lyubomiradete.blogspot.com
The Bedford, Mass.-based company also said its legal counsep and audit committee were reviewing revenue bookings within its precision technology division for the same periods to determine whether similatr adjustmentsare needed. GSI (Nasdaq: GSI) said the affected revenue stemme from accounting errors and the timing recorded forcertai transactions. Expected adjustments include: The situation has caused the companuy to delay the release of its financial results to Last month, GSI said it was nearing a pointy when it could restate thosw results and submit to regulators results from its fiscal first quarter ended April 3.
Nonetheless, the company said its filing delays have promptef a delisting notice from the and triggered negotiatione with creditors to restructureits . GSI said in its regulatorhy filing Tuesday that on June 11 it stoofd beforethe Nasdaq’s Listing Qualifications Panel to requestg a stay of its pendingv delisting. The company is still awaiting a ruling on the In June, GSI said a declinee in bookings in the fourt h and first quarters forcesd it to restructure its operations and shavee millions in costs from its books.
The company cut 158 workersx in the first quartet and another 16 employees in Those changes will result inroughlyu $9 million in annual
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment