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China

China

AMSC to delay annual report

UNITED STATES: American Semiconductor (AMSC) is to delay the release of its annual report after requesting additional time from the US Securities and Exchange Commission.

AMSC said it was still reviewing the impact of its dispute with its biggest customer Sinovel after the latter refused to accept a shipment in April. As a result the company’s share price fell by around 19 percent.

The company has requested an extension of up to 15 days.

In a statement it said: "In connection with this ongoing review, the company currently expects to reverse the recognition of a material amount of revenue that it had included when estimating revenues of ‘less than $355 million’ for the full fiscal year ended March 31, 2011 in the company’s press release dated April 5, 2011."

Last week, AMSC announced the retirement of chief executive and founder Gregory Yurek.

Yurek is set to be replaced by current chief operating officer and president Daniel McGahn on June 1. Yurek will continue as chairman until the company’s annual meeting in August.

He will continue to serve as an advisor to the company for the next two years.

 


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