The company says it needs the extra time to comply with new accounting pronouncements.Glowpoint (Nasdaq OTC: GLOW) today announced that it has delayed the release of restated financial results for fiscal-year 2004 and first-quarter 2005 to the week of March 13. The Hillside-based company had planned to release the results last week. The company expects to release financial results for the second and third quarters of 2005 during the following two-week period and expects to report on fiscal 2005 on a timely basis.
Glowpoint says it needs the extra time to comply with new accounting pronouncements relating to embedded derivatives and the treatment of stock options and taxes. The provider of Internet-based video-communications service says the restatement is connected to transactions involving the improper capitalization of costs that should have been expensed, which mostly occurred when the company previously functioned as a reseller of video-conferencing equipment. Glowpoint shares climbed $0.03 to $0.675 in late morning trading.