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SHANGHAI, China, March 31, 2014 (GLOBE NEWSWIRE) -- Montage Technology Group Limited (Nasdaq:MONT) ("Montage Technology" or "Montage" or the "Company"), a global fabless provider of analog and mixed-signal semiconductor solutions addressing the home entertainment and cloud computing markets, today announced that it has filed a Form 12b-25 notification of late filing for its Annual Report on Form 10-K for the year ended December 31, 2013.
Form 12b-25 Notification of Late Filing for 2013 10-K.
In its 12b-25 Notification of Late Filing, the Company indicated that its Form 10-K cannot be finalized until the completion of the audit committee's review of allegations contained in reports issued by Gravity Research and the completion of the audit of the Company's financial statements for the year ended December 31, 2013. As previously announced, the audit committee appointed the law firm of Jones Day to conduct an independent review of the reports' allegations and related matters.
Based on the audit committee's review to date with the assistance of its outside advisors, the Company does not believe that the allegations regarding the integrity of the Company's financial statements have merit. The audit committee has not yet completed its work nor reached final conclusions, and therefore no final conclusions can be made until the completion of the ongoing review.
As a result, the Company does not currently anticipate any changes to its previously reported financial results. The Company continues to expect to report total revenue for 2013 of $110.9 million, an increase of 41.7 percent compared to $78.2 million in the previous fiscal year, and net income of $25.7 million, compared to $18.3 million in 2012.
As part of the audit committee's ongoing review regarding the Gravity Research allegations, including the allegations regarding the Company's revenues and cash balances, the audit committee's advisors have been performing various forensic procedures designed to verify a material portion of the Company's cash, cash equivalents, and short term investment balances with its financial institutions at various points in time covering the Company's publicly disclosed financial filings. While the audit committee's review is still in process, the procedures undertaken to-date by the committee's advisors have affirmed the existence of the tested balances.