MANHASSET, N.Y. SRS Labs Inc. announced Thursday (May 12) it would file restated financial statements for the quarterly periods ended March 31, 2004, June 30, 2004 and Sept. 30, 2004, and amend its Form 10-K for fiscal 2004.
SRS Labs (Santa Ana, Calif.), which develops audio and voice technology, also said it would release first fiscal 2005 quarter earnings on Monday, May 16.
On May 10, SRS was advised by its accounting firm BDO Seidman LLP that tradeshow costs previously capitalized and amortized for the first quarter of 2005 should have been recorded in the 2004 fiscal year ended Dec. 31, 2004, in accordance with accounting principles.
For the first fiscal 2004 quarter ended March 31, SRS will report a loss of $0.24 million, compared to earnings of $0.13 million before restating, and second-quarter earnings of $0.23 million, down from $0.25 million. Third-quarter earnings will be $0.8 million, up from $0.7 million, and fourth-quarter earnings will be $0.57 million, up from $0.46 million before restatement.