Friday, April 18, 2014
Ixia Plans Restatement Of Two Quarters
Calabasas-based Ixia said late Thursday that its audit committee has determined that its 10-Q quarterly reports for the first and second quarters of 2013 should no longer be relied upon, and that it will restate those two quarters. Ixia--which has been in the midst of combing through its financials due to the sudden departure of its CEO back in October due to the discover that he had fabricated his resume. The company also replaced its CFO last onth. According to Ixia, it will be restating its 10-Q's for the quarters ended March 31, 2013 and June 30, 2013. The company said the corrections are expected to reduce total revenues by approximately $2.0M and $4.5M for those two quarters. The restatements are apparently due to improper accounting for extended maintenance and warranty coverage and professional services.