Taking into account the impact of the restatement, the Santa Clara, California-based company expects second-quarter revenue of between $10-12 million. Additionally, the company’s cash position, defined as cash equivalents and short-term and long-term marketable investments, was $155.4 million.
In late July Riverstone announced that it would have to restate its financial statements for seven quarters after discovering irregularities. In late August it revealed it would have to restate revenues for two fiscal years by a total of almost $100 million. The review of Riverstone’s accounting practices by a special committee of the board of directors is ongoing.
Riverstone is attempting to conclude its review and the restatement process, file its Form 10-K and Form 10-Q and issue any restatements promptly, but presently cannot state with any certainty when this will occur.
This article was based on material originally published by ComputerWire.
