MNS STILL Can't Get Its Numbers Out- Son of PPI???
UPDATE - MSC.Software delays results for expanded review
Wednesday August 11, 10:18 am ET
NEW YORK, Aug 11 (Reuters) - MSC.Software Corp. (NYSE:MNS - News) said on Wednesday it will delay releasing second-quarter results because of an expanded accounting review that includes possible withholding of information from auditors. The review focuses on recognition of revenue in the Asia Pacific region. The company's audit committee determined that revenue for the periods following Jan. 1, 2001, should be restated to reflect adjustments to the timing and allocation of revenue.
As a result, MSC plans to delay the release of second-quarter results and advised investors not to rely on its published financial statements and outlook. It will also postpone filing its 2003 annual report until the completion of auditors' review. MSC.Software previously said the review focused on allegations regarding possible withholding of information from its independent auditors relating to the accounting for stock options of a departing employee of a foreign subsidiary.
The company, which makes design and testing software for manufacturers, said it will adjust the timing and allocation of revenue for paid-up software contracts between recognized software license revenue and deferred revenue. The restatement is not expected to affect its cash or cash flow for any of the restated financial periods.
During the second quarter, total operating expenses were $41.9 million, compared with $43 million in the first quarter. Global sales pipeline, which tracks potential customer contracts and engagements, grew to a record of $293 million. The stock fell 8 percent, or 55 cents, to $6.36 in early trade, to the lowest level in more than a year.
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