Apple expects 'significant changes' to quarterly results
Apple on Friday filed with the United States Securities and Exchange Commission (SEC) a notification of late filing for its Form 10-Q, a report required by the SEC, in this case for Apple’s financial quarter that ended July 1, 2006.
The notification tells the SEC that Apple likely won’t file its quarterly results on time as it reviews some irregularities relating to past stock option grants. The company first uncovered the irregularities in late June and told the SEC in early August it may have to restate earnings.
The notification of late filing said that Apple “anticipates that there will be significant changes in the results of operations for the quarter ended July 1, 2006 compared to the quarter ended June 25, 2005, including significant increases in the Company’s revenue and expenses.”
Apple said it can’t yet provide a reasonable estimate of those results “because it will likely need to restate its historical statements to record non-cash charges for compensation expense relating to past stock option grants.”
The investigation related to those grants is ongoing.