F5 Files Quarterly and Annual Financial Statements
Press Release Source: F5 Networks
Thursday December 14, 9:15 am ET
SEATTLE--(BUSINESS WIRE)--F5 Networks, Inc. (Nasdaq:FFIV - News) today reported that it has filed restated quarterly and annual financial statements with the Securities and Exchange Commission ("SEC") for the periods impacted by historical stock option grant practices. F5 is now current with all financial filing requirements.
A Special Committee of F5's Board of Directors, assisted by independent legal counsel and accounting experts, conducted a review of the Company's practices relating to the granting of stock options and reported its findings to the Board. These findings have been reviewed and unanimously adopted by the Board of Directors.
The Company's restated consolidated financial statements reflect a decrease in net income of approximately $23.5 million for the periods 1999 through 2005 and a net decrease in total shareholders' equity of $4.0 million. Based on the Special Committee's findings, the Company has adopted and is implementing a number of remedial measures designed to improve its policies, controls, processes and procedures relating to the granting and modification of stock-based compensation and will provide additional training for personnel responsible for administration on the Company's equity compensation plans.
F5 has filed the following reports with the SEC: an amended Form 10-K for its fiscal year ended September 30, 2005; an amended Form 10-Q for the first quarter of fiscal year 2006 ended December 31, 2005; an amended Form 10-Q for the second quarter of fiscal year 2006 ended March 31, 2006; a Form 10-Q for the third quarter of fiscal year 2006 ended June 30, 2006; and a Form 10-K for the fiscal year ended September 30, 2006.
Further information regarding the restatement, the results of the review, and related matters is included in the amended filings, available at sec.gov
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