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05.25.2005 - Maxtor To Restate First Quarter 2005 Results

View HardDrive related news. MILPITAS, CA, May 24, 2005 -- Maxtor Corporation (NYSE: MXO) today announced that it discovered a data entry error relating to inventory and cost of goods sold in its previously issued unaudited interim financial statements for the quarter ended April 2, 2005. As a result of the data entry error, which is described in Maxtor's Current Report on Form 8-K dated May 24, 2005, inventory at April 2, 2005 was understated by $4 million, cost of goods sold was overstated by $4 million, the net loss for the quarter was overstated by $4 million and the net loss per share for the quarter was overstated by $0.02 per share. Although the adjustment is not material to inventory or cost of goods sold reported for the quarter, it is material to the net loss and net loss per share previously reported for the quarter. Accordingly, Maxtor will promptly file a Form 10-Q/A for the period ended April 2, 2005 to restate its unaudited interim financial statements to reflect these corrections.

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NID: 6660 / Submitted by: Megan
Categories: Press Release
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