Thursday, March 11, 2010

West Marine -- Late Audit -- CFO to Blame??

West Marine (WMAR) sunk investor perceptions and announced delays in finalizing the audit and therefore confirming their year end numbers. Geoff Eisenberg, West Marine’s CEO, stated: “While we are working to finalize our audit, we are pleased to say that, as previously reported, we had a year that exceeded our budgeted expectations and we want to thank and reward our Associates for their dedication and hard work that made this possible.”

They claim to be working through the final audit items with a new accounting firm whom they did not name at this time.

Year end was Jan 2, 2010. We are in mid March and you still cannot get a final sign off. Come on guy’s. Is the CFO to fault?