WASHINGTON (dpa-AFX) - NetLogic Microsystems Inc. (NETL) said that it expects to report revenue for the fourth quarter ended December 31, 2011of $96.2 million, a 4.2 percent decrease from $100.4 million for the fourth quarter of 2010. Analysts polled by Thomson Reuters expect the company to report revenues of $110.58 million for the fourth-quarter. Analysts' estimates typically exclude special items.
For the fiscal year 2011, the company expects to report revenue of $405.4 million, a 6.2 percent increase from $381.7 million for fiscal year 2010. Twelve analysts have consensus revenue estimate of $420.32 million for fiscal 2011.
The company also announced that it will be restating its quarterly financial statements in 2011 to account for a severance benefit accrual associated with an executive officer who left the company in December 2011. The company has concluded that certain severance benefits should have been fully expensed during the three months ended March 31, 2011 rather than the quarter in which the executive resigned.
Consequently, stock-based compensation expense of $4.0 million associated with accelerated vesting of the officer's equity awards, a cash severance payment of $384,000 and the related tax effect will be restated to record that expense in the first quarter of 2011, the company said.
The company noted that the restatement has no impact on cash flows, any prior year or the full year 2011 results.
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