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The e-commerce software company that has
stumbled over deadlines in the past, missed the date for filing its "10-Q" quarterly report with the
Securities and Exchange Commission
Tuesday. Instead, it filed a notice that it will now turn its report in within the next 15 days.
In its late-notice filing, the company said only that the original document "could not be filed within the prescribed time period due to unanticipated delays in the completion of certain information in Part I of the Form 10-Q."
Part I of a 10-Q typically deals with a company's financial statements and balance sheet.
This isn't the first time the Las Vegas-based company has missed a deadline. Its latest quarterly conference call was a
debacle, as the company
warned on the morning of its scheduled earnings release that it wouldn't make Wall Street consensus estimates, and then postponed the call altogether. When it finally did issue those preliminary results the next day, the company badly missed its numbers, even though it had re-affirmed its financial guidance during the quarter.
And during 2000, the company
missed the deadline for the 10-Q covering its second quarter. At the time, the company blamed its tardiness on its auditors, saying they were at a professional retreat when PurchasePro needed them to review the documents.
But analysts on Wednesday quietly wondered if the delay didn't have something to do with
revenue recognition issues that have tripped up the company in the past, or its liberal use of warrants to attract business partners. Start-up companies that used stock warrants to sweeten business deals have come under SEC
scrutiny lately. PurchasePro said on its latest conference call that it wouldn't make warrant deals in the future.
Steve Stern, vice president of corporate communications at PurchasePro, declined to explain further why the company failed to get its 10-Q together in time. He instead referred back to the late-notice filing itself.
"It means what it means," Stern said. "We need additional time to complete part one." When asked whether the delay had anything to do with warrants granted to its partner
AOL Time Warner
, which were subsequently repriced so that AOL could buy them for a penny a share, Stern declined to comment.
He also would not answer questions about why the company has had repeated trouble meeting its deadlines.
"I'm not going into the past," said Stern, who was not at PurchasePro when it filed its late quarterly report last August.