Saba Software Inc. (SABA) said it won’t meet Monday’s deadline for filing its quarterly report as it conducts an accounting review of past results.
Shares fell 4.3% in recent premarket trading to $9.51. The stock is up 26% so far this year.
Saba’s audit committee has engaged counsel to assist in an independent accounting review of prior period results. But the company said it hasn’t identified any circumstances requiring restating results.
The workplace management software provider previously said it was reviewing the accounting treatment of some international transactions, but it didn’t elaborate on the nature of those transactions.
The company said it expects to regain compliance by filing its quarterly report before Nasdaq OMX Group Inc.’s (NDAQ) 60-day exception period expires.
Saba expects to report a fiscal third-quarter loss of 4 cents a share on revenue of $32 million for the quarter ended Feb. 29. Analysts polled by Thomson Reuters recently predicted a loss of 4 cents a share on revenue of $33 million.
Results will be reported after the audit committee completes its review.
The company has been expanding in the software-as-a-service sector and vying for market share in an increasingly competitive environment for such products, which are usually offered as subscriptions.
Source:http://online.wsj.com/article/BT-CO-20120409-704967.html
