CANTON, Mass. -- Robotic Vision Systems Inc. today disclosed it is under investigation by the U.S. Securities and Exchange Commission (SEC) for accounting practices that caused RVSI to restate its financial results for the company's fiscal 2000 year and a three-month period, ended Dec. 30, 2000.
Last May, the company announced it was restating its financial results for fiscal 2000, which ended Sept. 30, 2000, and its first fiscal quarter of 2001 to correct certain accounting errors involving recognition of revenue at its Acuity CiMatrix division, which produces machine vision systems, bar code, and advanced two-dimensional symbology readers for manufacturing and distribution. RVSI also produces automatic inspection systems for semiconductor production.
The revision of revenues for the Acuity CiMatrix division resulted in a reduction of RVSI's sales by 1.9% to $223.5 million in the fiscal 2000 year, and a reduction of net income by 10.6% to $10.9 million in the year. RVSI's revenues were reduced 0.8% to $32.6 million in the fiscal quarter, ended Dec. 30, 2000, and its net loss was revised to $13.8 million, or 0.7% lower than previously reported.
Last year, RVSI said new procedures and other safeguards were implemented to minimize the possibility of any future revenue recognition errors. The company also said it was cooperating with the SEC in its formal investigation of its accounting practices.