Navigation Links
GSI Group Inc. to Restate Financial Results for 2006
Date:3/30/2009

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.


'/>"/>
SOURCE GSI Group Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Avicena Group to Present at Noble Financial Conference
2. Chrome Group to Seek Listing for Some of its Subsidiaries
3. Dr. Amit Dhawan Promoted to Medical Director for The Mattson Jack Group
4. Reed Group to Provide MDA Internet Disability Duration Guidelines to U.S. Navy
5. SportCoatings; The North American Booster Club Association (NABCA); the Coatings Specialist Group New Booster Program Goes High Tech With Invisible Antimicrobial Defense
6. Revolutionary Genomics Research Group Opens Boston Office; Provides DNA Evidence in Workers Comp Cases
7. Millennium Biotechnologies Group, Inc. (MBTG.OB) Announces Completion of $2,277,000 Equity Financing
8. ThirdBiotech Networking Group Launches
9. Millennium Biotechnologies Group, Inc. (MBTG.OB) Announces Appointment of Mark C. Mirken as its President and Chief Operating Officer
10. Reed Group Ltd. Announces Enterprise License for New Zealands Accident Compensation Corporation
11. Rosetta Genomics to Webcast Presentation at Maxim Group Growth Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/10/2017)... (PRWEB) , ... October 10, 2017 , ... ... Science Center’s FirstHand program has won a US2020 STEM Mentoring Award. Representatives of ... award for Excellence in Volunteer Experience from US2020. , US2020’s mission is to ...
(Date:10/10/2017)... PA (PRWEB) , ... October 10, 2017 , ... ... year’s recipients of 13 prestigious awards honoring scientists who have ... presented in a scheduled symposium during Pittcon 2018, the world’s leading conference and ...
(Date:10/9/2017)... ... October 09, 2017 , ... ... journal, Epilepsia, Brain Sentinel’s SPEAC® System which uses the surface electromyography (sEMG) ... tonic-clonic seizures (GTCS) using surface electromyography (sEMG). The prospective multicenter phase III ...
(Date:10/6/2017)... ... October 06, 2017 , ... On ... and webinar on INSIGhT, the first-ever adaptive clinical trial for glioblastoma (GBM). The ... The event is free and open to the public, but registration is required. ...
Breaking Biology Technology:
(Date:4/5/2017)... 5, 2017  The Allen Institute for Cell Science ... a one-of-a-kind portal and dynamic digital window into the ... the first application of deep learning to create predictive ... lines and a growing suite of powerful tools. The ... and future publicly available resources created and shared by ...
(Date:4/3/2017)... 2017  Data captured by IsoCode, IsoPlexis ... a statistically significant association between the potency ... and objective response of cancer patients post-treatment. ... whether cancer patients will respond to CAR-T ... as to improve both pre-infusion potency testing and ...
(Date:3/29/2017)... the health IT company that operates the largest health ... today announced a Series B investment from BlueCross BlueShield ... investment and acquisition accelerates higi,s strategy to create the ... activities through the collection and workflow integration of ambient ... secures data today on behalf of over 36 million ...
Breaking Biology News(10 mins):