Trikon Technologies Completes Restatements; Files Reports with SEC
01 Junho 2005 - 5:11PM
Business Wire
Trikon Technologies, Inc. (NASDAQ:TRKNE) today reported it has
completed the restatement of its financial results and has filed
its amended annual report on Form 10-K/A for 2004 reflecting the
restatement with the Securities and Exchange Commission. In
addition, Trikon filed its Form 10-Q for the first quarter ended
March 31, 2005 today. The financial results for the first quarter
of 2005 were unaffected by the restatement and are unaltered from
those previously reported on May 9, 2005. "These were highly
technical accounting issues that have no impact on Trikon's
business," said Dr. Macneil, chief executive officer. "With the
restatement of our financial results completed within 3 weeks and
all of our required reports filed with the SEC, we look forward to
a speedy determination of compliance by the Nasdaq Listing
Qualification Hearings Department." "The net impact of the
adjustments as at December 31, 2004 was to increase the accumulated
deficit by one tenth of one percent," said Martyn Tuffery, acting
chief financial officer. "This is as a result of our restated
accounts no longer deferring costs in proportion to revenues, where
there are final payments on sales. To the extent that costs have
been increased at December 31, 2004 by $298,000, going forward
these costs will have already been recognized thereby making any
final payments received cost free, and therefore more profitable."
"In addition, revenues 'deferred' on such sales, and historically
shown as such on the balance sheet, are now netted from accounts
receivable," continued Mr. Tuffery. "These adjustments result from
correcting our interpretation of Staff Accounting Bulletin (SAB)
104, the replacement for SAB 101." Mr Tuffery continued, "Trikon
had also allocated substantially all the facilities costs at their
main site to selling, general and administrative cost. Trikon has
now reallocated a portion of these expenses to research and
development and cost of goods sold" Additional information
regarding the restatement and Trikon's results of operations for
the quarter ended March 31, 2005 is set forth, respectively, in the
Company's Annual Report on Form 10-K/A filed with the SEC on May
27, 2005 and the Quarterly Report on Form 10-Q filed today, each of
which may be found on the SEC website located at www.sec.gov. About
Trikon Technologies Trikon Technologies is a technology leader in
wafer fabrication equipment to the global semiconductor industry.
Trikon develops and manufactures advanced capital equipment for
plasma etching and chemical and physical vapor deposition (CVD and
PVD) of thin films for use in the production of semiconductor
devices. These are key components in all electronic products, such
as telecommunication devices, consumer and industrial electronics
and computers. More information is available on Trikon's Web site
at: www.trikon.com. "Safe Harbor" Statement Under the Private
Securities Litigation Act of 1995: This news release contains
certain forward-looking statements that include, without
limitation, statements in the news release and comments by Dr.
Macneil about determination of compliance with listing requirements
by the Nasdaq Listing Qualification Department. These
forward-looking statements are subject to various risks and
uncertainties that could cause actual results to differ materially,
including, but not limited to developments in the review of
Trikon's compliance status by Nasdaq that evidence further events
of non-compliance and potential internal, regulatory and
third-party scrutiny of Trikon's financial statements that may
necessitate further restatements. Additional factors that may cause
actual results to differ are included in the more detailed
cautionary statements included in the company's SEC reports,
including, without limitation, its annual report on Form 10-K/A,
quarterly reports on Form 10-Q and current reports on Form 8-K.
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