From release:
To date, the Company has not received a comment letter,
and believes its periodic reports filed in fiscal 1998, which includes charges
for IPR&D costs for the acquisition transactions completed by the Company,
were made in accordance with generally accepted accounting principles and
established industry practices at the tkme and were supported by independent
valuations by Arthur Andersen, LLP.
In response to the SEC's announced new guidelines, Open Market has decided
to proactively move to the new valuation methodology for its 1998 transaction.
Therefore, financial results for the periods extending back to the quarter
ended June 30, 1998 have been restated, resulting in changes to charges for
acquired IPR&D and intangible assets, including related amortization for
affected periods. These restatements involve only non-cash charges, have no
effect on the Company's operating earnings excluding acquired IPR&D and
amortization of intangible assets, and have no effect on the financial
condition of Open Market.
It states OMKT never got a letter, they were not "forced" to do this, it was a proactive move by mgmt. Maybe I'm missing something, but that's what I want a mgmt team to do....find a potential problem and fix it, be fore it gets to be a problem.
John |
