AMS Announces More Delays on 10-Qs
by Steven Zeitchik -- Publishers Weekly, 1/5/2004
With AMS's third quarter drawing to a close, it appears that the San Diego, Calif., company is further delaying its 10-Q filings from the first two.
In a notice filed last week with the SEC, the company said that the banks with which it has a standing credit agreement have agreed to allow AMS to postpone its 10-Q filings from its first two quarters. That permission, which is essentially pro forma, likely means that AMS will not file its delayed reports until, at the earliest, sometime late in January.
In July, the FBI subpoenaed documents relating to AMS's advertising services, and the company later was informed it was under investigation by the SEC. The company has not filed a 10-Q since then, first delaying its report for the first quarter ended June 28, then for the second quarter ended September 27. The company's third quarter ended last week, putting the deadline for the filing of that 10-Q in mid-February and raising the possibility that the company will soon be three quarters behind.
In the announcement, AMS also said that it had agreed to limit its borrowing to $20 million.
