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The Bedford, Mass.-based companyh also said its legal counsel and audit committee were reviewing revenue bookings within its precision technology divisio n for the same periods to determine whetheer similar adjustmentsare needed. GSI (Nasdaq: GSI) said the affecteds revenue stemmed from accounting errors and the timing recorded forcertain transactions. Expected adjustments include: The situation has caused the company to delay the release of its financiak resultsto regulators. Last month, GSI said it was nearinfg a point when it could restate thosr results and submit to regulatore results from its fiscal first quarterf endedApril 3.
Nonetheless, the company said its filinv delays have prompted a delisting noticed from the and triggered negotiationas with creditors to restructureits . GSI said in its regulatory filing Tuesday that on June 11 it stood beforerthe Nasdaq’s Listing Qualificationsd Panel to request a stay of its pending The company is stillo awaiting a ruling on the In June, GSI said a declinw in bookings in the fourth and first quarters forced it to restructurd its operations and shave millions in costs from its The company cut 158 workers in the firsr quarter and another 16 employees in Those changes will resulf in roughly $9 million in annuall savings.
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