Does anyone think this will have a positive impact on the stock tomorrow?
Tuesday February 18 4:22 PM EDT
RADISYS FILES 1996 FORM 10-K
REPORTS UNQUALIFIED OPINION FROM AUDITORS
HILLSBORO, Ore.--(BUSINESS WIRE)--Feb. 18, 1997-- Radisys Corp reported today that it had filed its Annual
Report on Form 10-K, which included an unqualified audit opinion from its independent accountants, Price Waterhouse LLP,
for the three years ended December 31, 1996.
Glen Myers, RadiSys Chief Executive Officer stated, "We are proud of the impressive success RadiSys has enjoyed this
year, the result of a terrific, sustained effort by our 300-employee team and great successes by our customers in their
markets. We achieved many new financial goals in 1996 as reflected in our Form 10-K."
Scott Gibson, chairman of the Company's audit committee, stated, "Because of an employment-related lawsuit by a
disgruntled former employee, some allegations in the press, and significant short selling activity, the audit committee has met
with Price Waterhouse LLP to discuss the scope of the audit and procedures performed. After reviewing the results of the
audit work performed by Price Waterhouse LLP, the audit committee is fully confident that the allegations of accounting
improprieties made in the lawsuit are completely groundless."
In response to the employee's lawsuit, the Company has stated that the individual was terminated slightly less than six months
after he joined the Company because his management style was inconsistent with the RadiSys corporate culture and was
having a negative impact on other employees.
On January 30, 1997, the Company announced record revenues for the fourth quarter and year ended December 31, 1996.
Revenues for the year ended December 31, 1996 increased 131% to $81,043,000 from $35,025,000 for 1995. Operating
income increased 574% for the year to $13,603,000. Net income for the year ended December 31, 1996 was $9,546,000
or $1.30 per share compared with $1,516,000 or $0.35 per share for 1995.
RadiSys Corporation is the leading independent supplier of embedded computer technologies used by OEMs in
manufacturing automation, telecommunications, medical equipment, transportation, test and measurement, and retail/office
automation.
For more information, contact RadiSys at info@radisys.com or World Wide Web Page: radisys.com or call the
RadiSys Investor Line at 503/615-RSYS.
For more information, press only: Cheryl Coupe, Public Relations Manager, RadiSys Corp., 503/615-1238.
CONTACT: RadiSys Corporation
Brian V. Turner
503/615-1100
brian.turner@radisys.com |
