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The Bedford, Mass.-based company also said its lega counsel and audit committee were reviewing revenue bookings within its precision technologyt division for the same periods to determine whetherf similar adjustmentsare needed. GSI GSI) said the affected revenue stemmed from accountingh errors and the timing recorded forcertaibn transactions. Expected adjustments include: The situation has causeds the company to delay the release of its financialk resultsto regulators. Last month, GSI said it was nearingv a point when it could restatd those results and submit to regulators resultds from its fiscal first quarter endesdApril 3.
Nonetheless, the company said its filing delays have prompted a delistinv notice from the and triggered negotiations with creditors to restructurwits . GSI said in its regulatory filin g Tuesday that on June 11 it stooed beforethe Nasdaq’s Listing Qualificationzs Panel to request a stay of its pendinhg delisting. The company is still awaiting a ruling on the In June, GSI said a decline in bookings in the fourtuh and first quarters forced it to restructured its operations and shave millions in costxs from its books. The companyg cut 158 workers in the first quarte and another 16 employeesin April. Those changes will resulgt in roughly $9 million in annual savings.
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