Attached files
file | filename |
---|---|
8-K - FORM 8-K - MONTAGE TECHNOLOGY GROUP LTD | d705370d8k.htm |
EX-99.1 - EX-99.1 - MONTAGE TECHNOLOGY GROUP LTD | d705370dex991.htm |
Exhibit 99.2
Montage Technology Announces Filing of Form 12b-25 Notification of Late Filing for 2013 10-K
SHANGHAI, China, March 31, 2014 Montage Technology Group Limited (Nasdaq: MONT) (Montage Technology or Montage or the Company), a global fabless provider of analog and mixed-signal semiconductor solutions addressing the home entertainment and cloud computing markets, today announced that it has filed a Form 12b-25 notification of late filing for its Annual Report on Form 10-K for the year ended December 31, 2013.
Form 12b-25 Notification of Late Filing for 2013 10-K.
In its 12b-25 Notification of Late Filing, the Company indicated that its Form 10-K cannot be finalized until the completion of the audit committees review of allegations contained in reports issued by Gravity Research and the completion of the audit of the Companys financial statements for the year ended December 31, 2013. As previously announced, the audit committee appointed the law firm of Jones Day to conduct an independent review of the reports allegations and related matters.
Based on the audit committees review to date with the assistance of its outside advisors, the Company does not believe that the allegations regarding the integrity of the Companys financial statements have merit. The audit committee has not yet completed its work nor reached final conclusions, and therefore no final conclusions can be made until the completion of the ongoing review.
As a result, the Company does not currently anticipate any changes to its previously reported financial results. The Company continues to expect to report total revenue for 2013 of $110.9 million, an increase of 41.7 percent compared to $78.2 million in the previous fiscal year, and net income of $25.7 million, compared to $18.3 million in 2012.
As part of the audit committees ongoing review regarding the Gravity Research allegations, including the allegations regarding the Companys revenues and cash balances, the audit committees advisors have been performing various forensic procedures designed to verify a material portion of the Companys cash, cash equivalents, and short term investment balances with its financial institutions at various points in time covering the Companys publicly disclosed financial filings. While the audit committees review is still in process, the procedures undertaken to-date by the committees advisors have affirmed the existence of the tested balances.
About Montage Technology
Montage Technology is a global fabless provider of analog and mixed-signal semiconductor solutions currently addressing the home entertainment and cloud computing markets. In the home entertainment market, Montages technology platform enables the company to design highly integrated end-to-end solutions with customized software for set-top boxes. These solutions optimize signal processing performance under demanding operating conditions typically found in emerging marketing environments. In the cloud computing market, Montage offers high performance, low power memory interface solutions that enable memory intensive server applications. Its technology platform approach allows Montage to provide integrated solutions that meet the expanding needs of customers through continuous innovation, efficient design and rapid product development. For more information regarding Montage please visit the companys website at www.montage-tech.com.
Forward Looking Statements
This press release contains forward-looking statements about the Companys plans, expectations and beliefs, including regarding the timing and anticipated filing of the Companys 10-K, the timing and completion of and determinations with respect to the Companys audit and the audit committees review and anticipated financial results. Forward-looking statements can be identified by terminology such as will, should, expects, anticipates, future, intends, plans, projects, predicts, believes, estimates, forecasts, may and similar statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may differ materially from actual results due to a variety of factors, including if the audit committee, its advisors, or the Companys independent auditors require additional time or procedures prior to completion of the Annual Report, or if the Company determines it requires additional time to complete and review the Annual Report on Form 10-K in light of any determinations from the ongoing review or otherwise, as are more fully detailed under the caption Risk Factors in our most recent quarterly report on Form 10-Q and other filings with the U.S. Securities and Exchange Commission. We undertake no obligation to update these statements as a result of new information or future events, except as may be required by law.
Company Contact:
Montage Technology
Mark Voll, CFO
P: 408-982-2780 or 86-21-6128-5678 x8618
E: ir@montage-tech.com
Investor Relations Contact:
Shelton Group
Leanne Sievers, EVP
P: 949-224-3874
E: lsievers@sheltongroup.com
Matt Kreps, Managing Director
P: 972-239-5119 ext. 125
E: mkreps@sheltongroup.com