Pacific Internet amends operating results
Shares of Pacific Internet Ltd. (Nasdaq: PCNTF) are taking a hit today after the Internet communications service provider said that it filed with the U.S. Securities and Exchange Commission to amend its operating results for the three six-month periods ended June 30, 2007.
Pacific Internet said it is correcting its “under-accrual” of expenses, including licensing fees and certain expenses related to potential acquisitions being considered by the company. The company is also correcting the accounting for legal, accounting and public relations expenses incurred in connection with a tender offer for Pacific Internet by Connect Holdings Limited.
The Singapore-based firm also noted that it is evaluating the financial impact of restructuring its wireless, voice and regional product assets and initiatives, which could include the discontinuance of non-performing assets and initiatives. As a result, the firm may recognize restructuring charges in the third quarter, which ends September 30.
Shares of Pacific Internet (PCNTF) toppled $1.61, or 14.66%, to $9.35 in midday trading.
