GSI Technology, Inc. Reports Revised Fourth Quarter and Fiscal Year 2022 Results

SUNNYVALE, Calif., June 29, 2022 (GLOBE NEWSWIRE) -- GSI Technology, Inc. (NASDAQ:GSIT) is issuing this press release to revise the reporting of its financial results for its fourth fiscal quarter and fiscal year ended March 31, 2022. After issuing the original earning release, GSI Technology re-evaluated the methodologies and procedures involved in developing forecasts used to calculate its contingent consideration liability and used in the recoverability test over intangible assets. This re-evaluation of forecasting methodologies and procedures resulted in a reduction of approximately $1.3 million in selling, general and administrative expense with a corresponding decrease in the contingent consideration liability, which impacted other amounts on the consolidated statement of operation and consolidated balance sheet.