3/17/2005

Sarbanes-Oxley delays Crays annual report

Filed under: — menk @ 12:19 am

Cray Logo

So Cray now says SOX compliance issues will prevent the company from issuing it’s annual report. To me this is curious. How can a company that generates less than $240M in sales a year have such trouble doing accurate and true accounting.

I can only assume that Cray was taking some serious accounting shortcuts and is working overtime to figure out how they can get compliant and gloss over the past ‘accounting tweaks’. No big surprise that Cray’s stock is trading at slightly more than $2/share. (I personally would sell now)

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