IXYS Corp. has identified bookkeeping errors in its accounting that resulted in the overstatement of inventories during the nine months ended December 31, 2002.
The amount of the adjustment to correct the bookkeeping errors as of December 31, 2002 was $4.1 million. IXYS plans to restate its financial statements for each of the fiscal quarters during the nine months ended December 31, 2002. The booking of the adjustment will increase IXYS's net loss for the nine months ended December 31, 2002.
In connection with its ongoing audit, IXYS is reviewing its accounting relating to inventories and other accounts.
IXYS, a Santa Clara, Calif., semiconductor supplier, develops and markets high performance power semiconductors and control ICs to control and convert electrical power for telecommunication infrastructure, motor drives, medical systems and transportation. IXYS also sells digital and analog ICs to control flat panel displays, medical instruments and telecommunication products.