On Tuesday, GameTech International Inc., developer of electronic bingo systems, notified the United States Securities and Exchange Commission that there would be a delay in filing its financial results for the 2008 fiscal year.
In the notification, the company said it needs more time for reviews surrounding the “deterioration in the economic environment and the material reduction” of the company’s stock impacting the financial statement that will be included in the report.
Todd Eilers, an analyst with Roth Capital Partners, wrote in a note to clients that the filings delay did not come as a surprise given the downturn's effect on the company's previous acquisitions and investments.
“However, delayed filings are starting to become common and draw negative attention that is likely to result in a discount in the share price until the company is able to consistently report on a timely basis,” Mr. Eilers added.
The company said it expects to file the report on or before February 2, 2009.