SiliconBeat

Selectica caught up on its financial reporting to the SEC Wednesday with the filing of three quarterly reports and one annual report. The filings had been delayed while a special committee of the board of directors conducted an independent investigation into the company’s stock option granting practices.

The move came a day after Maxim Integrated Products became the first Silicon Valley company to be delisted from the Nasdaq stock market because of delays in filing reports to the SEC due to complications involving stock option investigations.

Selectica’s special committee released its conclusions August 24, saying that some “retrospective selection” of option grant dates had in fact taken place (read our post about it). That same day it named a new chief executive and the demoted the old chief executive, who had previously been Selectica’s chief financial officer when much of the back dating took place.

In a press release Wednesday announcing completion of its delinquent filings, Selectica said that the adjustments to account for options that were mispriced, primarily from fiscal years 2001 to 2005, totaled $5.8 million. While that was a “non-cash” accounting charge, the company also shelled out $4.5 million in hard cold cash to pay for “professional service fees related to the stock-option investigation.”

Not an insignificant amount when you consider the company’s recent financial reports. Selectica, which makes Internet sales software, reported a net loss of $20.9 million in fiscal 2007 on $14.7 million in sales, which fell 37 percent from the year before. Net loss for the fiscal 2008 first quarter was $2.3 million on sales of $4.3 million, which were down 17 percent from the year-before quarter.

“Completing our financial restatement and coming current with our regulatory filings was a top priority for the Company, and we are pleased to have brought closure to this issue,” said CEO Robert Jurkowski in a statement. “We can now move forward without distraction on our plans to drive growth and profitability in the business and create long-term value for our shareholders.”