09:49 AM EST - ViXS Systems Inc. : announced today that during the course of its year-end audit an issue was discovered with respect to the recognition of non-recurring engineering (NRE) revenue and associated billing of $1.5 million under a previously disclosed development arrangement. ViXS entered into this development project in early September 2013 and the development project was subsequently cancelled after the end of the third quarter of fiscal 2014. Commencing in the third quarter, ViXS applied the percentage-of-completion method for revenue recognition and reported $0.6 million of revenue and recorded deferred revenue of $0.9 million, and an accounts receivable related to a milestone billing in the amount of $1.5 million for this project when it originally filed results for the third quarter of fiscal 2014. ViXS Systems Inc.
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