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Gary
Levine CSP Inc. Announces the Filing of its 2005 Form 10-KBILLERICA, MA, March 17, 2006 - CSP Inc. (Nasdaq:CSPI), a provider of IT Solutions, systems integration services and dense cluster computing systems, announced today that it had filed its Form 10-K for the fiscal year ended September 30, 2005. The filing had been delayed while various financial statement issues were being resolved. Resolution of those issues had no effect on previously announced revenues and earnings. The Company is continuing to work on completing the restatement of the its unaudited financial statements for the interim fiscal periods ended December 31, March 31, and June 30 of fiscal 2005 and the comparable periods of fiscal 2004 for certain amounts that were incorrectly classified in the consolidated balance sheets and consolidated statements of cash flows. The restatements are not expected to have any effect on previously reported net income (loss) or earnings per share. In addition, the Company is working to complete the filing of its Form 10-Q for the quarter ended December 31, 2005 (the first quarter of fiscal year 2006). Filings on Form 10-Q/A with respect to the restated quarterly periods and Form 10-Q with respect to the first quarter of the current fiscal year will be made as soon as practicable.
For more information on the restatement, please refer to our Current Report on Form 8-K filed March 16, 2006.
About
CSP Inc.
Based in Billerica, Massachusetts and founded in 1968, CSP Inc. and its subsidiaries develop and
market best-of-breed IT solutions, image processing software, systems integration services, and high-performance computer
systems. Its Systems segment includes the MultiComputer Division, which supplies high-performance Linux cluster systems
for a broad array of defense applications, including radar, sonar and surveillance signal processing. The Company's
MODCOMP, Inc. subsidiary, also part of its Service and Systems Integration segment, was founded in 1970 and which includes the fiscal 2003
acquisition of Technisource, is a leading provider of IT solutions and systems integration services. MODCOMP works with
third parties to develop customized solutions in the global IT markets and has offices in the U.S., U.K. and Germamy.
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