Centennial Communications Corp. said it is considering restating its financial statements for certain prior periods due to its preparation for complying with provisions of the Sarbanes-Oxley Act of 2002 relating to internal control over financial reporting that will be effective for the company beginning May 31, 2005. Centennial noted the restatements would relate to adjustments that were identified during prior audits of the company’s financial statements but not recorded at the time due to their “immateriality.”
As a result of the possible restatement, Centennial said it would not release earnings Aug. 16 as previously planned, and it intends to file a waiver request with the Securities and Exchange Commission to extend the deadline for filing its 10-K for the year ended May 31. The company did not announce a specific release date but said it anticipates filing its 10-K before Aug. 31.
Centennial reiterated its previously issued guidance for the fiscal year ended May 31, including at least $325 million in adjusted operating income and $135 million in capital expenditures.
