FREMONT, Calif. (AFX) - Asyst Technologies Inc., a maker of technology for semiconductors and flat-panel displays, said Monday that preliminary information from an inquiry into its past stock option practices indicates instances where incorrect measurement dates were used for financial accounting purposes for grants in prior years.
Because of those findings, the company said it will release first-quarter sales and bookings results on Aug. 3, but will not be announcing more detailed financial results until a special committee of independent directors has completed its inquiry that began last month.
Once the committee completes its work, it may determine that the financial impact is material to certain prior fiscal periods, which would require the company to record additional non-cash charges for stock-based compensation expense, and the resulting tax effects.
Asyst previously said it expected the inquiry to be completed by June 29.
More than 60 public companies -- many of them in Silicon Valley -- have disclosed that their options granting practices are being investigated by the Securities and Exchange Commission, the Justice Department or both.
At issue in many of the investigations is a practice known as backdating, in which stock options are issued retroactively to coincide with low points in a company's share price. Such a move can fatten profits for options recipients when they sell their shares at higher market prices.
Backdating options can be legal so long as the practice is properly disclosed to investors and approved by the company's board, experts say. But backdating can run afoul of federal accounting and tax laws in some cases.
Earlier this month, Asyst said it received a letter from Nasdaq stating that the company was not in compliance with listing requirements because it is delinquent in filing its annual report for the fiscal year ended March 31.
Nasdaq has begun a process that could lead to the stock's delisting.
Asyst requested a hearing with Nasdaq to address the filing delay.
Asyst on Monday said it will not be able to file with SEC its Form 10-Q for the fiscal first quarter ended June 30, or its Form 10-K for the fiscal year ended March 31, until the committee inquiry and related accounting review are completed.
Shares of Asyst fell 2 cents to $6.95 in after-hours trading on the INET electronic stock exchange.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.