Rambus Inc. (RMBS) Revenue Falls 5 Percent
Memory chip maker Rambus Inc. said Thursday second-quarter revenue fell 5 percent to $47.5 million from the previous quarter, missing analysts' estimates.
The company added that it won't release complete second-quarter earnings by the Aug. 9 deadline because it has not yet finished restating some past financial reports related to its ongoing investigation of historical employee stock options grants.
Rambus is one of scores of companies that have launched internal probes over possible backdating of stock option grants. In October, Rambus said it discovered some of its past stock option grants were incorrectly dated or accounted for.
The company also said it is highly likely that it had "one or more material weakness in internal control over financial reporting as of December 31, 2006." That means there were deficiencies that result in "more than a remote likelihood" that material misstatements in financial reporting were not detected, it said.
Rambus expects to file its annual financial report for 2006 during the third quarter.
Analysts polled by Thomson Financial, on average, expected revenue of $48.6 million for the second quarter.
The company added that it won't release complete second-quarter earnings by the Aug. 9 deadline because it has not yet finished restating some past financial reports related to its ongoing investigation of historical employee stock options grants.
Rambus is one of scores of companies that have launched internal probes over possible backdating of stock option grants. In October, Rambus said it discovered some of its past stock option grants were incorrectly dated or accounted for.
The company also said it is highly likely that it had "one or more material weakness in internal control over financial reporting as of December 31, 2006." That means there were deficiencies that result in "more than a remote likelihood" that material misstatements in financial reporting were not detected, it said.
Rambus expects to file its annual financial report for 2006 during the third quarter.
Analysts polled by Thomson Financial, on average, expected revenue of $48.6 million for the second quarter.
Labels: Rambus Inc., RMBS
posted by Stock Administrator @ 7:08 PM
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