SAN FRANCISCO (Thomson Financial) - Shares of Immersion Corp. fell Friday
after the San Jose, Calif.-based software company swung to a fourth-quarter
profit, but said it will need to correct a previously issued financial report.
Immersion said it understated income tax expense by $6.6 million in its
March 31, 2007, quarter. The correction will have no effect on revenue,
operating income, or cash balances, the company said.
After Thursday's close, Immersion reported a fourth-quarter net profit of
$511,000, or 2 cents a share, versus a year-ago net loss of $1.98 million, or 8
cents a share.
Revenue climbed to $9.89 million from $8.61 billion.
Immersion shares fell 13% to $8.91 on volume of roughly 866,000 shares
versus a 30-day average volume of 525,103 shares.
Gabriel Madway
gm/vj
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