Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Diligent pushes out deadline for 1H results to Feb 28

Diligent won’t meet deadline for first-half results, sees Feb. 28 delivery date

Dec. 4 (BusinessDesk) - Diligent Board Member Services, the governance software developer, says it won’t meet a Dec. 12 deadline to release its first half results and now expects then to be as late as Feb. 28, when it is due to publish its full-year report.

The company said NZX has indicated it won’t suspend trading in Diligent’s shares provided it meets the new Feb. 28 deadline. The delay comes as it ploughs through a major exercise to restate its results for fiscal 2010, 2011 and 2012 to adjust for revenue that was recognised earlier than is accepted under US GAAP rules.

“The restatement process is very complex and time consuming and involves reviewing the recognition of revenue for approximately 20,000 transactions over the period covered by the restatement,” the company said.

“Due to limitations in the company’s legacy accounting systems, extensive manual spreadsheet entries are necessary in order to recalculate revenue and deferred revenue using the new revenue recognition conventions,” it said. The “revenue recognition errors” identified by Diligent don’t affect the total revenues ultimately earned or to be earned.

The delays mean shareholders have limited information about the performance of the company. While it can’t disclose detailed financial results because of the ongoing restatement process, it does expect to be able to release “selected operating highlights for the company’s fourth quarter” in mid-January.

“We are looking forward to providing investors information about the performance of our business and initiatives for future growth,” said chief executive Alessandro Sodi. Still, “until the restatement process is complete, our ability to provide business information to our shareholders is limited because of disclosure laws in New Zealand and the US that prohibit us from providing financial information that might be deemed to be incomplete.”

The company last announced a delay in completing its financial statements in October.

The shares declined 5.2 percent to $3.65 and have fallen 30 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news