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November 3, 1997updated 03 Sep 2016 7:33pm

S3 WILL RESTATE REVENUES BY UP TO $70M

By CBR Staff Writer

S3 Inc, maker of multimedia acceleration hardware and software, says it will have to restate revenue downward for prior quarters by a cumulative $40m to $70m. The Santa Clara, California company estimates the restatement will result in a decline in related earnings per share of between $0.14 to $0.29 for the affected quarters. This action comes as a result in material errors in the timing of its recognition of sales to certain international distributors. The company’s accounting policy allows for the recognition of revenue only after the product is sold by the distributor to the end user. Although some revenue for some inventory still in the channel was recognized prematurely, S3 expects the bulk of the revenue from that existing inventory to be recognized in the fourth quarter of 1997. á

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