Early Tech Stocks in Motion
EDS (EDS) informed the Securities and Exchange Commission that it will need a 15-day extension to complete its annual report as it reviews its financial controls. The request came jointly from the company and its auditors. EDS said that while it's still study its accounting and reporting systems and can't predict the outcome, it doesn't believe the review will impact its previously reported earnings. On Feb. 7, EDS posted fourth-quarter operating earnings of 25 cents a share on revenue of $5.25 billion.
Lexar Media (LEXR) previewed a major fourth-quarter revenue shortfall Wednesday night and said it would need additional time to complete its annual report for the Securities and Exchange Commission. The memory company said it expects to report fourth-quarter revenue of $185 million to $190 million and a loss of $60 million to $65 million. Analysts surveyed by Thomson First Call were expecting revenue of $256.7 million in the quarter. Lexar also said it is evaluating deficiencies in its internal controls over financial reporting identified by management. The company is also completing the accounting for a previously announced decision to record revenue from all retail customers on a sell-through basis rather than from certain retail customers on a sell-to basis.
OpenTV (OPTV) said its fourth-quarter loss narrowed to $6.3 million, or 5 cents a share, from $12.9 million, or 11 cents a share, last year. Revenue rose 50% from a year ago to $24.1 million. Analysts had been forecasting a loss of 3 cents a share on revenue of $19.9 million. OpenTV also said its annual review of financial reporting for 2004 found a "material weakness" in its internal controls. KPMG, its auditor, still issued an unqualified report on its financial statements for the year. The company said it began to address and remediate the problems during the first quarter.
Amylin Pharmaceuticals (AMLN) said its Symlin injection was cleared for marketing by the Food and Drug Administration in conjunction with insulin to treat diabetes. The company expects to have Symlin commercially available in 90 days. The drug is designed for patients who struggle to achieve blood sugar levels even with insulin therapy. Clinical studies in support of the application showed a self-administered Symlin injection before meals helped patients achieve lower blood glucose levels after meals and better long-term glucose control. Amylin has twice before had its application for Symlin turned back by the FDA seeking more information. It most recently re-submitted its application in September.aaiPharma (AAII) said late Wednesday that it failed to file its annual report with the Securities and Exchange Commission on time and isn't sure if it will be able to before March 31. The company said the delay puts it out of compliance with Nasdaq rules and could result in its delisting. The company said it notified Nasdaq of its violation and requested that its stock be permitted to continue to be listed on the market if the company files its 2004 Form 10-K by April 30, 2005.
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