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Technology Stocks : Citrix Systems (CTXS)
CTXS 103.900.0%Nov 2 5:00 PM EST
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To: Cogito who wrote (6039)1/19/1999 6:07:00 PM
From: Mark T. Heath  Read Replies (2) of 9068
 
Here is some reason for concern; a possible restatement:

The company noted that recent guidance published by the Securities and Exchange Commission (''SEC'') regarding write-offs
for in-process research and development have prompted the company's independent public accountants, Ernst & Young LLP,
to request that the company re-evaluate its write-offs for in-process research and development in connection with certain
transactions which occurred during the first three fiscal quarters of 1998, and before the SEC's recent guidance. The company
believes that each of its quarterly reports filed during 1998, which include write-offs for in-process research and development,
of which the two most significant write-offs were supported by independent valuations provided by Ernst & Young, LLP and
the other two were prepared using the same methodology, were made in accordance with generally accepted accounting
principles and established industry practices in effect at the time. In view of the recent guidance, however, the company is
re-evaluating the amount of prior charges for in-process research and development. The results of these re-evaluations will
likely require a retroactive adjustment to 1998 earnings and the capitalization of additional amounts to be amortized against
future earnings. The company is currently unable to quantify the amount of such adjustment.
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