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SGI tells SEC "we need more time" on financials

Joe Landman blogs about a report that SGI just told the feds it will be late with its fiscal 2008 report. The report, for the year ended June 30, was due on Sep 10. Instead, SGI filed SEC Form 12b-25 (ah, good ‘ol 12b-25), “NOTIFICATION OF LATE FILING,” which you can find here.

Not that it will help you. It’s short, and the meat of it is contained in this Q and A:

State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR or the transition report or portion thereof, could not be filed within the prescribed time period.

Silicon Graphics, Inc. (the “Company’) was unable to file its Annual Report on Form 10-K due on September 10, 2008 because the Company is continuing to work with its independent auditors, KPMG LLC, to help them complete their audit procedures.

Now, I haven’t gotten all the way through my “Finance For Managers” book, but I think this says “we’re late because we’re late.” They also added, “Nobody gets in to see the Wizard. Not nobody. Not no how.”

You might be wondering, well, maybe the dog did eat their homework. Maybe, but you’re not allowed to know yet. The form asks about what might have motivated SGI to be late, to whit:

Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?

[The "Yes" box is checked]

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

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.

Ahhh, me. Joe points us to Mercury News, which asked the company’s general counsel about all this smything of words. He basically said to compare 2007 and the August 27, 2008 results and it would all be clear. To which the Merc says

Our heads started to hurt when we tried to compare, and we gave up.

And so I didn’t try.

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