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Sarbanes-Oxley delays Cray's annual report

Problems related to the financial accountability rules will hold up release of the report, the supercomputer company says.

Cray said on Wednesday that it will delay filing its annual report because of issues stemming from reviews of financial controls required by the Sarbanes-Oxley Act. The supercomputing specialist does not anticipate that its earlier reported financial results will change materially, compared with results announced earlier. The annual report, excluding the Sarbanes-Oxley compliance information, should be released by March 31, Cray said.

"The company expects that it will identify one or more material weaknesses, including inadequate review of third-party contracts and lack of software application controls and documentation, and that it will conclude that its system of internal controls was not effective," Cray said in a statement. It added that company auditors have expressed "serious reservations" that Cray will be able to complete its assessment and that they would be able to issue an opinion on it.