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|Subject: BLTI .. E?||Date: 8/26/2003 7:42 PM|
|Author: greenledger||Number: 10 of 66|
This sure got my attention..
"The Company has submitted a request to the SEC as it said it would do to clarify the revenue recognition issue and has been in communication with the SEC on the matter. The Company expects to receive a response this week. The Company will be able to file its Quarterly Report on Form 10-Q once it resolves the matter and is able to determine whether or not it will adjust prior period financial reports. As a result of not being able to file its Quarterly Report on Form 10-Q on time, Nasdaq has placed the symbol "E" at the end of the Company's ticker symbol. This is an administrative action by Nasdaq and the Company expects the "E" will be removed when the Company submits its report for the second quarter."
Especally after reading ...
"If a company's financial reporting has ever gotten so tangled that it was forced to miss or put off a quarterly or annual filing, tread lightly. Management will do almost anything to avoid a delayed filing, so if they've stumbled this badly, it can be real bad news."
"The maker of laser-based dentistry and dermatology records revenue upon receipt of purchase orders and shipment of its products. Biolase said language in the purchase order forms raised the question of whether it should recognize revenue upon shipment or receipt of payment.
Potential changes in revenue recognition would cut revenue for past quarters but would add to third-quarter revenue and earnings, and would have no affect thereafter.
Biolase has changed the language on its purchase order forms to eliminate the accounting uncertainty
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