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Flatscreen-TV maker Syntax-Brillian (Nasdaq: BRLC) was supposed to report earnings yesterday, but it decided to hold off for a while. A round of unexpected financial restatements is cramping the company's style.
S-B had shipped a whole lot of TVs to the Chinese Olympic Committee, but it needed about 27,000 more sets in North America than it had planned. So Syntax spent $99 million to buy back and redirect a bushel of big-screens, and it's now trying to figure out how to account for that move.
It just won't do to disappoint newly signed distributors Target (NYSE: TGT), Sears (Nasdaq: SHLD), and Circuit City (NYSE: CC) before the Presidents' Day weekend sales, even if that means taking unusual steps when the stock is in danger of delisting.
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DocumentId: 575682, ~/articles/articlehandler.aspx, 10/7/2008 9:38:13 AM,
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