Genio Group reported on Wednesday that it had incorrectly booked sales in the first and second calendar quarters of the year that were subject to a right of return. The affected sales were over $1 million; according to accounting rules the revenues shouldn't have been booked until payment was received. Roughly $85,000 has been received in payment for those shipments to date, and according to the company's statement, it '...does not presently anticipate receiving any additional material amounts with respect to these sales.' That would mean a restatement of sales of around $900,000. During the period for which sales will be restated, Genio was shipping its Marvel and Mighty Beanz card games to mass merchants and other chains.
Will Restate Sales and Earnings
Posted by ICv2 on November 28, 2004 @ 11:00 pm CT
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