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

 


Diligent files 2013 report, says CFO Blandino to leave

Diligent files 2013 annual report, says CFO Blandino to step down

By Paul McBeth

April 30 (BusinessDesk) - Diligent Board Member Services filed its 2013 annual report after restating accounts for the prior three years and said chief financial officer Carl Blandino will step down once the company’s reporting obligations are up to date.

The New York-based, New Zealand-listed company, whose strong operating performance was undermined by a slew of administrative errors last year, today filed its annual report, the final step in restating financial statements for the 2010, 2011 and 2012 years and completing the audit for 2013.

Diligent had to restate the accounts after acknowledging it recognised revenue too early under US GAAP accounting rules. The company has set up new internal controls to avoid a repeat.

Separately, Diligent said Blandino will step down as chief financial officer once the company’s financial reporting obligations for calendar 2013 are up to date, something it anticipates by the end of May. Blandino joined the company in May last year when the governance app developer was in the midst of its self-evaluation.

“Carl helped guide Diligent through a difficult restatement of certain of our financial statements,” chief executive Alex Sodi said in a statement. “We thank Carl for his guidance during this important period and wish him the best.”

Blandino will stay with the company through July to help with the handover of responsibilities. Diligent controller Alexander Sanchez will act as interim CFO.

Earlier this month the company reported a slower pace of growth in the first quarter and a dip in customer retention rates as increased merger and acquisition activity in the US led to a greater number of cancellations.

The shares gained 1.2 percent to $4.36 today, and have gained 13 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news