News
Haapajärvi, Finland -- Flextronics has decided to close its printed circuit assembly plant in Haapajärvi, Finland, according to European news source Evertiq. Reportedly the plant’s 120 employees will be fired.
The closure is said to be due to high labour costs, so production is expected to transfer to a low-cost location. As Evertiq notes, the decision is surprising since the plant hired new staff last week. However, the company did lay off half of its Hungarian workforce (950 employees) in February.
SAN JOSE -- Electronic design automation (EDA) industry revenue for the fourth quarter was $1,253 million, up 5% over Q4 2004. For 2005, revenue totaled a record $4,575 million, or 3% more than 2004’s $4,437 million. The figures come from the EDA Consortium’s Market Statistics Service.
"The EDA industry continued to strengthen in the fourth quarter," said Walden C. Rhines, chairman of the EDA Consortium and chairman and CEO of Mentor Graphics. "Revenues were up in all regions and most product lines."
The largest tool category, computer-aided engineering (CAE), generated revenue of $542 million, 4% more than the same quarter last year. CAE revenue for the year stayed at $1,925 million.
"The EDA industry continued to strengthen in the fourth quarter," said Walden C. Rhines, chairman of the EDA Consortium and chairman and CEO of Mentor Graphics. "Revenues were up in all regions and most product lines."
The largest tool category, computer-aided engineering (CAE), generated revenue of $542 million, 4% more than the same quarter last year. CAE revenue for the year stayed at $1,925 million.
LAFOX, IL -- Arthur Buckland has resigned as president, COO and board member of Richardson Electronics, effective immediately. According to the company, he is leaving to pursue personal interests. Edward Richardson will take his place until a permanent replacement is found.
The company also discovered errors in financial accounting at one of its Italian subsidiaries, according to a release on PR Newswire. The company has not yet determined the impact of these errors for any specific period, but it estimates that the errors will reduce stockholders' equity by approximately $3 million to $4 million.
While the company continues to evaluate the magnitude and impact of these errors, its financial statements for the previous three years and their interim periods should not be relied upon, according to the report. The company is evaluating the adequacy of its accounting for income taxes in certain foreign jurisdictions for prior periods and is in continuing discussions with the present and former auditors concerning these matters.
As a result of ongoing evaluation of these accounting errors, Richardson does not expect to file its Form 10-Q for its fiscal quarter ended March 4, 2006 by the filing deadline.
The company also discovered errors in financial accounting at one of its Italian subsidiaries, according to a release on PR Newswire. The company has not yet determined the impact of these errors for any specific period, but it estimates that the errors will reduce stockholders' equity by approximately $3 million to $4 million.
While the company continues to evaluate the magnitude and impact of these errors, its financial statements for the previous three years and their interim periods should not be relied upon, according to the report. The company is evaluating the adequacy of its accounting for income taxes in certain foreign jurisdictions for prior periods and is in continuing discussions with the present and former auditors concerning these matters.
As a result of ongoing evaluation of these accounting errors, Richardson does not expect to file its Form 10-Q for its fiscal quarter ended March 4, 2006 by the filing deadline.
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