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Ixia (XXIA) Message Board

  • pbwebguy pbwebguy Apr 4, 2013 5:43 PM Flag

    Restating the 10K

    I just skimmed the report today and on the surface it doesn't look bad and the 9%+ drop today seems like a poor knee jerk reaction. The change in how they report warranty and maint contracts boosted net income significantly. Where's the problem with that?

    From the report:

    The Company has corrected the manner in which it records revenue for its warranty and software maintenance contracts and arrangements, and will also enhance its documentation related to its revenue recognition policies and practices. See "Controls and Procedures" included in Part II, Item 9A of this Form 10-K.

    The impact of these errors to the applicable line items in the consolidated financial statements resulting from the restatement is set forth in Note 15 to the Notes to Consolidated Financial Statements. The net impact of the restatement increased net income by approximately $2.9 million and $1.6 million for the years ended December 31, 2011 and 2010, respectively.

    Sentiment: Buy

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