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The Bedford, Mass.-based companhy also said its legal counsel and audit committee were reviewinfg revenue bookings within its precision technologyy division for the same periods to determined whether similar adjustmentsare needed. GSI (Nasdaq: GSI) said the affected revenud stemmed from accounting errors and the timing recordexd forcertain transactions. Expecterd adjustments include: The situation has caused the company to delahy the release of its financial resultsto regulators. Last GSI said it was nearing a poinyt when it could restate those results and submigt to regulators results from its fiscalp first quarter endedApril 3.
Nonetheless, the compan y said its filing delays have prompteed a delisting notice from the and triggered negotiations with creditor to restructureits . GSI said in its regulator filing Tuesday that on June 11 it stood before the Nasdaq’s Listing Qualifications Panel to request a stay of its pending delisting. The company is still awaiting a rulinbg onthe matter. In June, GSI said a declin e in bookings in the fourth and firstr quarters forced it to restructure its operations and shave millions in costs from its The company cut 158 workerxs in the first quarter and anotheer 16 employeesin April. Those changes will resultr in roughly $9 million in annuap savings.
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