Selectica, the San Jose developer of contract-management software, said Wednesday that it is delaying the release of its fiscal 2009 fourth quarter and full-year financial results as the company reviews the accounting for the sale of its Indian subsidiary.
That sale, described in a press release on April 6, involved the company’s equity in Selectica India Pvt. Ltd. which it sold to DAX Partner, and entity affiliated with the New York-based investment firm, Trinity Management, in exchange for $4 million.
Selectica had anticipated the finalization of that deal by May 31, allowing it to record a one-time gain of $1.6 million.
However, in its release Wednesday Selectica warned that “investors should no longer rely on the statements regarding the accounting for that transaction made in the company’s press release dated April 6.”