Improper Accounting Practices at Consolidated Subsidiary Companies and Postponement of Third Quarter Results Announcement
Seiko Epson Corporation (“Epson”) today announced it had uncovered improper accounting practices at certain consolidated subsidiary companies, and as a result has postponed its third quarter results announcement (fiscal year ending March 31, 2009) originally planned for January 30, 2009. Details of the postponement are as follows.
1. Reasons for the postponement
Epson has uncovered improper accounting practices involving the underreporting of expenses totaling approximately three billion yen over several years, including the current fiscal year, by individuals at certain Latin American subsidiaries. Accordingly, the Company is now conducting a detailed investigation in order to make the appropriate revisions. As the process of finalizing the accounts will necessarily take some time, Epson has decided to postpone its planned results announcement.
Epson expresses its deepest apologies to its shareholders, the investment community, its business partners, and all other stakeholders for this extremely regrettable situation.
2. Details of the postponement
Original date of the announcement: Friday, January 30, 2009
Revised date: Second half of February 2009
The date of the revised announcement will be released when it has been decided.
The financial impact of this matter is subject to change pending Epson’s ongoing investigation. At present, however, Epson does not anticipate an adjustment to its full-year forecast as a result of this incident.
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