Neoforma, San Jose, Calif., has been told for the second time in two quarters that it will be delisted from the NASDAQ stock exchange for not filing its quarterly financial statement on time. The e-commerce company successfully appealed the earlier delisting decision and intends to appeal the latest one. The company is restating its financial results for 2000, 2001 and the first half of 2002 because of accounting adjustments raised by its new audit firm. It expects to complete the restatements and its third-quarter report within three weeks. Company officials have said the adjustments would not affect revenue or cash flow for any period. Neoforma's second-quarter financial statement was similarly delayed by accounting questions, which were subsequently resolved after consultation with the Securities and Exchange Commission. The previous restatement reflected a change in the amortization of equity issued to VHA and University HealthSystem Consortium, which own Neoforma's e-commerce partner, the group purchasing organization Novation. The restatement effectively wiped out a vast majority of Neoforma's revenue but did not affect net income, operating income, cash flow or earnings per share. -- by Cinda Becker
Neoforma to challenge second delisting notice
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