VeriFone Holdings Inc. said it has received an extension to be listed on the New York Stock Exchange through Oct. 31 as it continues trying to restate its financial results for the first three quarters of fiscal 2007.
The San Jose company has not released a detailed financial report since September. It is restating earnings for the quarters that ended Jan. 31, April 30, and July 31, 2007. It reported tentative results in April for its 2007 fiscal year, which ended Oct. 31.
VeriFone said in December that it would restate its earnings for the three quarters due to "errors in accounting related to the valuation of in-transit inventory and allocation of manufacturing and distribution overhead to inventory, each of which affects the company's reported costs of net revenues," according to a filing with the Securities and Exchange Commission.
In April it said that it expects to report that revenue in its fiscal fourth quarter rose 53%, to $238.9 million, from the year earlier. It said it expects to report that fiscal 2007 revenue rose 56%, to $903.9 million but stressed that these numbers were preliminary and may be adjusted when the restatement is completed.
VeriFone said in a press release Friday that once the NYSE extension expires in October, the stock exchange "could either grant a further … extension or move forward to initiate suspension and delisting procedures."
