NEW YORK (
, a leading digital financial media company and the publisher of this Web site, said it will delay its second-quarter earnings release in order to assess the impact of a recently uncovered revenue issue at one of its units.
The earnings were originally scheduled to be published Wednesday.
"The company has identified an issue relating to its recording of certain revenue in a non-core business, Promotions.com, that the Company acquired in August 2007," TheStreet said in a press release. "The company currently is assessing the impact of this issue on the periods since the acquisition and has not yet determined whether it will be required to restate any prior period results."
Promotions.com is a leading interactive services provider for marketers, agencies, and media companies.
TheStreet said it doesn't expect the issue to result in "any significant percentage revision" to previously reported revenue or aggregate net income but cautioned that the review is not yet complete.
While an upward or downward change to net income is possible for one or more of the quarters since the takeover of Promotions.com, no impact is expected on previously reported cash, cash equivalents, restricted cash or marketable securities, the company said.
TheStreet did not provide a timetable for completing its assessment, saying only that it is "endeavoring to complete its review of this matter expeditiously" and will announce a new earnings release date in a future press release.
Reported by a staff writer in New York.
This article was written by a staff member of TheStreet.com.