, in the midst of an internal investigation of its options practices, will not report earnings or cash flow when it posts second-quarter results in November.
The business software vendor also said Wednesday that it does not know if it will meet its mid-December deadline for filing its Form 10-Q with the
Securities and Exchange Commission
. If it does miss the deadline, it will be the second quarter in a row in which it has postponed filing financial reports due to the ongoing investigation,
Although investors have generally been showing that internal investigations into options practices are not necessarily bad news, shares of BEA were taking a hit amid heavier than average volume; shares were recently off 69 cents, or 4.2%, to $15.58.
Kevin Faulkner, BEA's vice president of investor relations, said the voluntary review is being conducted by independent auditors. "We don't know when they will complete their work," he said during an interview. Since the review could determine that BEA should have expensed more items than it did, it will not be possible to report earnings and cash flow, both of which are affected by options expenses, he said. Revenue and other items will be reported.
Although the results will be abbreviated, BEA will issue a press release and host a conference call after the market closes on Nov. 15.
More than 100 companies, largely in the technology sector, have announced investigations to determine if they have improperly "backdated" options grants to maximize grantees' profit.