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| REMEC Files Form 10-Q |
SAN DIEGO--(BUSINESS WIRE)--Sept. 9, 2004--REMEC, Inc. (NASDAQ:REMC) filed a Form 10-Q today with Securities and Exchange Commission for the Company's second quarter of fiscal year 2005, which ended July 30, 2004. The filing occurred a few hours after yesterday's filing deadline. The reason for the delay was to allow management additional time to finalize the required accounting disclosures associated with the goodwill impairment charge. Timely notification of the delayed filing was made to the SEC. In response to inquiries related to its Form 10-Q filing, REMEC is issuing the following clarifications: Sarbanes-Oxley Compliance. In the section of the Form 10-Q identified as "Sarbanes-Oxley 404 Compliance" the Company stated that it had begun a detailed assessment of its internal controls as required by the Sarbanes-Oxley Act of 2002. It was also stated that the Company had identified "potential control deficiencies." The identification of deficiencies and the remediation of those deficiencies is part of the required internal control process dictated by Section 404 of the Sarbanes-Oxley Act. REMEC has hired a Big Four accounting firm to assist in the documentation and assessment of its internal controls. Tax Matters. The Company disclosed in the Form 10-Q that certain tax authorities are reviewing certain of the Company's tax filings. Tax reviews occur as a normal course of business, and as stated in the Form 10-Q, the results of these reviews are not anticipated to have a material adverse impact on the Company's financial results. Neither of the above activities related to the delay in filing the Form 10-Q. About REMEC REMEC is a designer and manufacturer of high frequency subsystems used in the transmission of voice, video and data traffic over wireless communications networks and in space and defense electronics applications. Statements in this press release that are not historical are forward-looking statements, which involve known and unknown risks and uncertainties. Actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including, general and industry economic conditions, competition, development factors, operating costs and other risks and uncertainties that are detailed from time to time in our filings with the Securities and Exchange Commission.
CONTACT: SOURCE: REMEC, Inc. |