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LFUS > SEC Filings for LFUS > Form 8-K on 5-Feb-2014All Recent SEC Filings

Show all filings for LITTELFUSE INC /DE



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 February 4, 2014, the Audit Committee of the Board of Directors (the "Audit Committee") concluded that the Company's previously issued financial statements included in the Company's quarterly report on Form 10-Q for the first fiscal quarter of 2013 (file no. 0-20388), filed with the Securities and Exchange Commission on May 3, 2013, should no longer be relied upon because of errors in those financial statements. The Company intends to amend those financial statements on a Form 10-Q/A to make the necessary accounting adjustments.

All adjustments will also be reflected in the Company's to be filed annual report on Form 10-K, for the fiscal year ended December 28, 2013.

For the full year, the Company booked a $6.1 million charge to income tax expense ($3.3 million of which relates to the first quarter of 2013) related to the Company's investment in Shocking Technologies, Inc. which was written off in prior periods. This was determined to be a capital loss for tax purposes, instead of an ordinary loss as the company had previously determined in consultation with a third party expert. The Company is continuing to evaluate the impact of the adjustment on the Company's internal control over financial reporting as of December 28, 2013.

The Company's Audit Committee and members of the Company's management have discussed the matters disclosed in this Form 8-K pursuant to Item 4.02(a) with Ernst & Young LLP, the Company's current independent registered public accounting firm.

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