Sharper Image Restatement Less than Estimated Mar 2, 2007

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Retailer Sharper Image Corporation filed an amended annual report for the year ended Jan. 31, 2006. The effect of the restatement is less than previously estimated, with a non-cash compensation expense of $17.7 million, approximately $10.5 million after tax, in the aggregate over the fiscal years 1995 through 2005. As of Feb. 1, 2006 (the first day of the retailer's 2006 fiscal year), the aggregate amount of unamortized compensation expense relating to these option grants totaled approximately $0.1 million.

The company is working to complete its amended quarterly report on Form 10-Q for the quarter ended April 30, 2006. It is also in the process of completing quarterly reports on Form 10-Q for the quarters ended July 31, 2006 and October 31, 2006. Upon filing these reports, Sharper Image said it will be current in its filings with the SEC.

The Sharper Image is a specialty retailer selling through its 187 Sharper Image specialty stores in the U.S., its monthly catalog and the sharperimage.com Web site.
 

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