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Ixia Files Updated Earnings Reports

Ixia on Monday finally filed its 2013 annual report, as well as amendments to quarterly earnings statements that were the subject of various accounting errors. The filings put the Calabasas maker of computer-networking software closer to compliance with the Securities and Exchange Commission requirements and avoiding a delisting from Nasdaq. Ixia reported net income of $11.9 million (15 cents a share) for the year ended Dec. 31, compared with $45.5 million (59 cents) in 2012. Revenue increased 13 percent to $467 million. The company also filed restatement for the first quarter and second quarter of 2013. Ixia failed to file quarterly reports last fall after Chief Executive Vic Alston resigned because of false information on his resume. The unexpected leadership turnover caused the company to miss its filing deadline. The resignation prompted a review by the audit committee, which found accounting errors in previous filings. Nasdaq threatened to delist the company unless it filed new reports. The company met with the exchange’s officials on June 12 and presented a filing plan. “While the past eight months have been challenging on several fronts, we have continued to focus on innovation and on executing and moving the business forward,” acting Chief Executive Errol Ginsberg said in a prepared statement. Shares closed down 6 cents, or less than 1 percent, to $11.81.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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