Global melldown.J2 Global Communications j2 Global Communications (Nasdaq:JCOM) is a company based in Hollywood, California that offers messaging and communications services. Its most popular service is called "eFax", which allows users to send and receive faxes via the Internet. j2 was previously called JFAX. Inc. shares have dropped more than 10 percent this month after the e-mail and messaging service announced it will miss a deadline for filing its annual report due to a delay in the completion of an audit. Auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together were reviewing the pricing of services by one of J2's subsidiaries, which may lead to a possible change in the company's net income for 2005. The change would reduce the company's earnings per share by 7 cents or more, from $2.08 to $2.01 or less, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the company's statement. The change would come in the company's provision for income taxes, which would be increased by $1.9 million for fiscal year 2005. The change in the tax provision also will likely cause the company to report "material weakness" in its internal controls, according to the statement. The misstep has come amid a good year for J2, which has seen its stock rise to nearly $50 per share from the low $30s. The company recently announced a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program of up to 1 million shares over the next 18 months. |
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