* Says reports from affected periods not to be relied upon
* Errors affect timing of recognition of revenues
* Says to complete restated filings as soon as practicable
* Shares down 10 pct in extended trade
June 21 (Reuters) - IP network communications provider INX Inc said it will restate financial statements from prior periods due to certain errors that make them unreliable, sending its shares down 10 percent in extended trade.
INX said its financial statements for the year ended Dec. 31, 2008, its quarterly reports for the fiscal quarters ended March 31, 2009, June 30, 2009 and Sept. 30, 2009, were not to be relied upon.
The company said it will file the restated financial statements for 2008 when it files its annual report for the year ended Dec. 31, 2009.
It will file an amended Form 10-Q/A for each of the quarters ended March 31, 2009, June 30, 2009 and Sept. 31, 2009 and expects to complete the filings as soon as practicable, INX said.
The errors relate to the timing of recognition of revenues and costs of revenues for the relevant periods, the company said.
The company will also evaluate whether the errors were the result of a material weakness in internal control over financial reporting, INX said in a statement.
Shares of the Houston, Texas-based company were down 50 cents at $4.30 in extended trade. They closed at $4.80 Monday on Nasdaq.
(Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Don Sebastian) Keywords: INX/ (saqib.ahmed@thomsonreuters.com; within US +1 646 223 8780; outside U.S +91 80 4135 5800; Reuters Messaging saqib.ahmed.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Errors affect timing of recognition of revenues
* Says to complete restated filings as soon as practicable
* Shares down 10 pct in extended trade
June 21 (Reuters) - IP network communications provider INX Inc said it will restate financial statements from prior periods due to certain errors that make them unreliable, sending its shares down 10 percent in extended trade.
INX said its financial statements for the year ended Dec. 31, 2008, its quarterly reports for the fiscal quarters ended March 31, 2009, June 30, 2009 and Sept. 30, 2009, were not to be relied upon.
The company said it will file the restated financial statements for 2008 when it files its annual report for the year ended Dec. 31, 2009.
It will file an amended Form 10-Q/A for each of the quarters ended March 31, 2009, June 30, 2009 and Sept. 31, 2009 and expects to complete the filings as soon as practicable, INX said.
The errors relate to the timing of recognition of revenues and costs of revenues for the relevant periods, the company said.
The company will also evaluate whether the errors were the result of a material weakness in internal control over financial reporting, INX said in a statement.
Shares of the Houston, Texas-based company were down 50 cents at $4.30 in extended trade. They closed at $4.80 Monday on Nasdaq.
(Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Don Sebastian) Keywords: INX/ (saqib.ahmed@thomsonreuters.com; within US +1 646 223 8780; outside U.S +91 80 4135 5800; Reuters Messaging saqib.ahmed.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.