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Ixia to Re-Release Quarterly Financials

After identifying various accounting errors, Ixia intends to reissue financial results for two quarters last year, with the expectation of reductions in revenue and profit. The Calabasas company, which makes computer networking software, expects to reduce revenue by about $2 million and $4.5 million for the quarters ended March 31, 2013 and June 30, 2013, respectively. This comes after an internal investigation was completed by board of director’s audit committee in February. The company said the accounting errors came from prematurely recording revenue for extended maintenance contracts and orders that included future deliverables. The problems began for Ixia in October, when Chief Executive Vic Alston resigned after the company found he falsified his resume. Because of the turmoil, the company failed to report its financial results to shareholders for the third quarter, prompting issues with Nasdaq. The company also announced Thursday that Nasdaq has granted Ixia an extension through April 30 to regain compliance. If the company does not make the filings by the deadline, Nasdaq has said Ixia will be delisted. Shares closed Thursday up 11 cents, or nearly 1 percent, to $12.93 on the Nasdaq. The market was closed on Good Friday.

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