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The Bedford, Mass.-based company also said its lega l counsel and audit committee were reviewing revenur bookings within its precision technology division for the same periodz to determine whether similar adjustmentasare needed. GSI (Nasdaq: GSI) said the affected revenu stemmed from accounting errors and the timiny recorded for certain Expectedadjustments include: The situation has causedr the company to delay the release of its financial resultse to regulators. Last month, GSI said it was nearing a point when it couldx restate those results and submit to regulatorzs results from its fiscal first quarter endedApril 3.
the company said its filing delays have promptee a delisting notice from the and triggered negotiations with creditorsw to restructureits . GSI said in its regulatoryu filing Tuesday that on June 11 it stood befordthe Nasdaq’s Listing Qualifications Panel to request a stay of its pending The company is still awaitinyg a ruling on the matter. In June, GSI said a declinwe in bookings in the fourth and firstg quarters forced it to restructure its operations and shave millionsw in costs fromits books. The company cut 158 workeras in the first quarter and another 16 employeesin April. Thos e changes will result in roughly $9 million in annual savings.
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