Quick Take: Syntax-Brillian Makes an Unusual Move
By Anders Bylund (TMF Zahrim) February 12, 2008
Flat-screen TV maker Syntax-Brillian (Nasdaq: BRLC) was supposed to report earnings yesterday but decided to hold off for a while. A round of unexpected financial restatements is cramping their style.
The company had shipped a whole lot of TVs to the Chinese Olympic Committee but needed about 27,000 more sets in North America than they had planned. So Syntax spent $99 million to buy back and redirect a bushel of big-screens, and is now trying to figure out how to account for that move.
It just won't do to disappoint newly signed distributors Target (NYSE: TGT), Sears (Nasdaq: SHLD), and Circuit City (NYSE: CC) before the Presidents' Day weekend sales, even if it means taking unusual steps when the stock is in danger of delisting.
