Actuate Delays Filing of Quarterly Report.Business Editors SOUTH SAN FRANCISCO South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. , Calif.--(BUSINESS WIRE)--May 20, 2003 Actuate Corporation (Nasdaq:ACTU ACTU Australian Council of Trade Unions ACTU AIDS Clinical Trials Unit (Washington University Medical Center, St. Louis, Missouri) ACTU Association of Catholic Trade Unionists ACTU Australian Capital Territory Union ) announced today that it will further delay the filing of its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2003 as a result of an accounting review by its Audit Committee. Actuate's management discovered an isolated set of sales contracts Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. with terms and conditions not approved by management and promptly notified its Board of Directors. The Audit Committee began its formal review on May 5, 2003, and directed Actuate's management and the company's independent auditors Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. to conduct a thorough review. Actuate takes very seriously any violations of company policy, no matter how small, associated with contractual terms and conditions. Actuate's management is working closely with the Audit Committee and the independent auditors to complete a thorough and detailed review of the situation. The Audit Committee will evaluate whether or not the amounts involved with the contracts are material when the review is completed. Actuate's management along with the Audit Committee and the independent auditors are committed to using this review process to improve the company's current corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. and internal control best practices. The Audit Committee's review was primarily focused on a small number of contracts completed by an international distribution sales representative. That employee has been terminated. The contracts at issue were entered into at various times during 2001, 2002 and during the first quarter of 2003. The Audit Committee is working with the company's management and independent auditors to complete the review as expeditiously ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex as possible. Actuate is delaying the filing of its quarterly report on Form 10-Q for the quarter ended March 31, 2003, which was due on May 15, 2003, until this review is complete. On May 16, 2003, Actuate filed a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission. Actuate expects to file its quarterly report for the quarter ended March 31, 2003 promptly after completing the review. About Actuate Corporation Actuate Corporation is the world leader in empowering enterprise users with Information Applications. Actuate's Information Application Platform is the foundation on which Global 9000 organizations (companies with annual revenues greater than $1 billion) and packaged application software vendors create Business Performance Management (BPM) dashboards, Information Portals as well as business analytic, enterprise reporting With the dramatic expansion of information technology, and the desire for increased competitiveness in corporations, there has been an increase in the use of computing power to produce unified reports which join different views of the enterprise in one place. and spreadsheet reporting applications. Information Applications built with Actuate can empower 100 percent of an organization's user community inside and outside the firewall, and thereby allow companies to increase their business agility, improve customer and partner relationships, adhere to adhere to verb 1. follow, keep, maintain, respect, observe, be true, fulfil, obey, heed, keep to, abide by, be loyal, mind, be constant, be faithful 2. corporate governance policies, and increase revenues while leveraging existing technology assets. When tested against other alternatives, Actuate's Information Application Platform has been proven to offer the best performance, highest scale and lowest Total Cost of Ownership. Actuate has over 2,000 direct customers and 300 OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and partners in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , pharmaceutical, insurance, logistics and government industries among other sectors. Founded in 1993, Actuate has headquarters in South San Francisco, Calif., and has offices worldwide. For more information on Actuate, visit the company's Web site at www.actuate.com. Actuate is a registered trademark of Actuate Corporation. The statements contained in this release that are not purely historical are forward looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, including statements regarding Actuate's expectations, beliefs, hopes, intentions or strategies regarding the future. All forward-looking statements in this release are based upon information available to Actuate as of the date hereof, and Actuate assumes no obligation to update any such forward-looking statements. Actual results could differ materially from Actuate's current expectations. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion