will restate nearly four years of financial results due to stock options backdating, according to an 8-K filed with the
Securities and Exchange Commission
Sanmina said that financial statements issued between Sept. 29, 2002 through April 1, 2006 "should no longer be relied upon."
A special committee of the company's board found that "the actual date of determination for certain past stock option grants differed from the originally selected grant dates for such awards," according to the filing. "Because the prices at the originally selected grant dates were lower than the prices on the actual dates of determination, the company will incur additional charges to its stock-based compensation expense which were not included in the above-referenced financial statements."
Sanmina said the charges are material, but has not determined the final amounts.
electronics manufacturing services company also said it plans to complete the restatements and file amended 10-Ks and 10-Q filings, as well as its quarterly report for its fiscal third quarter 2006 "as soon as practicable" following the investigation. Sanmina's delay in filing its
most recent 10-Q resulted in a
warning of potential delisting from
"Such charges will have an effect on previously reported earnings and retained earnings figures contained in the company's historical GAAP financial statements," Sanmina said. "The company does not believe that any restatement will have a material impact, if any, on the company's historical revenues, cash position or non-stock option related operating expenses."
Sanmina shares rose 5% during the regular session of trading, adding 17 cents to $3.56.