ALAMEDA, Calif.-UTStarcom Inc. has filed a request with the Securities and Exchange Commission for a five-day extension on filing its Quarterly Report on Form 10-Q for the second quarter.
The company said it realized in before releasing the results that an equipment sale transaction worth $1.9 million was incorrectly counted as second-quarter revenue. Although the amount was not counted in the company’s second-quarter results, the company’s audit committee did not complete its review and analysis of the transaction by the filing deadline for the Form 10-Q.
“UTStarcom believes that a prudent approach to the filing of our 10-Q is the appropriate course of action as it relates to this review,” stated Mike Sophie, chief financial officer of UTStarcom.
