GSI Commerce Inc. announced that it has filed with the SEC to extend the company's deadline for its quarterly report for the fiscal 2005 third quarter. The company is targeting to file its Form 10-Q with the SEC on or before Nov. 15.
GSI Commerce said in its filing today that the company is unable to file its fiscal 2005 third quarter Form 10-Q within the prescribed time period because the company needs up to the extra five days as permitted by Rule 12b- 25 to process and record adjustments resulting from the resolution of two issues disclosed by the company on Oct. 26 and described below.
On Oct. 26, GSI Commerce announced it was postponing the release of its fiscal 2005 third quarter operating results and conference call to allow for more time to complete the evaluation of two issues. The first issue was an independent investigation regarding certain credits recorded as part of the company's fiscal 2004 fourth quarter results. The second issue was the failure of a systemic control used to validate a component of the company's general ledger balance for accounts payable and the resulting change to a manual calculation to validate this balance. The company has concluded its investigation related to the credits referred to above and completed the manual calculation to validate the general ledger balance for accounts payable. The company expects that when it processes and records the adjustments resulting from the resolution of these issues, the adjustments will be within the dollar amounts disclosed in the company's Oct. 26 news release.
