Fabrinet Delays Filing of Form 10-K
BANGKOK--(BUSINESS WIRE)--
Fabrinet (NYSE: FN), a leading provider of advanced optical packaging
and precision optical, electro-mechanical and electronic manufacturing
services to original equipment manufacturers of complex products, today
announced that it is delaying the filing of its Annual Report on Form
10-K for the year ended June 27, 2014 (the "Form 10-K").
Prior to the completion of Fabrinet's fiscal year 2014 financial
results, Fabrinet discovered potential accounting violations with
respect to consignment shipments and inventory. Subsequently and as
previously disclosed, the Audit Committee of Fabrinet's Board of
Directors began conducting an internal investigation concerning various
accounting cut-off issues, specifically procedures surrounding
consignment revenue and inventory. The investigation identified certain
process weaknesses concerning shipments of goods to consignment and the
need for certain remedial measures, including (1) process improvements,
(2) personnel training regarding revenue recognition policies and
inventory management techniques and their relevant accounting
considerations, and (3) certain personnel actions. The Audit Committee
provided these findings to Fabrinet's management.
On September 10, 2014, Fabrinet filed with the SEC a Form 12b-25,
Notification of Late Filing, with regard to its Form 10-K. At the time
of filing, Fabrinet expected that it would be able to file its Form 10-K
within the 15-day extension period provided by the form. However,
Fabrinet recently determined that it requires additional time to file
its Form 10-K because it is currently evaluating and discussing with its
auditors its accounting practices concerning consignment goods.
Fabrinet expects to file its Form 10-K by next week.
About Fabrinet
Fabrinet is a leading provider of advanced optical packaging and
precision optical, electro-mechanical, and electronic manufacturing
services to original equipment manufacturers of complex products, such
as optical communication components, modules and subsystems, industrial
lasers and sensors. Fabrinet offers a broad range of advanced optical
and electro-mechanical capabilities across the entire manufacturing
process, including process design and engineering, supply chain
management, manufacturing, advanced packaging, integration, final
assembly and test. Fabrinet focuses on production of high complexity
products in any mix and any volume. Fabrinet maintains engineering and
manufacturing resources and facilities in Thailand, the People's
Republic of China and the United States. For more information visit: www.fabrinet.com.
Forward-Looking Statements
"Safe Harbor" Statement Under U.S. Private Securities Litigation
Reform Act of 1995
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
regarding Fabrinet's expectation to file the Form 10-K next week.
These forward-looking statements involve risks and uncertainties, and
actual results could vary materially from these forward-looking
statements. Factors that may cause future results to differ materially
from management's current expectations include, among other things, the
discovery of additional information relevant to the internal
investigation; the timing of the review by, and the conclusions of, our
independent registered public accounting firm regarding the internal
investigation and our financial statements; and the risk that the
completion and filing of the Form 10-K will take longer than expected.
We disclaim any obligation to update information contained in these
forward-looking statements whether as a result of new information,
future events, or otherwise.
Investors:
Fabrinet
Jennifer Predmore, 215-428-1797
ir@fabrinet.com
Source: Fabrinet
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