Enterasys Networks has restated its results for the 10 months to 29 December last year to reflect the correction of an accounting discrepancy.
The restated results show revenue of $415 million and a net loss available to common shareholders of $715 million, reflecting restatements related to the seven months to 29 September last year.
The restatement decreases previously reported revenue by $75 million and increases the previously reported net loss available to common shareholders by $69 million.
The fiscal year to 3 March 2001 had revenue of $784 million and a net loss available to common shareholders of $705 million, decreasing previously reported revenue by $78 million and increasing previously reported net loss available to common shareholders by $76 million.
Enterasys says the adjustments relate mainly to sales/investment transactions, the amount and timing of revenue associated with sales to certain distributors who were granted rights of return or extended payment terms, and certain other matters affecting revenue recognition.
It says the results for the 10 months and the fiscal year are not indicative of its current or future operations as a standalone entity. Its current operations have generated quarterly revenue of about $120 million or more during each of the three quarters to 28 September this year.
Martin May, regional director for sub-Saharan Africa, says the timely and thorough way in which the accounting discrepancy was handled bodes well for the future of the company.
"Views from within the organisation have been positive, and while our local business was hardly affected by the accounting glitches, we are happy with the conclusion of the restatements."
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