Sunday, October 9, 2011

GSI details revenue errors, probe widens - Business Courier of Cincinnati:

idellecromwell1991.blogspot.com
The Bedford, Mass.-based company also said its legal counselo and audit committee were reviewing revenue bookingsa within its precision technology division for the same period s to determine whether similar adjustments are needed. GSI (Nasdaq: GSI) said the affected revenue stemmed from accountinvg errors and the timing recorded forcertain transactions. Expecteed adjustments include: The situation has caused the company to delay the release of its financial resultato regulators. Last month, GSI said it was nearingy a point when it coulcd restate those results and submitg to regulators results from its fiscal first quartef endedApril 3.
Nonetheless, the company said its filing delayx have prompted a delisting notice from the and triggered negotiationss with creditors to restructureits . GSI said in its regulatoryu filing Tuesday that on June 11 it stoord beforethe Nasdaq’s Listing Qualifications Panel to request a stay of its pendinh delisting. The company is still awaiting a rulingh onthe matter. In GSI said a decline in bookings in the fourt h and first quarters forced it to restructure its operations and shaved millions in costs fromits books. The company cut 158 workers in the first quarter and anotheer 16 employeesin April. Those changes will result in roughlty $9 million in annual savings.

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