Press release from Business Wire
Ixia Files 2012 10-K, Including Restated Financial Statements, and Is Current with SEC Filings
Monday, April 08, 2013
Ixia Files 2012 10-K, Including Restated Financial Statements, and Is Current with SEC Filings19:00 EDT Monday, April 08, 2013
CALABASAS, Calif. (Business Wire) -- Ixia (Nasdaq:XXIA) announced today that on April 4th it had filed its Annual Report on Form 10-K for the year ended December 31, 2012 (“2012 Form 10-K”) with the Securities and Exchange Commission (the "Commission"). As part of the 2012 Form 10-K, Ixia has completed the restatement of its previously issued consolidated financial statements for the years ended December 31, 2010 and 2011, its unaudited quarterly financial information for each of the quarters and year-to-date periods in the year ended December 31, 2011 and in the nine months ended September 30, 2012, and its selected financial data for the years ended December 31, 2008 and 2009. With the filing of its 2012 Form 10-K, Ixia is now current in its filings of periodic reports with the Commission.
The restated consolidated financial statements correct certain errors that existed in Ixia's previously issued consolidated financial statements, principally related to the manner in which the Company recognized revenues related to its warranty and software maintenance contracts, including a previous implied warranty and software maintenance arrangement with one of the Company's customers. The related changes in the Company's revenue recognition practices will generally result in a shift of revenues between accounting periods in our previously issued financial statements. The changes will not have any impact on the total revenues recognized over the life of a warranty and software maintenance contract or arrangement, although the timing of the recognition of such revenues will generally commence earlier and end earlier than was reflected in our previously issued financial statements for the restated periods. While the Company has made certain restatement adjustments that affect revenues, operating results, and deferred revenues for each of the restated periods, the restatement adjustments do not affect the total revenues ultimately earned or to be earned, or the amount or timing of cash received or to be received, from individual sales transactions. Accordingly, the restatement adjustments do not affect the Company's liquidity or overall cash flow for any prior period.
The Company also announced that on April 3, 2013, it had received a notice from the Nasdaq Stock Market stating that the Company was not in compliance with the continued listing requirements under Nasdaq Rule 5250(c)(1), because it had not yet filed its 2012 Form 10-K. Issuance of such a notice is a standard Nasdaq procedure when a company fails to timely file a periodic report with the Commission. With the filing of its 2012 Form 10-K on April 4th, Ixiais again compliant with Nasdaq listing requirements.
Ixia solutions deliver actionable insight through real-time monitoring, real-world testing, and rapid assessment. This end-to-end visibility provides organizations with a complete understanding into user behavior, security vulnerabilities, network capacity, application performance, and IT resiliency. From the lab to the network to the cloud, Ixia solutions enable its customers to optimize networks and data centers to accelerate, secure, and scale application delivery. For more information, visit www.ixiacom.com.
The Blueshirt Group
Maria Riley, 415-217-7722
Tom Miller, 818-444-2325
Chief Financial Officer