Jupitermedia Delays 2006 Filing, Citing Options Probe
Jupitermedia Corp., a provider of technology and Internet research, delayed reporting 2006 financial results, citing a probe of stock-option grants and distractions from negotiating a sale to Getty Images Inc.
Jupitermedia determined it will need to adjust options accounting for 1999 through 2001 because of acquisition-related grants and others made to third-party consultants, the Darien, Connecticut-based company said today in a regulatory filing.
The company, which said March 7 that it was ending talks to sell itself to Getty for $9.60 a share, reported last week that 2006 net income fell to $13.1 million, or 36 cents a share, from $78.4 million, or $2.15, a year earlier. The 2006 figure included $5.6 million after taxes related to the sale of Jupitermedia's research business.
Sales rose 21 percent to $137.5 million.
Shares of Darien, Connecticut-based Jupitermedia fell 18 cents, or 2.8 percent, to $6.20 in regular trading in Nasdaq Stock Market composite trading. The shares have declined 22 percent this year.
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