Syntax-Brillian (BRLC) Delays Q2 Earnings; Stock Plummets
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Syntax-Brillian Corp. (Nasdaq: BRLC) today announced that it will need to delay the release of its second quarter earnings results due to issues related to accounting concerns. Specifically, the Company said it needs additional time to evaluate its accounting treatment related to its tooling deposits. Syntax has not yet set a date as to when its second quarter results will be released.
The Company said it has been notified by its distributors in China that a large number of LCD TV's already sold have not yet been deployed due to delays in the building of facilities for Beijing's 2008 Olympics. As a result, Syntax-Brillian will attempt to repurchase the inventory in order to redistribute the TV's at North American retailers. If Syntax successfully repurchases the TV's, it will reduce the Company's accounts receivables by $99 million, bringing its remaining balance to $63 million, of which all is accounted for.
In addition, Syntax gave an update on its Q2 preliminary results: total units shipped were approximately 252,000 in North America and royalty revenue collected from China sales through Olevia Far East were approximately $3.2 million on unit volume of approximately 390,000.
Shares of Syntax-Brillian have tumbled on the news: the stock is currently down more than 15% and has hit a new 52-week low at $1.88 today.
The Company said it has been notified by its distributors in China that a large number of LCD TV's already sold have not yet been deployed due to delays in the building of facilities for Beijing's 2008 Olympics. As a result, Syntax-Brillian will attempt to repurchase the inventory in order to redistribute the TV's at North American retailers. If Syntax successfully repurchases the TV's, it will reduce the Company's accounts receivables by $99 million, bringing its remaining balance to $63 million, of which all is accounted for.
In addition, Syntax gave an update on its Q2 preliminary results: total units shipped were approximately 252,000 in North America and royalty revenue collected from China sales through Olevia Far East were approximately $3.2 million on unit volume of approximately 390,000.
Shares of Syntax-Brillian have tumbled on the news: the stock is currently down more than 15% and has hit a new 52-week low at $1.88 today.
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