The company is assessing the documentation of
controls related to inventory
AUSTIN,
Texas, Jan. 29, 2024 /PRNewswire/ -- Silicon
Labs (NASDAQ: SLAB), a leader in secure, intelligent
wireless technology for a more connected world, today
announced a one-week delay to its scheduled earnings conference
call for the quarter ended on December 30,
2023. The company has determined that a material weakness in
internal control related to the operation and documentation of
certain inventory controls existed as of December 30, 2023. The delay in reporting allows
additional time to evaluate the impact, if any, of the material
weakness on the company's financial reporting as of the end of the
quarterly period. As of the date of this release, the company has
not identified any misstatements in its previously issued financial
statements, and it expects to file its Form 10-K in a timely manner
by the end of February 2024. The
company will release its fourth quarter 2023 financial results on
Wednesday, February 7, 2024. An
earnings conference call will follow the release at 7:30 a.m. Central Time. The call will be streamed
from the Investor Relations section of the company's website at
silabs.com.
About Silicon Labs
Silicon Labs (NASDAQ: SLAB) is a leader in secure,
intelligent wireless technology for a more connected
world. Our integrated hardware and software platform,
intuitive development tools, thriving ecosystem, and
robust support make us an ideal long-term partner in building
advanced industrial, commercial, home and life
applications. We make it easy for developers to solve
complex wireless challenges throughout the
product lifecycle and get to market
quickly with innovative solutions that transform
industries, grow economies, and improve lives.
silabs.com
Forward-Looking Statements
This press release contains forward-looking statements based on
Silicon Labs' current expectations. The words "believe",
"estimate", "expect", "intend", "anticipate", "plan", "project",
"will", and similar phrases as they relate to Silicon Labs are
intended to identify such forward-looking statements. These
forward-looking statements reflect the current views and
assumptions of Silicon Labs and are subject to various risks and
uncertainties that could cause actual results to differ materially
from expectations. Among the factors that could cause actual
results to differ materially from those in the forward-looking
statements are the following: risks that the Form 10-K filing,
earnings release, and/or earnings conference call may be delayed;
the competitive and cyclical nature of the semiconductor industry;
the challenging macroeconomic environment, including disruptions in
the financial services industry; geographic concentration of
manufacturers, assemblers, test service providers and customers in
Asia that subjects Silicon Labs'
business and results of operations to risks of natural disasters,
epidemics or pandemics, war and political unrest; risks that demand
and the supply chain may be adversely affected by military conflict
(including in the Middle East, and
between Russia and Ukraine), terrorism, sanctions or other
geopolitical events globally (including in the Middle East, and conflict between Taiwan and China); risks that Silicon Labs may not be
able to maintain its historical growth; quarterly fluctuations in
revenues and operating results; difficulties developing new
products that achieve market acceptance; risks associated with
international activities (including trade barriers, particularly
with respect to China);
intellectual property litigation risks; risks associated with
acquisitions and divestitures; product liability risks;
difficulties managing and/or obtaining sufficient supply from
Silicon Labs' distributors, manufacturers and subcontractors;
dependence on a limited number of products; absence of long-term
commitments from customers; inventory-related risks; difficulties
managing international activities; risks that Silicon Labs may not
be able to manage strains associated with its growth; credit risks
associated with its accounts receivable; dependence on key
personnel; stock price volatility; the impact of COVID-19 on the
U.S. and global economy; debt-related risks; capital-raising risks;
the timing and scope of share repurchases and/or dividends; average
selling prices of products may decrease significantly and rapidly;
information technology risks; cyber-attacks against Silicon Labs'
products and its networks and other factors that are detailed in
the SEC filings of Silicon Laboratories Inc. Silicon Labs disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise. References to Silicon Labs in this press release
shall mean Silicon Laboratories Inc.
Note to editors: Silicon Laboratories, Silicon Labs, the "S"
symbol, and the Silicon Labs logo are trademarks of Silicon
Laboratories Inc. All other product names noted herein may be
trademarks of their respective holders.
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SOURCE Silicon Labs