Inventory Liability to Delay RedEnvelope's Annual Report

Share this content:
RedEnvelope Inc. will delay filing its annual report so it can review an inventory-related liability, the San Francisco-based company said yesterday.


The review is of a $2.2 million inventory-related component of RedEnvelope's accounts payable liability for the fiscal year ended April 3. The company thinks that the liability is overstated and that the required adjustments are likely to decrease its cost of sales, increase its gross margin and decrease its net loss for the affected periods. However, it cannot currently ascertain the amount of such changes.


"Polly Boe, our new chief financial officer who joined us on April 18, uncovered this issue during her review of our accounts," RedEnvelope president/CEO Alison May said in a statement.


RedEnvelope said expects to file its annual report on or before July 20. The company filed with the Securities and Exchange Commission to extend the filing date from July 5.


close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above