Microtune to Restate Financials4/30/2003 6:06 AM Eastern
More trouble for cable-systems chip provider Microtune Inc.: Less than one
week after announcing that its chief operating officer had abruptly resigned,
the company said it will restate its financial results for 2001 and adjust
unaudited financial results for the first three quarters of 2002.
The Plano, Texas-based company is restating its financials based on findings
from an ongoing audit-committee investigation into possible accounting errors
It now estimates that its original 2001 revenue of $63.1 million will be cut
by less than 10 percent as a result of the restatement. Revenue for 2002,
meanwhile, will drop less than 5 percent from its original $67.1 million.
The company is also investigating a series of fourth-quarter-2002 charges
that ate away much of its revenue. It now estimates that payments from customers
of some $9 million in products shipped will not be collected.