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

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news