GSI Group will restate financial results for 2007
GSI Group Inc. of Bedford said that it will restate financial results for 2007.
GSI Group, a supplier of precision technology and semiconductor systems, said that it has identified "revenue recognition errors related to the incorrect timing in the recognition of revenue from multi-element sales transactions to certain customers in its semiconductor systems segment during 2007."
The company added in a press release that its audit committee "has determined that GSI Group's previously issued interim and annual historical financial statements for 2007 should no longer be relied upon."
"Based on the current status of the audit committee's review," GSI said, "the company disclosed that it does not currently expect that its cash position will be materially impacted by the correction of these accounting errors."
GSI Group said its audit committee is continuing its review of transactions in its Semiconductor Systems Segment and other sales transactions that contain arrangements with multiple deliverables for 2007 and 2008 and has expanded the scope of its review to include fiscal year 2006; that review is ongoing, and "additional adjustments to GSI Group's historical financial statements may be required as a result of the review."
To read the press release, please click here.
(By Chris Reidy, Globe staff)