Silicon Image shares bounced back Tues., trading up 24? at $6.64,...
Silicon Image shares bounced back Tues., trading up 24? at $6.64, one day after plunging 28% as the company indicated 3rd- quarter results wouldn’t be released on time because auditors were investigating the recognition of license revenue in 2002…
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and 2003. Silicon Image said wouldn’t file its 3rd-quarter report with the SEC by the Nov. 15 deadline “because an ongoing examination is being conducted by its audit committee.” The company characterized the investigation as preliminary and said it couldn’t predict how long it would take. Upon news of the probe, Wachovia Securities analyst Karl Motey suspended his “market perform” rating on Silicon Image’s stock. The licensing business, which has 85-90% margins, is expected to generate 15% of Silicon Image’s sales this year. Its stock price will “remain under pressure in the near term” until the audit committee investigation is complete, Motey said.