LiveDeal (LIVE) Files to Delay 10-K; Cites Independent Account Firm Issue
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LiveDeal, Inc. (Nasdaq: LIVE) has completed substantially all of its annual report on Form 10-K for its fiscal year ended September 30, 2012 (the “Form 10-K”). However, the Company cannot file the Form 10-K within the prescribed time period because its new independent registered public accounting firm has informed the Company that it has not completed its audit for the Company’s fiscal year ended September 30, 2011. This audit could not have been timely completed without unreasonable effort or expense to the Company.
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As of the date of this filing, we have not yet finalized our consolidated financial statements and required disclosures for inclusion in our Annual Report on Form 10-K for our fiscal year ended September 30, 2012, and our independent registered public accounting firm has not completed their audit of our anticipated results of operations. As a result, our final, audited results of operations, which we anticipate we will file on a Form 10-K with the SEC on or before January 15, 2013, could differ materially from the unaudited, preliminary results of operations set forth below.
We anticipate reporting that net revenues decreased to $3.1 million in fiscal 2012, as compared to $4.1 million in fiscal 2011, due to the pause in our new sales efforts in July 2011 as a result of a re-evaluation of our business strategy, the loss of subscribers due to attrition and the termination of billing services by local exchange carrier (LEC) billing companies, and a reduction of our operating expenses. We anticipate reporting that cost of services and operating expenses were $0.7 million and $3.3 million, respectively, in fiscal 2012, as compared to $3.6 million and $5.8 million, respectively, in fiscal 2011, due primarily to us bringing certain fulfillment activities in-house and other cost containment initiatives. As a result of these significant cost reductions, we anticipate reporting that our net loss was ($1.3 million), or ($0.65) per diluted share, in fiscal 2012 as compared to ($5.5 million), or ($8.29) per diluted share, in fiscal 2011.
A more detailed discussion of results of operations will be included in the Management’s Discussion and Analysis of Financial Condition and Results of Operations in the above-referenced Form 10-K.
This Notification of Late Filing on Form 12b-25 contains forward-looking statements, including forward-looking statements relating to our financial results for our fiscal year ended September 30, 2012. These statements are based on our management’s current expectations and involve a number of risks and uncertainties, including any changes to our anticipated financial results as a result of review by our audit committee or our independent registered public accounting firm. Our actual reported results may differ materially from these anticipated or expected results.
More color:
As of the date of this filing, we have not yet finalized our consolidated financial statements and required disclosures for inclusion in our Annual Report on Form 10-K for our fiscal year ended September 30, 2012, and our independent registered public accounting firm has not completed their audit of our anticipated results of operations. As a result, our final, audited results of operations, which we anticipate we will file on a Form 10-K with the SEC on or before January 15, 2013, could differ materially from the unaudited, preliminary results of operations set forth below.
We anticipate reporting that net revenues decreased to $3.1 million in fiscal 2012, as compared to $4.1 million in fiscal 2011, due to the pause in our new sales efforts in July 2011 as a result of a re-evaluation of our business strategy, the loss of subscribers due to attrition and the termination of billing services by local exchange carrier (LEC) billing companies, and a reduction of our operating expenses. We anticipate reporting that cost of services and operating expenses were $0.7 million and $3.3 million, respectively, in fiscal 2012, as compared to $3.6 million and $5.8 million, respectively, in fiscal 2011, due primarily to us bringing certain fulfillment activities in-house and other cost containment initiatives. As a result of these significant cost reductions, we anticipate reporting that our net loss was ($1.3 million), or ($0.65) per diluted share, in fiscal 2012 as compared to ($5.5 million), or ($8.29) per diluted share, in fiscal 2011.
A more detailed discussion of results of operations will be included in the Management’s Discussion and Analysis of Financial Condition and Results of Operations in the above-referenced Form 10-K.
This Notification of Late Filing on Form 12b-25 contains forward-looking statements, including forward-looking statements relating to our financial results for our fiscal year ended September 30, 2012. These statements are based on our management’s current expectations and involve a number of risks and uncertainties, including any changes to our anticipated financial results as a result of review by our audit committee or our independent registered public accounting firm. Our actual reported results may differ materially from these anticipated or expected results.
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