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 Nasd
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