These are the type of reasons that new investors are scared off.Not your hot air coming out of your mouth.This is an article from the street.com.Pnlk needs to work 24 /7 to get things done on time.This last delayed filing for them will push the stock price down to the low .20s.Which I am sure could have been avoided.But thats what separates pnlk management from getting pnlk to the next level.
PurchasePro Blows Its 10-Q Cue -- Again
By Joe Bousquin
Senior Writer
5/16/01 8:46 PM ET
What rhymes with PurchasePro (PPRO:Nasdaq - news)?
Doh!
The e-commerce software company that has stumbled over deadlines in the
past, missed the date for filing its "10-Q" quarterly report with the Securities
and Exchange Commission Tuesday. Instead, it filed a notice that it will
now turn its report in within the next 15 days.
In its late-notice filing, the company said only that the original document
"could not be filed within the prescribed time period due to unanticipated
delays in the completion of certain information in Part I of the Form 10-Q."
Part I of a 10-Q typically deals with a company's financial statements and
balance sheet.
This isn't the first time the Las Vegas-based company has missed a deadline.
Its latest quarterly conference call was a debacle, as the company warned on
the morning of its scheduled earnings release that it wouldn't make Wall
Street consensus estimates, and then postponed the call altogether. When it
finally did issue those preliminary results the next day, the company badly
missed its numbers, even though it had re-affirmed its financial guidance
during the quarter.
And during 2000, the company missed the deadline for the 10-Q covering its
second quarter. At the time, the company blamed its tardiness on its
auditors, saying they were at a professional retreat when PurchasePro
needed them to review the documents.
But analysts on Wednesday quietly wondered if the delay didn't have
something to do with revenue recognition issues that have tripped up the
company in the past, or its liberal use of warrants to attract business
partners. Start-up companies that used stock warrants to sweeten business
deals have come under SEC scrutiny lately. PurchasePro said on its latest
conference call that it wouldn't make warrant deals in the future.
Steve Stern, vice president of corporate communications at PurchasePro,
declined to explain further why the company failed to get its 10-Q together in
time. He instead referred back to the late-notice filing itself.
"It means what it means," Stern said. "We need additional time to complete
part one." When asked whether the delay had anything to do with warrants
granted to its partner AOL Time Warner (AOL:NYSE - news), which were
subsequently repriced so that AOL could buy them for a penny a share, Stern
declined to comment. |
