Zoltek (ZOLT) Files Form 10-Q and Amendments to Prior Filings And Says Previous Financial Statements Do Not Need To Be Amended

June 26, 2008 5:08 PM EDT

Zoltek Companies, Inc. (Nasdaq: ZOLT) announced that it has filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2008, reflecting the financial results previously reported by the Company on a preliminary basis on May 12, 2008. Zoltek also filed amendments to its previously filed Annual Report on Form 10-K for the fiscal year ended September 30, 2007 and Quarterly Report on Form 10-Q for the quarter ended December 31, 2007, that included the results of the Company's previously announced investigation of improper payments without changes in the reported financial results.

Accounting investigations by management and the Audit Committee included a review of the circumstances and extent of two payments, directed by the Company's former CFO, from a Zoltek subsidiary aggregating $250,000 that were not properly authorized or recorded in the company's financial statements. The investigation has concluded and, based on the forensic accounting procedures performed, did not detect the existence of other transactions that were not properly authorized or recorded.

Zoltek has concluded that its previously issued financial statements as of September 30, 2007 and for the fiscal year then ended and as of December 31, 2007 and for the quarter then ended can be relied upon, and that no restatement of these financial statements is required. Zoltek has filed its Quarterly Report on Form 10-Q for the quarter March 31, 2008, and amendments to its previously filed Annual Report on Form 10-K for the fiscal year ended September 30, 2007 and Quarterly Report on Form 10-Q for the quarter ended December 31, 2007, which describe the results of the investigation and the above-described developments.

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