Brooks Takes $64.5M Hit
Staff Reporter -- EDN, August 1, 2006
As promised in May, fab gear supplier Brooks Automation Inc. has restated its finances for the fiscal years 1996 through 2005 "driven by matters related to past stock option grants," the company announced today.
Brooks has filed an amended Form 10-K with the Securities and Exchange Commission (SEC) for the year ended Sept. 30, 2005, recording additional cumulative non-cash, pre-tax stock-based compensation expense to the tune of $64.5 million.
The company recorded a $1.8 million income tax benefit related to the $64.5 million in charges.
Brooks is one of a still-growing number of companies in the tech industry that is now haunted by the fallout from the alleged backdating of stock options . The company is still under investigation from the SEC and the Department of Justice.
Like Brooks, Broadcom recently restated several years of earnings. The connectivity player, however, took a much bigger hit, recording $750 million in expenses related to stock option granting.
