Silicon Image Announces Resignation of Independent Registered Public Accounting Firm
June 10 2005 - 8:00AM
PR Newswire (US)
Silicon Image Announces Resignation of Independent Registered
Public Accounting Firm SUNNYVALE, Calif., June 10
/PRNewswire-FirstCall/ -- Silicon Image, Inc. (NASDAQ:SIMG), a
leader in multi-gigabit semiconductor solutions for the secure
transmission and storage of rich digital media, announced today
that it has filed a Form 8-K with the Securities and Exchange
Commission that includes the information set forth below. On June
7, 2005, PricewaterhouseCoopers LLP ("PwC"), the independent
registered public accounting firm for Silicon Image, Inc. (the
"Company"), notified the Company and the chairman of the Audit
Committee of the Company's Board of Directors (the "Audit
Committee") that PwC was resigning as the Company's independent
registered public accounting firm, effective immediately. For the
years ended December 31, 2003 and 2004, PwC's reports contained no
adverse opinions or any disclaimers of opinion, nor were they
qualified or modified as to uncertainty, audit scope or accounting
principle. During the years ended December 31, 2003 and 2004, and
through June 7, 2005, there have been no disagreements (as
described under Item 304(a)(1)(iv) of Regulation S-K) with PwC on
any matter of accounting principles or practices, financial
statement disclosure or auditing scope or procedure, which
disagreements, if not resolved to PwC's satisfaction, would have
caused PwC to make reference thereto in their reports on the
financial statements of the Company for such years. Except for the
material weakness in internal controls described in this paragraph,
during the years ended December 31, 2003 and 2004, and through June
7, 2005, there were no "reportable events" (as such term is defined
in Item 304(a)(1)(v) of Regulation S-K). As of March 31, 2005,
management of the Company concluded that a material weakness in
internal controls over financial reporting existed due to the fact
that the oversight of the Company's control over financial
reporting by the Company's Audit Committee was ineffective due to
the resignations on April 24, 2005 of four of the five independent
members of the Company's Board of Directors, which at that time
left the Audit Committee of the Board of Directors with only one
member. In addition, the sole remaining member of the Audit
Committee was not a "financial expert," as that term is defined by
the rules of the Securities and Exchange Commission. The Company
has also begun a search to select a new independent registered
public accounting firm. About Silicon Image Headquartered in
Sunnyvale, Calif., Silicon Image designs, develops and markets
multi-gigabit semiconductor and system solutions for a variety of
communications applications demanding high-bandwidth capability.
With its proprietary Multi-layer Serial Link (MSL(TM))
architecture, Silicon Image is well positioned for leadership in
multiple mass markets including PCs, consumer electronics and
storage. Currently, Silicon Image leads the global PC/display arena
with its innovative digital interconnect technology, and has
emerged as a leading player in the consumer electronics and storage
markets by offering robust, high-bandwidth semiconductors. For more
information on Silicon Image, visit http://www.siliconimage.com/.
NOTE: Silicon Image, MSL and http://www.siliconimage.com/ are
trademarks, registered trademarks or service marks of Silicon
Image, Inc. in the United States and other countries. DATASOURCE:
Silicon Image, Inc. CONTACT: Darrel Slack, Chief Financial Officer,
of Silicon Image, Inc., +1-408-616-1550, or fax, +1-408-830-9531,
or Web site: http://www.siliconimage.com/
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