Silicon Graphics told the SEC Thursday it would be late in filing its financial report for fiscal year 2008 that ended in June because the company is “continuing to work with its independent auditors, KPMG, to help them complete their audit procedures.”
The required filing, known as a 10-K, was due Wednesday, Sept. 10. When asked to indicate whether or not the company anticipates “any significant change in results of operations from the corresponding period for the last fiscal year”, SGI answered “Yes”. When asked to summarize those changes, SGI stated:
The Company anticipates that its results for the quarter and fiscal year ended June 27, 2008 to be included in the subject report will be consistent with those reflected in its earnings release dated August 28, 2008 and included in the Company’s Form 8-K of the same date.
OK, so what is the change that prompted SGI to answer “Yes” to the question of changes? We’ve sent an e-mail trying to get SGI to help us interpret its seemingly non-responsive reply.
Here’s the reply from SGI’s General Counsel Barry Weinert:
“If one compares our results from FY07 to those reported in the information released in the August 28, 2008, one can see where those differences are, rather than having us make a determination what line item is important to the reader. It is more complete than had we merely selected a subset of the information.”
More complete, less immediately helpful, especially given that the FY 2007 results are before the company emerged from bankruptcy. Our heads started to hurt when we tried to compare, and we gave up.
The company announced in July that it got rid of 7 percent of its workforce. A month later SGI awarded its chief executive a special $150,000 payment “in recognition of his accomplishments during fiscal year 2008,” even though no payments were made under the company’s pre-established 2008 bonus plan because the “performance metrics” for them were not achieved, according to a filing earlier this week.