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BakBone Boss Soldiers On

NEW YORK -- New BakBone Software Inc. (Toronto: BKB) CEO Jim Johnson had to face the financial community today -- unarmed with the information his audience wanted most: earnings results.

Johnson cant discuss the backup software company’s financials because of accounting woes that have resulted in the Alberta Securities Commission (ASC) suspending trading of its shares on the Toronto Stock Exchange (see BakBone Slapped in Toronto).

“I would love to say we were past that, and flash numbers, but I can’t,” Johnson said at the RBC Capital Markets

Fabric Computing Forum when pressed on financials.

Though Johnson declined to provide details, another source close to BakBone says the company hopes to restate its earnings by the end of January, when it is due to announce results from last quarter. The problem is that auditor Deloitte & Touche LLP
is trying to decide in which quarter to place certain revenue, the source says.

It might turn out not to be serious, but the delay certainly can’t help BakBone’s reputation. Financial analyst Bradley Mook of Emerging Growth Equities (EGE) discontinued coverage of the company in late December, citing “lack of timely and dependable financial reporting.” Analysts also say BakBone’s goal of getting listed publicly on the Nasdaq is dead for now (see BakBone Calls a Reverse).

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