GSI Technology files to delay 10-Q

theflyonthewall.com

In connection with the completion of GSI Technology’s quarter-end closing and review procedures and the preparation of its Quarterly Report on Form 10-Q, certain errors were identified in the evaluation and calculation of the company’s inventory write-downs for the quarter and nine month periods ended December 31, 2013. As a result of these errors. The company determined that a material weakness in its control over financial reporting existed as of December 31, 2013. The company was required to complete additional analyses and calculate additional non-cash write-downs for slow-moving inventory that is no longer expected to be sold, as well as some minor revisions to compensation accruals for the period resulting from the increased inventory write-down. The company required additional time to complete and document its analyses, prepare its financial statements and related disclosures and complete and file the 10-Q. The company anticipates that it will complete and file the 10-Q on February 11, one day after its prescribed due date.

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