Expanding on its figures in Friday’s issue (CI No 1,991), Sequoia Systems Inc said it reversed about $2.6m of revenues attributable to a receivable from a government reseller and restated its first fiscal quarter of 1992 results to reflect the reversal: the reseller had no contract with its customer, and absent such contract, had no ability to pay for the equipment; Sequoia also decided to reverse about $2.2m of revenue previously recorded in third fiscal quarter of 1992, related to a sale of a Sequoia system to a distributor, which has been unable to conclude a sales contract with an overseas customer and has been unable to finance the transaction; Sequoia expects the sale to be concluded by year-end.
