Princeton Review Inc. (REVU:US), the test- preparation company that is restating earnings since 2004, said it will delay reporting earnings for the year ended Dec. 31.
The company said in a statement it will file Form 12b-25 for the delay with the U.S. Securities and Exchange Commission late today or tomorrow. It is restating earnings to correct the way it accounts for preferred stock, and the delays are caused in part by turnover in its finance department, according to the statement.
Andrew Bonanni, chief financial officer of the New York- based company, quit in January amid an accounting overhaul. The company is restating results for every quarter since March 31, 2004. Princeton Review said its 2006 10-K is due tomorrow and it now expects to file it by March 30.
Shares of Princeton Review fell 18 cents, or 3.2 percent, to $5.43 as of 3:56 p.m. New York time in Nasdaq Stock Market composite trading. The shares had risen 2 percent in the 12 months before today.
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