Super Micro Computer Inc (NASDAQ:SMCI) reported higher fiscal first-quarter earnings because of stronger sales of its computer chips, but added it was restating prior period financial statements because they cannot be relied upon.
The company said net sales were in a range of $952 million to $962 million for the period ending September 30, compared with its previous guidance range of $810 million to $870 million.
GAAP fully diluted earnings per share reached $0.35 to $0.39, while non-GAAP fully diluted earnings per share were in the range of $0.66 to $0.70, compared with the year-ago figure of a gain of $0.32.
All three companies hotly denied the allegations.
Shares of Super Micro rose 3.07% to close Thursday at $12.42.
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About its restatement, the company said it concerns the timing of recognition of revenue and classification of certain inventory.
The company believes total cash flows from operating, investing, and financing have not been affected with the exception of certain balance sheet classification errors that have been determined to have an immaterial effect on cash and cash flows from operations.
The report restating the financial statement was filed with US regulators.
Super Micro Computer, together with its subsidiaries, develops and provides high-performance server solutions based on modular and open architecture.
The company is based in San Jose, California.
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