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EFI Updates on Timing of Restatement, Estimates $100 Million Charge

Friday, September 28, 2007

Press release from the issuing company

Sept. 27, 2007-- EFI, the world leader in customer-focused digital printing innovation, has announced preliminary estimates of its non-cash charge related to past stock option practices. For the periods 1992 through 2005, the Company expects to recognize approximately $100 million on a post-tax basis, and approximately $150 million on a pre-tax basis, of incremental non-cash stock-based compensation expense. The Company's preliminary findings indicate that stock options granted prior to January 31, 2001 and subject to re-measurement, comprise more than 97% of the incremental non-cash stock-based compensation expense recognized for the periods subject to restatement.
EFI previously announced the completion of the independent investigation by a special committee of its board of directors into its historical stock option practices, and the remedial actions it is taking in response to the findings and recommendations of the special committee. EFI is currently working on the anticipated restatement and will become current in its public filings with the Securities and Exchange Commission as soon as practicable. The Company's work related to the restatement is preliminary and subject to revision. The financial statement effects resulting from the special committee's findings also remain subject to final review by EFI's independent registered public accounting firm. Until the restatement is complete, the Company will be unable to file its Form 10-Q for the quarters ended September 30, 2006, March 31, 2007 and June 30, 2007, or its Form 10-K for the year ended December 31, 2006.
The Company previously announced that it was targeting the end of the third quarter of 2007 to becoming compliant with its SEC filings. At this time, the Company is revising this target date, and now expects to become current with its SEC filings prior to the Company's third quarter earnings release. 

 

 

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