Saba Software Inc. (SABA) announced that on April 5, 2012, the Audit Committee of its Board of Directors engaged counsel to assist the Committee in an independent accounting review.
For that reason, the company will not be in a position to release earnings or timely file its Form 10-Q for the fiscal quarter ended February 29, 2012, due April 9, 2012, Saba Software said.
The company said that the Committee is reviewing transactions in prior periods. The Committee has not identified any circumstances requiring restatement of prior period results.
The company also announced preliminary financial results for the third quarter of fiscal 2012 ended February 29, 2012.
The company expects to report approximately GAAP loss per share of $0.04, non-GAAP loss per share of $0.04 and total revenues of $32 million for the third-quarter. Analysts polled by Thomson Reuters expect the company to report a loss of $0.04 per share on revenues of $33.27 million for the third-quarter. Analysts' estimates typically exclude special items.
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