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As Expected, Affy Restates Earnings, Clearing Nasdaq Noncompliance and Investor Default

NEW YORK (GenomeWeb News) – Affymetrix today said it has restated its unreliable financial results and filed them with the Securities and Exchange Commission.
“The company is now current in its SEC reporting obligations and, as a result, expects that the previously disclosed Nasdaq delisting action will be terminated and believes that the previously disclosed notice of default under the company's indenture has been cured,” Affy said in a statement late yesterday. 
Affy said the adjustments increased previously reported basic and diluted net income per common share by $.13 and $.12, respectively, for the year ended Dec. 31, 2005, and decreased basic and diluted net income per common share by $.03 for the year ended Dec. 31, 2003.
As GenomeWeb News reported earlier this month, Affymetrix said it planned to restate its financial results as far back as 1997 after an internal review into its stock-option granting practices turned up “certain documentation lapses.”
“The review identified certain documentation lapses but did not find any pattern or practice of inappropriately identifying grant dates with hindsight in order to provide ‘discounted’ or ‘in-the-money’ grants,” Affy said in a statement on Aug. 10. The company granted the options between 1997 and 1999.
Financial information in its Form 10-Q for the three months ended March 31 and its Form 10-K for the full year ended Dec. 31, 2005, “should no longer be relied upon,” Affymetrix had said.

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