Riverstone Misses SEC Deadlines
But behind the scenes, the vendor filed a form with the Securities and Exchange Commission (SEC) stating that, as previously warned, it has missed filing its results for the first quarter of fiscal 2005, ended May 29. The filing also stated that there might be further delays to the company's own internal August 9 target for providing more financial information.
The 10-Q form for the first fiscal quarter of 2005 was due yesterday. As Riverstone warned in June, it did not make that deadline and said it would not be available until after the full year 2004 audited financials are complete (see Riverstone to File in August). In yesterday's filing with the SEC Riverstone warned that, while it would file its quarterly results "as soon as practicable," it doesn't expect to submit the required Form 10-Q "on or before the fifth day following the required filing date as prescribed in Rule 12b-25."
The company also hinted at further delays to the refiling process. In the filing, the company stated that it might not hit its own target of the week of August 9 "for filing its financial statements and accompanying independent accountants report for the fiscal year ended March 1, 2003 as well as the quarterly results on Form 10-Q for the first three quarters of fiscal 2004." Riverstone had expected to "file audited financial statements for the full fiscal year ended February 28, 2004 by the end of August," but now states that "there can be no assurance" that it will hit the dates previously stated in a June press release (see Riverstone to File in August).
The delays are the latest in a line of financial speedbumps the vendor has hit. A string of problems that resulted in its delisting from Nasdaq and the announcement of an SEC probe led to the resignation of senior figures last December (see Riverstone Founders Resign).
Since then, the vendor has been pushing its Ethernet credentials and building a broader base of carrier customers as it deals with its legacy issues and concludes the review of its accounting practices. (See Ethernet/MPLS Growth Up for Grabs, China Telecom Picks Riverstone, Comstar Upgrades Ethernet Network, Riverstone to Settle Litigation, Riverstone Enters Edge Fray, Riverstone Establishes Ethernet Alliance, and Riverstone Begins New Chapter.)
— Ray Le Maistre, International Editor, Boardwatch