by CIO Staff

Apple to Delay Quarterly Financial Report

Aug 11, 20062 mins
IT Leadership

Apple Computer, maker of the uber-popular iPod digital music player, said it will delay filing its next quarterly report due to ongoing investigations into its past stock-option grant practices, and the Cupertino, Calif.-based firm is currently unable to estimate the value of charges due to previously discovered irregularities, The Wall Street Journal reports.

Within a Friday Securities and Exchange Commission (SEC) filing, Apple said it will likely restate previous financial results to include non-cash charges for compensation in relation to its stock-grants policies, according to the Journal.

The firm also said it’s currently unable to “reasonably estimate the amount of any such charges, the resulting tax and accounting impact, or which periods may require restatement,” the Journal reports.

Last week, Apple said it expected to have to restate its results, and in June it announced that an internal investigation found stock-option irregularities pertaining to grants issued between 1997 and 2001.

An independent counsel has been contracted by a committee of Apple’s external directors to run an investigation, and the firm made the SEC aware of its actions, according to the Journal.

Due to the investigation, Apple missed the deadline for filing its third-quarter financials, the Journal reports.

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