GSI Group Inc. to Restate Financial Results for 2006
March 30 2009 - 9:07AM
PR Newswire (US)
BEDFORD, Mass., March 30 /PRNewswire-FirstCall/ -- GSI Group Inc.
(NASDAQ: GSIG), a supplier of precision technology and
semiconductor systems, today announced that it has identified
errors related to timing of the recognition of revenue from sales
to certain customers in its Semiconductor Systems Segment during
fiscal year 2006. The Audit Committee of the Board of Directors of
GSI Group has concluded that the range of potential adjustments
resulting from the identified errors is material to the 2006
interim and annual historical financial statements of GSI Group. As
a result, the Audit Committee has determined that GSI Group's
previously issued interim and annual historical financial
statements for fiscal year 2006 should no longer be relied upon.
Further, GSI Group announced that substantially all amounts due
from customers associated with these transactions have been paid
and substantially all of the customer obligations associated with
these 2006 transactions have been fulfilled. GSI Group disclosed
that it does not currently expect that its cash position will be
materially impacted by the correction of these accounting errors.
GSI Group also announced that its Audit Committee, with the
assistance of independent legal counsel and forensic accountants,
has not yet concluded its review of transactions in its
Semiconductor Systems Segment and other sales transactions that
contain arrangements with multiple deliverables for 2006, 2007 and
2008. The Audit Committee's review is ongoing and additional
adjustments to GSI Group's historical financial statements may be
required as a result of the review. About GSI Group Inc. GSI Group
Inc. supplies precision technology to the global medical,
electronics, and industrial markets and semiconductor systems. GSI
Group Inc.'s common shares are listed on Nasdaq (GSIG). Forward
Looking Information Certain statements in this release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and are based on current
expectations and assumptions that are subject to risks and
uncertainties. All statements contained in this press release that
do not relate to matters of historical fact should be considered
forward-looking statements. These forward-looking statements
include statements regarding the qualitative and quantitative
effects of the restatement, the periods covered by the restatement,
the nature of the Audit Committee's review and any anticipated
conclusions of GSI Group, its Audit Committee or management, and
other statements that are not historical facts. These forward
looking statements are subject to risks, uncertainties and changes
in financial condition, unknown factors and other items described
in GSI Group's annual report on Form 10-K for the fiscal year ended
December 31, 2007 and the quarterly reports on Form 10-Q filed with
the Securities and Exchange Commission. Such statements are based
on management's beliefs and assumptions and on information
currently available to GSI Group's management. Actual results may
differ materially from the preliminary expectations expressed or
implied in these forward-looking statements due to various risks,
uncertainties or other factors, including the outcome and results
of the review by the Audit Committee and GSI Group's independent
registered public accounting firm. GSI Group disclaims any
obligation to update any forward-looking statements as a result of
developments occurring after the date of this document. For more
information contact: Sergio Edelstein, GSI Group Inc.,
1-781-266-5700. DATASOURCE: GSI Group Inc. CONTACT: Sergio
Edelstein of GSI Group Inc., +1-781-266-5700 Web Site:
http://www.gsig.com/
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