Remec auditor departs

San Diego Business Journal, Oct 11, 2004 by Mike Allen

Remec Auditor Departs: Remec Inc.'s independent accountants, Ernst & Young LLP, resigned but gave no explanation for the departure. E&Y will leave soon after the accounting firm completes a review of Remec's third quarter, which ends Oct. 29, Remec said.

Remec said, for the last two years, E&Y's financial statements "did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles or practices, financial statement disclosure, or auditing scope or procedure."

On the same day, Remec also announced it hired Needham & Co. Inc. as a financial adviser to help in the possible sale of some of its business units. It has already agreed to sell one unit, which it did not disclose, and opened discussions with other parties on other segments.

In its most recent quarter, Remec reported a net loss of $76.5 million on revenues of $108.8 million.