Basin Water (BWTR) Delays Filing Quarterly Report; Updates FY Revenue Guidance
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Basin Water, Inc. (NASDAQ: BWTR) will not file its quarterly report on Form 10-Q for the quarter ended June 30, 2008 with the Securities and Exchange Commission by the required deadline, which is today, and that it has cancelled its previously scheduled conference call to discuss second quarter financial results.
The Company also said that the Audit Committee of its Board of Directors is conducting a review of the Company’s accounting for certain specific transactions, and that the Audit Committee has retained independent legal counsel and accountants to assist in the review. The Company has delayed the filing of its Form 10-Q pending the completion of the Audit Committee's review.
Separately, the Company also updated guidance it gave during its first quarter conference call regarding expected revenues for 2008. During that call, the Company indicated that analysts’ estimates that the Company would achieve revenues of $26 million to $36 million for fiscal year 2008 were not unreasonable. The Company no longer believes those estimates will be achieved and does not intend to provide any further revenue guidance for the year. (FY revenue consensus is $27.43 million)[SM]
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