Oops, we put $24m in the wrong place

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If you were wondering how things are at Cadence Design Systems, which saw its CEO and other execs resign last week, you are going to have to wait a bit longer. Less than half an hour before the Q3 conference call was meant to start, the company claimed it had discovered a problem with its Q1 figures and was going to have to go back and restate them. As a consequence, Cadence decided to postpone the Q3 results and the accompanying conference call.

"Cadence initiated the review after preliminarily determining during its regular review of its third quarter results that approximately $24 million of revenue relating to these contracts was recognized during the first quarter of 2008, but should have been recognized ratably over the duration of the contracts commencing in the second quarter of 2008. Cadence expects to restate its financial statements for the first quarter of 2008 and the first half of 2008 to correct the revenue recognition with respect to these contracts.

"Cadence will release its third quarter 2008 financial results and conduct a Webcast as soon as practicable."

I wouldn't expect a lot of warning when that conference call actually happens.