September 25, 2007
Delisting possible after SeaChange earnings do-over
By Matthew L. Brown
Because it has to restate earnings going back to 2005, Acton-based SeaChange International Inc. has missed the deadline for filing its second quarter report with the U.S. Securities and Exchange Commission, and may be delisted from the NASDAQ stock exchange.
The company, which provides software and hardware for digital video systems, notified the NASDAQ that it wouldn't file its second quarter 10Q report on time, and the next day it received a determination letter from the stock exchange noting that the company was not in compliance with filing rules. SeaChange's fiscal second quarter ended July 31.
SeaChange has requested a hearing before the NASDAQ listing qualifications panel, but "there can be no assurance that the panel will grant SeaChange's request for continued listing," the company said.
SeaChange had to restate earnings to record: A $769,000 increase to its accumulated deficit as of April 30; a $31,000 decrease to its accumulated deficit as of Jan. 31, 2005; a $72,000 decrease to its net income for fiscal year 2005; a $118,000 decrease to its net loss for the 2006 fiscal year; a $63,000 increase to its net loss for the 2007 fiscal year; and an $81,000 increase to its net loss for the fiscal quarter ended April 30, 2007.
The company, which provides software and hardware for digital video systems, notified the NASDAQ that it wouldn't file its second quarter 10Q report on time, and the next day it received a determination letter from the stock exchange noting that the company was not in compliance with filing rules. SeaChange's fiscal second quarter ended July 31.
SeaChange has requested a hearing before the NASDAQ listing qualifications panel, but "there can be no assurance that the panel will grant SeaChange's request for continued listing," the company said.
SeaChange had to restate earnings to record: A $769,000 increase to its accumulated deficit as of April 30; a $31,000 decrease to its accumulated deficit as of Jan. 31, 2005; a $72,000 decrease to its net income for fiscal year 2005; a $118,000 decrease to its net loss for the 2006 fiscal year; a $63,000 increase to its net loss for the 2007 fiscal year; and an $81,000 increase to its net loss for the fiscal quarter ended April 30, 2007.
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