Manufacturing Industry
Symbol Technologies hopes to put past behind with RFID acquisition, new technology.(Focus On The Future)
Manufacturing Business Technology, January, 2005
Symbol Technologies has had a torrid few years. Once a market leader in bar coding and mobile data-capture devices, its fortunes suffered a serious setback in 2001 when the SEC launched an investigation into accounting irregularities, which culminated in 2003 with the restating of five years worth of financial results--a move that wiped out $233 million in revenues, as well as $255 million in shareholder equity.
Under new President and Chief Executive William Nuti--promoted from chief operating officer in January 2004 in a bid to put the scandal to rest--the company had the misfortune of committing what seems to have been honest accounting errors in its third-quarter results. Following a two-week delay, revised accounts were filed Nov. 8, 2004. ...
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