MANHASSET, N.Y. Graphics processor company Nvidia Corp. posted sales of $687.5 million the second quarter of fiscal 2007 ended July 30, up 20 percent from $574.8 million the second quarter of fiscal 2006.
However, Nvidia (Santa Clara, Calif.) was unable to state earnings and other financial results because the Audit Committee of its Board of Directors announced a voluntary review of the company's stock option practices dating back to 1999, when the company launched its IPO. The committee has informed the Securities and Exchange Commission of the investigation.
The Audit Committee has reached a preliminary conclusion that incorrect measurement dates were used for backdating stock option grants in certain prior periods. Nvidia may record additional non-cash stock option compensation expenses related to stock option grants.
Nvidia does not expect to file its Form 10-Q for the second fiscal 2007 quarter by the Sept. 8 filing deadline, or the permitted extension to Sept. 13.
Nvidia is the latest semiconductor supplier delaying filings due to investigation of stock options granting practices.