SANTA CLARA, Calif. (AFX) - Affymetrix Inc., which makes microarrays for molecular biology research, said Wednesday that following an internal review into the timing of its past stock-options grants, it will restate some financial results between 1997 and 2003.
Affymetrix said its review found documentation lapses, but no pattern or practice of backdating stock options. The options at issue were granted between 1997 and 1999.
The company said the restatements will reflect additional non-cash compensation expenses from 1997 to 2003, when certain stock options vested. The restatements will widen reported net losses from 1997 to 2002, reduce net income for 2003.
Additionally, a tax benefit from stock compensation expenses will increase income in the company's previously reported 2005 results. That year, the company reduced its valuation allowances for some deferred tax assets.
The company said it expects to file the restatements with the Securities and Exchange Commission during the current quarter.
Affymetrix also filed for an extension on its second-quarter 2006 filing. Additionally the company said that its SEC filing for the first quarter should not be relied upon.
Affymetrix shares closed 40 cents higher at $19.21 on the Nasdaq before sinking 21 cents to $19 in aftermarket activity.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.