Gemstar-TV Guide International Inc. will now have until the end of March to
file amended financial statements for 2000 through 2002 with the Securities and
Exchange Commission and the NASDAQ board as it tries to keep its ticker symbol
on the exchange.
Back in November, the Pasadena, Calif.-based provider of
interactive-programming-guide software and home-entertainment systems agreed to
provide the amended fiscal-year results as a condition to keep its listing on
the NASDAQ exchange.
The original deadline for making that filing was March 3. Gemstar sought the
extension to align filing dates for 2000 and 2001 with the 2002 filing,
according to a company statement.
So far, 2003 has not proven kind for Gemstar. Accounting questions arising
from the company's annual statements have prompted it to hire an independent
accounting firm and make two revisions to its earnings for the three years.
The latest was in January, when it eliminated $19 million in previously
reported licensing revenue and $8.2 million in TV Guide Interactive guide-ad
It also reclassified $26.8 million in licensing revenue as a reduction of
operating expenses or as other income and spread $47 million in reported revenue
over the remaining terms of licensing agreements.
And in February, Gemstar reached a settlement with the Department of Justice
regarding charges that it illegally coordinated activities prior to the merger
between Gemstar International Group Ltd. and TV Guide Inc. in July 2000.
While the company was not required to admit to any wrongdoing, it did agree
to pay the feds $5.7 million.