TRKNE Trikon Technologies (MM)

Trikon Technologies, Inc. (NASDAQ:TRKNE) today reported it has completed the restatement of its financial results and has filed its amended annual report on Form 10-K/A for 2004 reflecting the restatement with the Securities and Exchange Commission. In addition, Trikon filed its Form 10-Q for the first quarter ended March 31, 2005 today. The financial results for the first quarter of 2005 were unaffected by the restatement and are unaltered from those previously reported on May 9, 2005. "These were highly technical accounting issues that have no impact on Trikon's business," said Dr. Macneil, chief executive officer. "With the restatement of our financial results completed within 3 weeks and all of our required reports filed with the SEC, we look forward to a speedy determination of compliance by the Nasdaq Listing Qualification Hearings Department." "The net impact of the adjustments as at December 31, 2004 was to increase the accumulated deficit by one tenth of one percent," said Martyn Tuffery, acting chief financial officer. "This is as a result of our restated accounts no longer deferring costs in proportion to revenues, where there are final payments on sales. To the extent that costs have been increased at December 31, 2004 by $298,000, going forward these costs will have already been recognized thereby making any final payments received cost free, and therefore more profitable." "In addition, revenues 'deferred' on such sales, and historically shown as such on the balance sheet, are now netted from accounts receivable," continued Mr. Tuffery. "These adjustments result from correcting our interpretation of Staff Accounting Bulletin (SAB) 104, the replacement for SAB 101." Mr Tuffery continued, "Trikon had also allocated substantially all the facilities costs at their main site to selling, general and administrative cost. Trikon has now reallocated a portion of these expenses to research and development and cost of goods sold" Additional information regarding the restatement and Trikon's results of operations for the quarter ended March 31, 2005 is set forth, respectively, in the Company's Annual Report on Form 10-K/A filed with the SEC on May 27, 2005 and the Quarterly Report on Form 10-Q filed today, each of which may be found on the SEC website located at www.sec.gov. About Trikon Technologies Trikon Technologies is a technology leader in wafer fabrication equipment to the global semiconductor industry. Trikon develops and manufactures advanced capital equipment for plasma etching and chemical and physical vapor deposition (CVD and PVD) of thin films for use in the production of semiconductor devices. These are key components in all electronic products, such as telecommunication devices, consumer and industrial electronics and computers. More information is available on Trikon's Web site at: www.trikon.com. "Safe Harbor" Statement Under the Private Securities Litigation Act of 1995: This news release contains certain forward-looking statements that include, without limitation, statements in the news release and comments by Dr. Macneil about determination of compliance with listing requirements by the Nasdaq Listing Qualification Department. These forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially, including, but not limited to developments in the review of Trikon's compliance status by Nasdaq that evidence further events of non-compliance and potential internal, regulatory and third-party scrutiny of Trikon's financial statements that may necessitate further restatements. Additional factors that may cause actual results to differ are included in the more detailed cautionary statements included in the company's SEC reports, including, without limitation, its annual report on Form 10-K/A, quarterly reports on Form 10-Q and current reports on Form 8-K.