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Grasbrunn (pte036/06.05.2003/14:57) - German software producer Ixos http://www.ixos.com has admitted to doctoring its accounts in order to present a more positive picture of its 2001/2002 earnings.
In an obligatory release, the company announced today it must revise its results for the 2001/2002 fiscal year and the first half of the 2002/2003 period.
According to Ixos, a former employee in the Belgian region had submitted six false client contracts, boosting the company's operating result by 700,000 euros or about ten per cent. Licensing turnover was inflated by 800,000 euros.
Ixos plans to submit a restatement of its results to the American SEC and publish the changed balance in Germany.
At the same time, Ixos has been forced to report a sizeable loss for the first nine months of the current fiscal year. Operating results dropped from 3.9m euros to minus 750,000 euros compared to the year before, and the company surplus has shrunken from 4.3m euros to minus 2.8m euros.
Ixos stocks fell 14 per cent to 3.69 euros this morning in response to today's news, moving close to a 52-week low of 3.41 euros.
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