HOLTSVILLE, N.Y.-Troubles continue to mount for Symbol Technologies Inc., which offers wireless and mobile computing devices and products, as the company again delayed its annual financial filing and revealed further accounting errors.
Symbol said it will not file its Annual Report on Form 10-K with the Securities and Exchange Commission as planned this month. The company said it “currently is impossible to commit to a timetable for filing.”
Symbol said it has completed its internal restatement work, but its external auditors found two additional accounting issues that have delayed the completion of its audit. Symbol said some of its executives did not properly account for their stock option exercises, and there are errors with the timing of revenue recognized during the past several years.
“Due to the unique nature of the stock-option exercise issue, we are working together with the company’s external auditors, as well as the staff of the SEC, to determine the appropriate accounting treatment for the company’s stock option plans,” said Mark Greenquist, Symbol’s chief financial officer. “In addition, we are working with our external auditors to resolve the revenue recognition timing matters.”
Symbol’s stock was up slightly today in trading to about $13.78 per share. The company has been working with the SEC for months to fix a variety of accounting issues.
