UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 5, 2007
AMIS HOLDINGS, INC.
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE 000-50397 51-0309588
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
2300 BUCKSKIN ROAD, POCATELLO, IDAHO 83201
(Address of Principal Executive Offices) (Zip Code)
(208) 233-4690
(Registrant's Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On November 8, 2007, AMIS Holdings, Inc. (the "Company") announced
consolidated financial results for the three- and nine-month periods ended
September 29, 2007 and that it was restating its financial statements for the
first two quarters of 2007. The press release announcing these results and the
restatements is furnished as Exhibit 99.1 to this report.
Item 4.02(a). Non-Reliance on Previously Issued Financial Statements or a
Related Audit Report or Completed Interim Review.
On November 5, 2007, management determined that the consolidated financial
statements included in the Company's quarterly reports on Form 10-Q for the
periods ended March 31, 2007 and June 30, 2007 should no longer be relied upon
due to errors therein.
On October 24, 2007, the Company announced that the Audit Committee of its
Board of Directors, which is comprised solely of independent directors, was
reviewing the Company's February 2007 standard cost valuation of inventories and
related issues. The Audit Committee retained independent accounting and legal
advisors to assist in the investigation. The Audit Committee also has
coordinated its review with the Company's independent auditors.
During the investigation, it was found that there were errors made in
relation to certain aspects of the Company's standard cost process for inventory
valuation. In addition, in the course of its review, the Audit Committee found
system coding issues that resulted in certain errors in the Company's recording
of inventory value. These errors had an effect on the Company's reported results
at March 31, 2007 and June 30, 2007 and for the periods then ended. Management
determined it should restate its previously reported financial statements at
those dates and for the periods then ended.
Management and the Audit Committee discussed the matters disclosed in this
filing with Ernst & Young LLP, the Company's independent registered public
accounting firm.
Item 9.01 Financial Statements and Exhibits
Exhibit No. Description
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99.1 Press Release Dated November 8, 2007
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMIS HOLDINGS, INC.
Date: November 8, 2007 By: /s/ JOSEPH PASSARELLO
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Name: Joseph Passarello
Title: Senior Vice President and
Chief Financial Officer