Applied Micro Circuits ends option probe |
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Wed, 10 Jan 2007 16:01
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SUNNYVALE, Calif. (AFX) - Communications chip maker Applied Micro Circuits Corp. said Wednesday it completed an internal investigation into its stock option granting practices and filed its delayed financial results for the past two quarters and the full fiscal year.Since May 2006, the company's audit committee has reviewed grants issued from Applied Micro's IPO in November 1997 through March 2006. The committee found it necessary to restate certain periods, with adjustments totaling $74.3 million, including $95.2 million in stock-based compensation costs and $20.9 million in tax benefits.The restatement involved options granted in fiscal 1999 through 2002 that impacted the company's financial results for fiscal 1999 through the first quarter of fiscal 2004. By June 30, 2004, all options that required added compensation expense either had fully vested or were surrendered and canceled.Applied Micro said its audit committee didn't find any other accounting issues of concern during the probe, and the company noted that no executives involved in the problematic option grants is currently employed or providing services to the company. Applied Micro has informed the SEC and the U.S. Attorney's Office of the results.Applied Micro is one of at least 197 companies that launched or completed internal probes, or are under review by federal regulators for possibly backdating stock option grants.Now that its restated results are filed, the company has regained compliance with Nasdaq's listing standards, and expects its shares to continue to be listed on the exchange.Applied Micro plans to release third-quarter results on Jan. 30, after market close.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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