GSI details revenue errors, probe widens - Atlanta Business Chronicle:

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The Bedford, Mass.-based company also said its legal counsepl and audit committee were reviewing revenue bookingsz within its precision technology division for the same periodz to determine whether similar adjustmentwsare needed. GSI (Nasdaq: GSI) said the affectes revenue stemmed from accounting errors and the timing recordede forcertain transactions. Expected adjustments include: The situationn has caused the company to delay the release of its financial resultsto regulators. Last GSI said it was nearing a point when it coulds restate those results and submit to regulatorsz results from its fiscal first quarter endedApril 3.
Nonetheless, the compan said its filing delayd have prompted a delisting notice from the and triggered negotiation s with creditors to restructureits . GSI said in its regulatory filingv Tuesday that on June 11 it stooed beforethe Nasdaq’s Listing Qualifications Panel to request a stay of its pendin delisting. The company is still awaitinvg a ruling on the In June, GSI said a decline in bookings in the fourthb and first quarters forced it to restructure its operations and shavee millions in costs from its The company cut 158 workers in the first quartere and another 16 employees in April. Thosew changes will result in roughly $9 million in annualp savings.