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Ongoing SEC Issues Force Accelrys to Delay Q3 Earnings; Firm Expects Non-Compliance Letter from Nasdaq

NEW YORK, Feb. 10 (GenomeWeb News) - Accelrys will not file its fiscal third-quarter earnings report on time due to the company's ongoing discussions with the US Securities and Exchange Commission regarding accounting practices for certain contracts recorded after January 2004, the firm said yesterday.

 

As a result, Accelrys said it expects to receive a letter from the Nasdaq exchange sayting that the company is not in compliance with filing requirements.

 

In December 2005 Accelrys disclosed that an audit committee recommended that it restate its financial statements for each quarter from Jan. 1, 2000to Sept. 30, 2005. The recommendation stemmed from a review of the company's 2005 10-K statement.

 

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

 

The company said it expects to request an extension from Nasdaq after it receives the notification so it can remain listed while it deals with its SEC filings.

 

Accelrys said it can not identify the date when its restatement and required SEC reports will be completed. The company said that it will not resume issuing quarterly earnings announcements until the restatement process is completed.

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