March 15, 2007
Cytyc to restate a decade of financials
By Matthew L. Brown
Marlboro-based Cytyc Corp. expects to restate financial statements and financial information for the 10 years between 1996 and 2006.
According to U.S. Securities and Exchange Commission filings, Cytyc found that several times between 1996 and 2002, stock options granted under the company's stock option plan were exercised before "all of the actions required by the plan to effect such an exercise were completed."
In 2006, the company reported that the result of the option exercises was immaterial, but later found "other accounting considerations are applicable."
Those other accounting considerations result in a non-cash expense to the company of up to $80 million for the period between 1996 and 2003.
In its filing Cytyc said it expects adjustments for the period between 2004 and 2006 "to be limited to decreases in retained earnings."
According to U.S. Securities and Exchange Commission filings, Cytyc found that several times between 1996 and 2002, stock options granted under the company's stock option plan were exercised before "all of the actions required by the plan to effect such an exercise were completed."
In 2006, the company reported that the result of the option exercises was immaterial, but later found "other accounting considerations are applicable."
Those other accounting considerations result in a non-cash expense to the company of up to $80 million for the period between 1996 and 2003.
In its filing Cytyc said it expects adjustments for the period between 2004 and 2006 "to be limited to decreases in retained earnings."
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