NVIDIA Files Amended Form 10-K and Form 10-Q Documents with Securities and Exchange Commission
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FOR IMMEDIATE RELEASE
SANTA CLARA, CA—NOVEMBER 29, 2006—NVIDIA Corporation (Nasdaq: NVDA) today reported that it has filed with the Securities and Exchange Commission (SEC) an amended Form 10-K for its fiscal year 2006 ended January 29, 2006, an amended Form 10-Q for the first quarter of fiscal 2007 ended April 30, 2006, and a Form 10-Q for the second quarter of fiscal 2007 ended July 30, 2006.
As previously disclosed, the amended filings reflect the restatement of financial statements arising out of a review of the Company’s historical option grant practices by the Audit Committee of the Board of Directors. The Audit Committee has completed its review and reported its findings to the Board. The Audit Committee found instances of the use of incorrect measurement dates for certain option grants, which, for the period from fiscal 2000 through 2006, resulted in an aggregate non-cash charge of approximately $127 million for stock-based compensation and associated payroll tax expense, net of related income tax effects. The restatement did not have a material impact on the Company’s operating results for any period in the current fiscal year 2007.
Further information regarding the restatement, the results of the review, and related matters is included in the amended filings, available at www.sec.gov. The Company voluntarily contacted the SEC regarding this review and has cooperated and expects to continue to cooperate with the SEC in connection with its continuing inquiry regarding the matter.
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