Boston Communications Group, Inc. Provides Update on Stock Option Review and Announces That It is Likely to Restate Financial Statements for Prior Fiscal Periods.BEDFORD, Mass. -- Boston Communications Group bcgi develops products and services that enable wireless operators to fully realize the potential of their networks. bcgi's Access Management, Billing, Payment and Network Solutions help operators rapidly deploy and manage innovative voice and data services for subscribers. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BCGI BCGI Boston Communications Group Inc ) today provided an update on its previously disclosed internal review relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc stock option grants and stock option practices and announced that it is likely that it will need to restate financial statements for certain prior fiscal periods to reflect the effects of additional non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. for stock-based compensation expense. BCGI reported that, while its review is ongoing, the Company, together with the Audit Committee of the Board of Directors, has reached a preliminary conclusion that the appropriate measurement dates for financial accounting purposes of certain stock option grants differ from the recorded grant dates of those awards. As a result, the Company has determined that it is likely that it will need to restate historical financial statements to record additional non-cash charges for stock-based compensation expense related to past option grants. The Company has not yet determined the aggregate amount of additional non-cash charges for stock-based compensation expense, nor has it determined the resulting tax impact, if any, or which specific periods require restatement. The Company intends to file any SEC filings required to be restated and its Form 10-Q Form 10-Q See 10-Q. for the fiscal quarter ended June 30, 2006 as soon as practicable after the review is complete. About bcgi bcgi delivers innovative products and services that enable mobile operators and MVNOs worldwide to differentiate their offerings and increase market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" while reducing costs. Founded in 1988, bcgi is a leader in identifying and addressing new market needs with proven solutions, including prepaid and postpaid post·paid adj. With the postage having been paid in advance. postpaid Adverb, adj with the postage prepaid Adj. 1. billing, payments and access management. For more information, visit www.bcgi.net. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This release may contain forward-looking statements regarding future events that involve risks and uncertainties, including statements regarding expectations as to the completion and results of the Special Committee's review, the timing of the filing of the Company's Form 10-Q for the period ended June 30, 2006, and the timing and impact of any restatement of the Company's financial statements for prior periods. Such statements are based on management's current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are potential delays in the Special Committee's review of the Company's stock option grants and stock option practices, the final results of the Special Committee's review, the impact of such results or findings on the financial statements of the Company, the outcome of the SEC's inquiry into the Company's stock option grants and any other governmental investigations, risks and uncertainties associated with the Company's announced review of its historical stock option grants and accounting, the Company's inability to timely report with the Securities and Exchange Commission, the Company's potential inability to meet NASDAQ requirements for continued listing, potential litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. arising out of the review or potential restatement, as well as the other factors that may affect future operating results detailed in BCGI's Form 10-Q for the quarter ended March 31, 2006 filed with the Securities and Exchange Commission. |
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