...but this doesn't sound as bad as some would have you believe. This is not a small company. $1.40 cash/shr, .25B in annual revs. And going through one of the worst downturns in a century.

"The Company has substantially completed its review of revenue transactions in its Precision Technology Segment. However, the Company requires additional time to finalize its financial statements. As previously disclosed, the evaluation and assessment of potential adjustments to revenue transactions with multiple element arrangements in the Company's Precision Technology Segment during fiscal years 2004 through 2008 entailed the compilation, review, and analysis of a database of approximately 84,000 purchase orders comprising approximately 300,000 lines of data from nine different enterprise reporting systems. The Company's review further consisted of analyzing each line item of every purchase order submitted during this period, which required the Company to perform several iterations of the analysis on several subsets of the data such that the Company estimates it analyzed over 500,000 lines of data in total. Gathering the data for analysis proved to be more challenging, and required more time, than originally planned. The reviewed data resided on nine different enterprise wide reporting systems located in nine offices in five countries on three continents: China, Japan, Germany, the United Kingdom, and the United States. The Company intends to complete the preparation and filing of its financial statements and regain compliance as expeditiously as possible.

Today, the Company also reported bookings for the third quarter of 2009 and cash position as of October 31, 2009:


Bookings:

Consolidated bookings for the third quarter ended October 2, 2009 were approximately $60 million compared with bookings of approximately $52 million for the comparable period in 2008. Consolidated bookings for the third quarter of 2008 included bookings of the Company's general optics business, which was divested during the fourth quarter of 2008, and included bookings of Excel Technology, Inc. from the date that company was acquired, August 20, 2008. Bookings of the Company's Semiconductor Systems Segment for the third quarter ended October 2, 2009 declined approximately 40% compared with the same period in 2008, as the semiconductor industry has been undergoing one of the most severe downturns on record.


Cash:

As of October 31, 2009, the Company had cash and cash equivalents of approximately $57 million, including approximately $3 million of net cash proceeds received from the sale of a building the Company owned in Rugby, England. In addition to the cash and cash equivalents, at October 31, 2009, the Company owned approximately $14 million of auction rate securities at fair value. Subsequent to October 31, 2009, the Company sold a portion of its auction rate securities for net cash proceeds of approximately $3 million."