Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
SDIX > SEC Filings for SDIX > Form 8-K on 11-Jun-2013All Recent SEC Filings

Show all filings for STRATEGIC DIAGNOSTICS INC/DE/ | Request a Trial to NEW EDGAR Online Pro



Non-Reliance on Previous Financials, Audits or Interim Review

Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

On June 6, 2013, management of Strategic Diagnostics Inc. (the "Company") concluded that the consolidated financial statements set forth in the Company's Quarterly Report on Form 10-Q for the quarter ended as of March 31, 2013, as filed with the Securities and Exchange Commission on May 15, 2013 (the "Original Form 10-Q"), should no longer be relied upon. On June 11, 2013, the Audit Committee (the "Audit Committee") of the Board of Directors of the Company agreed with management's conclusion and approved the filing of the Amendment described below.

The Company will file an amendment (the "Amendment") to the Original Form 10-Q to amend and restate its previously issued consolidated financial statements as of March 31, 2013 and for the three months ended March 31, 2013 and 2012 to present the results of its Life Sciences Business as continuing operations. These results had been previously presented as discontinued operations held for sale. The determination to restate the results as continuing operations reflects the fact that the required stockholder vote regarding approval of the sale of the assets comprising the Life Sciences Business has not yet occurred. This vote is expected to take place in early July 2013.

The Company notes that, as the restatement is one of presentation only, stockholder's equity, net loss and cash used in operating activities (each as reflected in the Original Form 10-Q) are not impacted. Other than to change the presentation of the Company's results as described above, and to address (in Part I, Item 4 of the Amendment) the impact of the need for these changes on our management's assessment of our disclosure controls and procedures, no other changes have been made to the Original Form 10-Q.

Based on the Company's evaluation and the material weakness described in Part I, Item 4 of the Amendment, the Company's Chief Executive Officer and Chief Financial Officer have concluded that the Company's disclosure controls and procedures were not effective as of March 31, 2013. Subsequent to the identification of this material weakness, the Company is revising its controls around disclosure and classification of strategic transactions to ensure these transactions are reported in accordance with U.S. generally accepted accounting principles.

The Company and the Audit Committee have addressed these matters with KPMG LLP, the Company's independent registered public accounting firm.

  Add SDIX to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for SDIX - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now

Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.