West Marine reached a settlement with the Securities and Exchange Commission related to an investigation into the company's restatement of its financial results for fiscal years 2002 through 2005 and for the first three quarters of fiscal year 2006.
The restatement resulted from a company-initiated review in 2007, during which the West Marine identified and corrected its accounting for indirect inventory cost capitalization.
"After nearly two years of cooperating with the SEC's staff, we are very pleased to report that no fines, penalties or other monetary sanctions were assessed against the company," CEO Geoff Eisenberg said in a statement. "We also understand that the SEC is not proceeding against any of the company's past or current associates or directors."
"We are extremely pleased to have this matter finally behind us as we continue to focus our efforts on doing an outstanding job in support of our customers, associates and shareholders," he added.