Summary
This 8-K filing from Apple Computer, Inc. on August 11, 2006, primarily addresses a delay in filing its Form 10-Q for the quarter ended July 1, 2006. The company anticipates significant changes in its financial results for the period due to potential non-cash charges for compensation expense related to past stock option grants. The ongoing investigation into these stock options means Apple cannot yet estimate the impact on its financial statements or determine which periods may require restatement. As a consequence of the delayed filing, Apple received a notification from NASDAQ indicating non-compliance with listing requirements. The company has requested a hearing before the NASDAQ Listing Qualifications Panel and expects its shares to remain listed pending a decision. Investors should note that this filing signals potential accounting adjustments and a period of uncertainty regarding the company's historical financial reporting.
Key Highlights
- 1Apple Computer, Inc. will not timely file its Form 10-Q for the quarter ended July 1, 2006.
- 2The delay is due to an ongoing investigation into stock option grants and potential restatements of historical financial statements.
- 3Significant increases in both revenue and expenses are anticipated for the quarter ended July 1, 2006, compared to the prior year.
- 4Non-cash charges for compensation expense related to past stock option grants are expected and will likely require financial restatements.
- 5Apple received a NASDAQ Staff Determination letter for non-compliance with listing requirements due to the delayed filing.
- 6Apple has requested a hearing with the NASDAQ Listing Qualifications Panel and its shares will remain listed pending the outcome.
- 7The company cannot currently estimate the amount of stock option charges, their accounting impact, or the periods requiring restatement.