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Metrowerks admits error
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September 3, 1999: 11:33 a.m. ET
Software company to restate its revenue for fiscal 1998, 1999
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NEW YORK (CNNfn) - Metrowerks Inc., a producer of development software, said Friday it will have to restate some of its financial statements due to accounting errors in conjunction with its acquisition by a Motorola Inc. unit.
Metrowerks will have to restate both its 1998 and 1999 financial statements due to a "misinterpretation" of accounting policies concerning software revenue recognition.
The changes could result in up to $3 million of revenue in fiscal 1998 and $7.5 million in revenue in fiscal 1999 being deferred to future periods, Metrowerks said.
The company is continuing to work with auditors to finalize the actual results and expects it to be completed in time for the reporting of audited fiscal year 1999 results.
Shares of Metrowerks (MTWK) edged 1/16 lower to 6-1/16 in late morning Friday. Motorola was up 2-5/16 to 92-11/16.
Earlier this month, Motorola announced that its semiconductor unit would buy the Austin, Texas-based software tools developer for approximately $95 million in cash.
Metrowerks produces professional software development tools -- such as CodeWarrior -- used by programmers to create software applications.
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Metrowerks
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