HOLTSVILLE, N.Y.-Inventory discrepancies led Symbol Technologies Inc. to overstate its third-quarter net earnings by $3.3 million, the company said late Monday.
In October, Symbol, which sells mobile computing devices and software, reported third-quarter net earnings of $21.1 million and earnings per share of 9 cents. But the company amended those figures in a statement filed after the bell Monday, claiming third-quarter net earnings of $17.8 million and earnings per share of 7 cents.
The company also amended year-to-date revenues. However, Symbol said it would not file amended first- or second-quarter reports with the Securities and Exchange Commission after determining “the impact to previously reported revenue is immaterial” during the first half of the year.
“Today we filed our 10-Q for the third quarter within the extension period permitted by the SEC rules,” said William Nuti, Symbol’s president and chief executive officer. “We are confident that the results included in today’s filing accurately reflect our operating results. We are still investigating the events leading to the discrepancies discovered to ensure that these issues are appropriately addressed and rectified.”
Meanwhile, Symbol introduced two new products for small and medium businesses. It unveiled an updated version of its WS 2000 enterprise wireless switch with new features, such as support for 802.11 a/b/g and emerging 802.11i and worldwide 802.11h standards; fast roaming options and added security levels.
The company also launched the AP 33, an access port that supports 802.11a/b/g. Symbol said the new wireless local area network product will help support applications including video streaming.
The WS 2000 retails for $1,000; the suggested list price for the Symbol AP 300 is $349.<
