By Heather Cassell
San Francisco – Once robust, PlanetOut Inc., the leading LGBT lifestyle and entertainment media company, has given its independent registered public accounting firm “substantial doubt” about the company’s ability “to continue”.
PlanetOut, based in San Francisco, announced in a news release Wednesday, the audit report conducted by the unidentified accounting firm which wrapped up 2008 and was published in the company’s Annual Report, made its decision based on PlanetOut’s “continuing net losses and accumulated deficit”.
The accounting firm completed its audit report on December 31 of that same year and filed it with the Securities and Exchange Commission on March 4, according to the news release.
PlanetOut announced its ongoing financial woes and troubled relationship with the SEC in compliance with the Nasdaq Marketplace Rule 4350(b)(1)(B).
In spite of PlanetOut’s declining health, the company continues to assess and adjust its operating plan in order to survive during the next 12 months, according to the news release. Some of those changes include: PlanetOut reduced its workforce by approximately 33 percent January 16 and it is in the process of merging with Here Media, Inc. and “certain other parties”, which commenced January 8 and is anticipated to be completed sometime during 2009’s second quarter, according to the news release.
PlanetOut insists that its current situation “does not represent any changes or amendment” to the company’s “fiscal 2008 financial statements or to its Annual Report” for its year ending December 31, 2008.
For more information, visit http://studio-5.financialcontent.com/prnews?Page=Quote&Ticker=LGBT or www.planetoutinc.com.
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