FOR IMMEDIATE RELEASE: NEWS
December 27, 2000 OTC-VARL
VARI-L COMPANY ANNOUNCES PLAN AND TIMETABLE
FOR RELEASE OF RESTATED FINANCIAL STATEMENTS
Company Also Announces Intention To
Change Fiscal Year End To June 30 From December 31
DENVER, Colorado -- Vari-L Company, Inc. (OTC-VARL), a leading provider of
advanced components for the wireless telecommunications industry, today
announced a plan and timetable for releasing restated financial
information. The Company originally had targeted the fourth quarter of
2000 but has rescheduled the release for January.
Pete Pappas, president and CEO, said the revised release date allows for
the simultaneous disclosure of financial information for several prior
reporting periods, giving investors a greater amount of financial data at
one time and better ensuring balance and perspective.
"We believe our shareholders need to receive restated financial
information from prior periods at the same time as they receive our most
recent financial statements, as opposed to receiving selected information
on a piecemeal basis that could be misleading in the absence of relevant
comparative or historical data," Pappas said. "We have therefore elected
to move the release date into early January when KPMG LLP and Vari-L will
have completed work on more of the recent financial statements and the
restated financial statements."
Pappas also announced that, due to KPMG's inability to provide audit
opinions for periods prior to June 30, 2000, Vari-L intends to change its
fiscal year from December 31 to June 30, and that change will be made
retroactive to June 30, 2000. As a result, Vari-L will file a transition
report on Form 10KSB/T for the six-month period ended June 30, 2000, which
will include an audited balance sheet at June 30, 2000.
Pappas said the Company intends to release the following financial
information in January:
o Unaudited condensed balance sheets for December 31, 1999; June 30,
2000; and September 30, 2000
o Unaudited condensed income statements for the quarter ended September
30, 1999 and the quarter ended September 30, 2000
o Unaudited condensed income statement for the six-month period ended
June 30, 2000
o Unaudited condensed income statement for the year ended December 31,
1999
o Unaudited revenue for the quarter ended December 31, 2000
Continued on Page 2
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Later in January or early February, Vari-L plans to file the following
documents with the SEC:
o Form 10-KSB/A for the year ended December 31, 1999
o Form 10-QSB/A for the quarter ended March 31, 2000
o Form 10-KSB/T for the six months ended June 30, 2000
o Form 10-QSB for the quarter ended September 30, 2000
Through its headquarters in Denver, Vari-L designs, manufactures and
markets wireless communications components that generate or process radio
frequency (RF) and microwave frequency signals. Vari-L's patented
products are used in commercial infrastructure equipment (including
cellular/paging/PCS base stations and repeaters, fixed terminal point to
point/multi-point data radios including LMDS/MMDS), consumer subscriber
products (advanced cellular/PCS/satellite handsets, web-enabled smart
phones, 2-way pagers, wireless PDAs, home networking), and
military/aerospace platforms (satellite communications/telemetry, missile
guidance, electronic warfare, electronic countermeasures, battlefield
communications). Vari-L serves a diverse customer base of the world's
leading technology companies, including Adaptive Broadband, Agilent
Technologies, Digital Microwave, Ericsson, Glenayre Technologies (Wireless
Access), Harris, Hughes, Lockheed Martin, Lucent Technologies, Microwave
Data Systems, Mitsubishi, Motorola, NEC, NeoPoint, Netro, Newbridge
Networks, Nokia, Northrop Grumman, Novatel Wireless, Raytheon, Samsung,
and Siemens.
Some of the statements contained in this news release are forward-looking
statements. The accuracy of these statements cannot be guaranteed as they
are subject to a variety of risks, including but not limited to the
success of the products into which the Company's products are integrated,
governmental action relating to wireless communications licensing and
regulation, the accuracy of the Company's internal projections as to the
demand for certain types of technological innovation, competitive products
and pricing, the success of new product development efforts, the timely
release for production and the delivery of products under existing
contracts, the outcome of pending and threatened litigation and regulatory
actions, the success and timeliness of the Company's efforts to restate
its prior financial statements, the ability of the Company's new
independent accounting firm to issue an unqualified audit report on those
financial statements, future economic conditions generally, as well as
other factors.
CONTACTS:
Vari-L Company, Inc. Pfeiffer Public Relations, Inc.
Pete Pappas, CEO 303/393-7044
303/371-1560
