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Accelrys to Restate Financials for Last Five Years, Says Revenue and Profits Unchanged

NEW YORK, Dec. 22 (GenomeWeb News) - An audit committee has recommended that Accelrys restate its financial statements for each quarter from Jan. 1, 2000, to Sept. 30, 2005, the company said today.

 

Accelrys said that the decision to restate stemmed from a review of its most recent 10-K filing by the Corporation Finance Division of the US Securities and Exchange Commission, and that it is also "in discussions with the SEC with respect to the accounting treatment for certain contracts entered into after January 2004."

 

Accelrys changed its accounting model in January 2004 to recognize revenue over the length of a subscription rather than in the quarter in which the software was shipped.

 

The company said that the restatement "will include changes to the timing of revenue recognition on certain historical term-based contracts, substantially all of which were entered into prior to January 2004."

 

Accelrys added that total revenue and profits associated with these contracts "will remain unchanged over the life of the contracts" and that restatement adjustments "will have no affect on Accelrys' ongoing business or historical, current or future cash flows."

 

"We will complete our restated financials as quickly as possible and are committed to the highest level of financial reporting standards," said Mark Emkjer, Accelrys president and CEO, in a statement.

 

Accelrys said that the restatement process may delay the announcement of its third-quarter results for the period ending Dec. 31, 2005.

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