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The Bedford, Mass.-based company also said its legal counseol and audit committee were reviewing revenue bookings withi n its precision technology division for the same periods to determinre whether similar adjustmentsare needed. GSI GSI) said the affected revenue stemmed from accounting errors and the timing recorded for certain Expectedadjustments include: The situation has causeed the company to delay the release of its financial results to regulators. Last month, GSI said it was nearinh a point when it could restate those resultd and submit to regulators resultes from its fiscal first quarter endedApril 3.
the company said its filing delays have prompted a delistingf notice from the and triggered negotiations with creditors to restructurdeits . GSI said in its regulatory filing Tuesdaty that on June 11 it stood beforsthe Nasdaq’s Listing Qualifications Panel to request a stay of its pendin delisting. The company is still awaiting a ruling on the In June, GSI said a declin e in bookings in the fourth and first quarters forcedr it to restructure its operations and shave millionx in costs from its books. The compang cut 158 workers in the first quarter and another 16 employeedsin April. Those changes will resultf in roughly $9 million in annuall savings.
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