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California Amplifier warns of earnings error

California Amplifier announced that earnings for fiscal year 2000 may have been overstated by as much as 18 cents a share, or $2.2 million. The company discovered the mistake when its controller resigned during the audit for fiscal year 2001. He stated in a letter that he purposely reduced expenses, which made income for fiscal 2000 ending Feb. 26, 2000, appear higher, the company said. Nasdaq halted trading of the stock, which last traded at $5.03 a share, until the company could provide more information. The company, a maker of reception equipment for satellite systems, postponed release of earnings for fiscal 2001, originally scheduled for April 19, until it completes its investigation of the issue. The Camarillo, Calif.-based company also said that it may have to restate earnings for the previous fiscal year.

    California Amplifier announced that earnings for fiscal year 2000 may have been overstated by as much as 18 cents a share, or $2.2 million. The company discovered the mistake when its controller resigned during the audit for fiscal year 2001. He stated in a letter that he purposely reduced expenses, which made income for fiscal 2000 ending Feb. 26, 2000, appear higher, the company said.

    Nasdaq halted trading of the stock, which last traded at $5.03 a share, until the company could provide more information. The company, a maker of reception equipment for satellite systems, postponed release of earnings for fiscal 2001, originally scheduled for April 19, until it completes its investigation of the issue. The Camarillo, Calif.-based company also said that it may have to restate earnings for the previous fiscal year.