"Management has determined that material weaknesses in internal controls existed as of Mar. 31, 2005 and that internal control over financial reporting was not effective as of Mar. 31, 2005," Asyst Technologies said in a statement.

Asyst Technologies shares fell 20 cents, or 4.6 percent, to $4.08 in aftermarket activity after closing 2 cents higher on the Nasdaq.
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