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OPTC » Topics » Product Warranty

This excerpt taken from the OPTC 10-K filed Mar 25, 2005.
Product Warranty—In the ordinary course of business, the Company warrants its products against defect in design, materials, and workmanship over various time periods. Beginning in July 2002 the

31



Company offers a lifetime warranty on its products. Prior to 2002 the warranty period was limited to four years. Warranty reserve and allowance for product returns is established based upon management’s best estimates of amounts necessary to settle future and existing claims on products sold as of the balance sheet date.

The following is a summary of the Company’s continuing warranty obligation for the years ended December 31:

 

 

2004

 

2003

 

Balance, beginning of year

 

$

60,846

 

$

44,512

 

Provision for warranty obligations

 

152,558

 

52,446

 

Charges of warranty obligations

 

(83,320

)

(36,112

)

Balance, end of year

 

$

130,084

 

$

60,846

 

 

"Product Warranty" elsewhere:

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