66° M/CLOUDY, Telecom Valley company keeps Nasdaq listing
Last Modified: Monday, May 5, 2008 at 3:13 p.m.
Symmetricom Inc., which makes network timing technology in Santa Rosa, will keep its Nasdaq stock listing despite accounting errors dating back to 2002, company officials said Monday.
A Nasdaq review panel said Symmetricom must correct its financial reports by June 30 or risk the loss of its stock listing.
Nasdaq threatened to delist Symmetricom in February after the San Jose-based company failed to file a quarterly report for the period ending Dec. 30.
Symmetricom said it missed the deadline because it was doing an internal investigation of the accounting problems. In April, Symmetricom said the probe showed accounts payable and net income were misstated between 2002 and the first quarter of 2008.
The errors increased net income by about $300,000 for the period, the company said.
On Monday, Symmetricom reported third-quarter revenue of $19.3 million for its Santa Rosa-based Timing, Test & Measurement Division, up 11 percent from the same quarter last year.
About 100 people work at Symmetricom in Santa Rosa.
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