Ouch.
BOCA RATON, Fla.--(BUSINESS WIRE)--May 22, 1998--Boca Research, Inc. (NASDAQ:BOCI) today announced that it has restated its results of operations for the three months ended March 31, 1998 and balance sheet at March 31, 1998 to record a $856,000 increase to cost of goods sold and a corresponding increase to accounts payable. The adjustment is due to an error in recording $856,000 of the inventory returned to a vendor as discussed below.
Boca also restated its balance sheet at March 31, 1998 to record a $2.8 million increase to inventory and accounts payable relating to inventory recorded as returned to a vendor during the quarter, but not actually delivered to the common carrier until April 1, 1998.
Boca had previously reported a net loss of $2.6 million, or ($0.30) per share which is being restated to a net loss of $3.5 million, or ($0.40) per share. Additionally, gross profit (loss) was adjusted from $706,000 to ($150,000).
Boca will be amending its Current Report on Form 10-Q for the quarter ended March 31, 1998 previously filed with the Securities and Exchange Commission to reflect this restatement.
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