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Occam Networks Concludes Restatement; Announces Completion of Audit Committee Review; Announces Results for First and Second Quarters 2007.(Financial report)
SANTA BARBARA, Calif. -- Occam Networks, Inc. (NASDAQ:OCNW) today filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2006 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2007 and June 30, 2007 with the Securities and Exchange Commission (''SEC''). These filings had been delayed pending the conclusion of an Audit Committee review of the Company's prior revenue recognition practices and the Company's restatement of its historical consolidated financial statements. The Company's periodic filings with the SEC are now current. The Company also announced its consolidated results of operations for the first and second quarters of fiscal 2007 and provided a business update for the third quarter of fiscal 2007.
Restatement of Prior Period Consolidated Financial Statements
The Company's Audit Committee, assisted by independent forensic accounting and legal advisors, has completed a thorough review of the Company's prior revenue recognition practices, including commitments to provide customers with software, hardware and software maintenance, hardware and software upgrades, training, and other services in connection with customers' purchases of the Company's network equipment. The Audit Committee also reviewed the Company's sales to value added resellers and the use of intermediate shipping vendors in connection with the shipment of product at the end of quarters falling on weekends. The Audit Committee review was conducted with the full support of management and the Board of Directors.
The Audit Committee identified errors pertaining to the timing of revenue recognition rather than the ability to collect or ultimately realize revenue. The Audit Committee did not identify any instances where the Company recorded revenue that was not ultimately collected or realizable. The details of…
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Source: HighBeam Research, Occam Networks Concludes Restatement; Announces Completion of Audit...
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