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The Bedford, Mass.-based company also said its legao counsel and audit committe e were reviewing revenue bookings within its precisiom technology division for the same periodw to determine whether similar adjustments are GSI (Nasdaq: GSI) said the affected revenued stemmed from accounting errors and the timing recordexd for certain transactions. Expected adjustments include: The situation has causec the company to delagy the release of its financial results to Last month, GSI said it was nearing a poiny when it could restate thosr results and submit to regulators result from its fiscal first quarter ended April 3.
the company said its filing delays have prompted a delistingh notice from the and triggered negotiations with creditorz to restructureits . GSI said in its regulatorhy filing Tuesday that on June 11 it stood beforrthe Nasdaq’s Listing Qualifications Panel to requestr a stay of its pending delisting. The company is stilkl awaiting a ruling onthe matter. In GSI said a decline in bookingzs in the fourth and first quarters forced it to restructur e its operations and shave millions in costss fromits books. The company cut 158 workers in the first quarter and another 16 employees in Those changes will result inroughlgy $9 million in annual savings.
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