Wednesday, November 2, 2005
Interlink Reorganizes, Restates Results
Camarillo-based Interlink Electronics said today in a statement that it is restating its financial results and reorganizing its business. The firm said that it is restating its 2003, 2004, and first and second quarter 2005 financials, due to what it says were "material weaknesses" in "accounting controls". The restatement will result in 2003 reporting of a net loss of $100,000, down from a prior report of $1.1M in net income, an increase in the company's net loss for 2004, and increases in net loss for both quarters of 2005. The company also said that it would move forward to move sales, marketing, engineering, and customer support to its China operations and eliminate "redundant resources".