Lantronix Provides Update on Internal Review; Appoints Marc Nussbaum Interim CEO

5/30/2002 - Lantronix, Inc. (Nasdaq: LTRXE) today announced that, based on the results of the voluntary internal review by the company's audit committee, assisted by Ernst & Young, the company has determined that it will amend certain of its previously issued financial reports. The restatement is currently expected to result in net revenue reductions of less than 15 percent for both fiscal 2001 and 2002. The company also currently anticipates that it will record a charge of approximately $1.0 to $2.0 million for the third quarter of fiscal 2002, principally for excess and obsolete inventory, which will reduce the third- quarter earnings announced on May 1, 2002. The company anticipates filing amendments to its previously issued financial reports with the Securities and Exchange Commission after discussion with the SEC.

Previous Page | News by Category | News Search

If you found this page useful, bookmark and share it on: