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


Diligent misses filing date for first-half earnings

Diligent misses filing date for first-half earnings, shares drop to 9-month low

By Tina Morrison

Aug. 30 (BusinessDesk) – Diligent Board Member Services, the governance app maker hit by a slew of administrative missteps, has missed a deadline to file earnings with the New Zealand stock exchange while it reworks its accounts for the past three financial years to change how it recognises revenue.

Diligent was refused a stock exchange waiver for missing yesterday’s deadline to file its preliminary first half earnings report, however the exchange said it will take no action against the firm delaying the report until Oct. 28, the New York-based company said in a statement.

Diligent advised earlier this month that it would restate its financial statements for the 2010, 2011 and 2012 financial years and the first quarter of 2013 to correctly recognise customer revenue from the date a contract is signed rather than the start of the month, to recognise revenue from installation fees over a longer period of time and to properly capitalise costs associated with software developed for internal use.

The company said today it will endeavour to provide selected operating highlights for its third quarter in the first two weeks of October.

Shares in Diligent dropped 13 percent to a nine-month low of $4.20, making it the worst performer on the benchmark NZX 50 Index today.

Diligent said both the stock exchange and the Financial Markets Authority had agreed to take no action against the company for not complying with a rule that its auditor Deloitte & Touche be registered under the Auditor Regulation Act. As Deloitte is a limited liability partnership, it is unable to register under the act, the company said.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Stats: Auckland’s Population Falls For The First Time
In the wake of the COVID-19 pandemic, New Zealand’s population growth slowed down with Auckland recording a population decline for the first time ever, Stats NZ said today. “New Zealand saw slowing population growth in all regions... More>>

BusinessNZ: Third Snapshot Report Reveals $9.5 Billion Business Investment In Climate Action

Signatories to the Climate Leaders Coalition have committed to invest $9.5 billion over the next five years to reduce emissions from their businesses, as revealed in their third anniversary snapshot report released today... More>>

Digitl: The home printer market is broken
Printers are more of a security blanket that a serious aid to productivity. Yet for many people they are not optional.
Even if you don’t feel the urge to squirt ink onto dead trees in order to express yourself, others will insist on printed documents... More>>

Retail NZ: Some Good News In COVID Announcements, But Firm Dates Needed

Retail NZ is welcoming news that the Government is increasing financial support for businesses in light of the ongoing COVID-19 lockdown, and that retail will be able to open at all stages of the new “Covid Protection Framework... More>>

ComCom: Companies In Hot Water For Selling Unsafe Hot Water Bottles And Toys

A wholesaler and a retailer have been fined a total of $140,000 under the Fair Trading Act for selling hot water bottles and toys that did not comply with mandatory safety requirements. Paramount Merchandise Company Limited (Paramount) was fined $104,000 after pleading guilty in the Manukau District Court... More>>

Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>