UK-based Insignia Solutions Plc, must be wondering whether it was such a good idea to float in the US. The Windows emulation software company warned yesterday that it is restating its first and second quarter results after finding irregularities in the reporting of sales contracts and reseller inventories. It says some individuals had entered into unauthorized pacts with distributors and resellers and failed accurately to report on unsold inventories. For the quarter to March 31 1996, for a profit of $749,000 read a loss of $225,000, on sales of $13.1m, and not $14.7m. In the second quarter net profit is only $569,000, a far cry from the $1.5m reported, sales are $14.9m, not $15.7m. And for the full year, the company, which thought it had made a profit of $5.3m on sales of $55.1m, actually made a sickening loss of $10.8m on sales of only $44.2m. Bolting the stable door and so forth, the company is implementing additional accounting and reporting controls to help prevent future breaches of company policies. It has also restructured its operations to integrate development, marketing and sales of its two major product lines and now comprises two business units: an NTrigue Business Group and a SoftWindows Business Group. The restructuring is intended to help the company to refocus and improve its operations, Insignia noted.