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The saga of BakBone Software Inc.s (Toronto: BKB) accounting woes continues, with no end in sight.
CEO Jim Johnson released an open letter to shareholders today admitting the backup software vendor will miss the June 30 deadline it set in January for resolving its accounting issues (see BakBone Slips Again). Back then, BakBone CFO John Fitzgerald told Byte and Switch the June 30 date was a worst case scenario.
So now its even worse than worst, with new issues surfacing. BakBone might have to defer current revenue from its Europe, Middle East, and Africa (EMEA) region and a major OEM contract to future periods. While BakBones total revenue is not expected to change, these issues will delay completion of financial reports.
This makes them look bad, says financial analyst Steve Berg of Punk Ziegel & Co. It shouldve been done by now. A year is plenty of time.
Other companies have had to restate earnings over the past year -- including BakBone rival Veritas Software Corp. (Nasdaq: VRTS) -- primarily because of Sarbanes-Oxley regulations (see The Envelope, Please ...). But none have dragged on for 13 months.
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