Entering text into the input field will update the search result below

Tangoe restating results, withdrawing guidance

Mar. 07, 2016 6:18 PM ETTangoe (TNGO) StockTNGOBy: Eric Jhonsa, SA News Editor2 Comments
  • Tangoe (OTC:TNGO) is restating its results for 2013, 2014, and the first three quarters of 2015. The company is also withdrawing its Q4/2015 guidance. Unsurprisingly, Tangoe doesn't expect to file its 2015 annual report (Form 10-K) on March 15, as previously planned.
  • Tangoe: "The decision to restate these financial statements is based on the Company’s conclusion that it made errors in recognizing revenue, primarily from business activities that are ancillary to the Company’s core business. A majority of the errors relate to non-recurring revenue ... As a result of these corrections, the Company is revising its revenue recognition policies for several categories of revenue."
  • At least $17.1M worth of revenue in the restated periods is expected to be affected (compares with previously-reported total revenue of $565.9M). The op. cash flow impact for the reviewed periods (if there is one) is expected to be minimal.

Recommended For You

Related Stocks

SymbolLast Price% Chg
TNGO--
Tangoe