SGI late with financial filings

Mercury news blog reports that SGI has told the SEC that it will be late in filing its financials for the quarter. Specifically

When asked to indicate whether or not the company anticipates “any significant change in results of operations from the corresponding period for the last fiscal year”, SGI answered “Yes”.

Read the full article, don’t jump to conclusions from this snippet. This said, I have as of yet to see any company say “hey we are gonna be late” and “wow, we just found this bucket of money in the corner!”. It is usually more along the lines of “oh, we have to pay that bill too???”.

My thoughts on this are that, since the lawyers are acting as the spokes people in this case (read the article!), that they need to be really careful about what they can and cannot say. To the point, the lawyer directed the interviewer to draw their own conclusions.

Ummmm…. er …. ah….

Ok.

The article also notes that

The company announced in July that it got rid of 7 percent of its workforce. A month later SGI awarded its chief executive a special $150,000 payment “in recognition of his accomplishments during fiscal year 2008,” even though no payments were made under the company’s pre-established 2008 bonus plan because the “performance metrics” for them were not achieved, according to a filing earlier this week.

I’ll withhold comment, as I can’t even write anything snarky about this. Its just sad.

Update: Valleywag has comments. Some of them do a better job of snark. Have a look at scamp58′s post.

Viewed 4303 times by 591 viewers