Key Developments For Phoenix Technologies Ltd
Phoenix Technologies Ltd (PTEC.O) (Consolidated Issue listed on NASDAQ Global Market)
Phoenix Technologies Ltd. Appoints Jeffrey C. Smith As Chairman
Phoenix Technologies Ltd. announced the appointment of Jeffrey C. Smith as Chairman of the Board of Directors.
Phoenix Technologies Ltd. Reaches Agreement With Taiwan National Tax Authority
Phoenix Technologies Ltd. announced an agreement with the Taiwan National Tax Authority (TNTA) to settle a transfer-pricing dispute for the 2000 through 2006 tax years. The agreement will result in a $5.2 million reduction of the taxes previously accrued by the Company in respect of those years. During the fiscal year ended September 30, 2009, the Company submitted a proposal to the Taiwan National Tax Authority for a re examination of the allocation of expenses under Taiwanese transfer pricing guidelines for the fiscal years 2000 through 2006. The Company has now received final tax assessments from the TNTA in respect of each of these years that are in accordance with the proposal submitted by the Company. The assessments call for total tax and interest payments of approximately $4.0 million, of which approximately $1.9 million had previously been paid by Phoenix. Accordingly, during the current fiscal quarter ending December 31, 2009, the Company intends to make payments to the TNTA totaling $2.1 million in final settlement of its liabilities for taxes and interest for these years. As a result of the settlement, the final assessment of $4.0 million, and the intended payment described above, the Company now expects to record a net reduction of tax expense relating to these years of approximately $5.2 million in the current fiscal quarter ending December 31, 2009.
Phoenix Technologies Ltd. Issues FY 2010 Revenue Outlook Below Analysts' Estimates-Conference Call
Phoenix Technologies Ltd. announced that for fiscal 2010, it expects revenue growth between 10% and 20%. The Company reported revenue of $68 million in fiscal 2009. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $85 million for fiscal 2010.
Phoenix Technologies Ltd. Partners With Samsung Electronics Co., Ltd. Offering Instant-On Notebooks And Netbooks
Phoenix Technologies Ltd. announced a strategic agreement with Samsung Electronics Co., Ltd. to bring to market notebooks and netbooks that are instant on/off, more user-friendly, fun, automated and secure, with extended battery life.
Phoenix Technologies Ltd. Files Amended Complaint In Lawsuit Against DeviceVM
Phoenix Technologies Ltd. announced it has filed an amended complaint with the Santa Clara County Superior Court in its lawsuit against DeviceVM, Inc. and a former Phoenix employee. The suit alleges trade secret theft and conversion of intellectual property assets by DeviceVM. Phoenix is seeking restitution, compensatory and punitive damages as well as a constructive trust.
