CSP Inc. Updates Status of 2005 10-K Filing; Announces Restatement of Consolidated Statements of Cash Flows for Prior Periods
February 10 2006 - 9:49AM
PR Newswire (US)
BILLERICA, Mass., Feb. 10 /PRNewswire-FirstCall/ -- CSP Inc.
(NASDAQ:CSPIE), a provider of IT Solutions, systems integration
services and dense cluster computing systems, announced that on
February 7, 2006, the Company determined that its audited financial
statements for the fiscal years ended September 30, 2004 and 2003
(the "Relevant Years") should be restated for certain amounts that
were incorrectly classified in the consolidated statements of cash
flows. Pending the finalization of the restatements of the
consolidated statements of cash flows for the Relevant Years, the
previously issued consolidated financial statements for these
periods should not be relied upon. The Company is also assessing
potential restatement of the statement of cash flows for the 2005
and 2004 quarters. The restatements are expected to affect the
subtotals of cash flows from operating and investing activities and
the effects of exchange rates on cash. They are not expected to
have any impact on the net increase (decrease) in cash and cash
equivalents. The restatements are also expected not to have any
effect on previously reported net income (loss), earnings per share
or the consolidated balance sheets. For more information on the
restatement, please refer to our Current Report on Form 8-K filed
today. The Company plans to file the applicable restated financial
statements as soon as practicable. This process has delayed the
filing of the Company's Form 10-K annual report for its fiscal year
ended September 30, 2005. When the Company is able to determine the
filing date for its Form 10-K, the Company will make a further
announcement. About CSP Inc. Based in Billerica, Massachusetts, and
founded in 1968, CSP Inc. (NASDAQ:CSPIE) and its subsidiaries
develop and market best-of-breed IT solutions, image processing
software, systems integration services, and high- performance
computer systems. Its Systems segment includes the MultiComputer
Division, which supplies high-performance Linux cluster systems for
a broad array of defense applications, including radar, sonar and
surveillance signal processing. The Company's MODCOMP, Inc.
subsidiary, also part of its Service and System Integration
segment, was founded in 1970 and which includes the fiscal 2003
acquisition of Technisource, is a leading provider of IT solutions
and systems integration services. MODCOMP works with third parties
to develop customized solutions in the global IT markets and has
offices in the U.S., U.K., and Germany. More information about CSP
is available on the Company's website at http://www.cspi.com/. To
learn more about MODCOMP, Inc., please consult
http://www.modcomp.com/. Contact: Gary Levine, CFO 978-663-7598
x1200 First Call Analyst: FCMN Contact: DATASOURCE: CSP Inc.
CONTACT: Gary Levine, CFO of CSP Inc., +1-978-663-7598 ext. 1200
Web site: http://www.cspi.com/
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