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BRILLIAN : BRLC: delay Q2 results, shares FALL !!!

luyckxj
11 févr. 200816:55

UPDATE 2-Syntax-Brillian to delay Q2 results, shares fall
Mon Feb 11, 2008 10:24am EST

Feb 11 (Reuters) - Television set and digital camera maker Syntax-Brillian Corp (BRLC.O) said it will delay reporting second-quarter results to adjust the accounting for repurchasing TVs meant for the Beijing Olympics.

Syntax-Brillian, which sells Olevia brand LCD TVs, said as a result of delays in the construction of Beijing Olympic facilities, a large number of LCD TVs already sold through its distributors in China will be bought back and resold in North America.

Shares of the company, which sells its TVs at retailers like Circuit City Stores Inc (CC.N) and Target Corp (TGT.N), were trading down 14 percent at $1.95 Monday on Nasdaq. Earlier in the session they hit a 52-week low of $1.88.

Syntax-Brillian, which also sells Vivitar digital cameras, said the inventory repurchase will reduce the company's accounts receivable in China by $99 million to about $63 million.

The Tempe-Arizona-based company said $48 million is due from South China House of Technology and $15 million from Olevia Far East.

Syntax-Brillian said it was expected to report quarterly results on Monday.

In the December quarter, total units shipped was about 252,000 all to North America, Syntax-Brillian said. The royalty revenue collected from China sales through Olevia Far East was about $3.2 million on unit volume of about 390,000, it added.
(Reporting by Dilipp S. Nag in Bangalore; Editing by Bernard Orr)


Source:
http://www.reuters.com/article/marketsNews/idCNTBNG23282220080211?rpc=44

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