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February 17, 1999

PEOPLESOFT DEALS SURVIVE SEC SCRUTINY

By CBR Staff Writer

PeopleSoft Inc said Wednesday that the Securities and Exchange Commission has finished its review of the company’s books with regard to its accounting for in-process research and development and found nothing to warrant a restatement of past financial results. At a time when the SEC has been investigating many software company’s accounting practices for acquisitions, the ERP software vendor’s purchases of PeopleSoft Manufacturing Inc in 1996 and Intrepid Systems Inc in 1998 had been called into question. But the company says it will not be required to, and will not restate any financial results for the 1996, 1997 and 1998 reporting periods related to the deals.

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