Peloton Interactive Inc. (US:PTON) said late Monday that it would delay its annual 10k annual results filing with the US Securities and Exchange Commission to account for fourth-quarter charges.
Peloton took the charges as part of a cost-cutting plan implemented when the firm’s business slowed dramatically as the COVID-19 pandemic in the US came more under control.
The company said it needs more time to “permit completion of the accounting and disclosures related to the measurement of the Registrant’s fourth quarter long-lived asset impairment charges associated with the Registrant’s recent announcement to exit its last mile warehouses, including management’s assessment of the effectiveness of internal controls over financial reporting as it relates to its accounts and disclosures related to these strategic business developments and for its registered public accounting firm, Ernst & Young LLP, to complete its necessary audit procedures over these matters,” the filing said.
Peloton expects to file the report within 15 days of the original deadline.
The company reported a more than $1.2 billion loss in the most recent quarter, as fitness-equipment sales plunged and costs connected with its turnaround effort surged. It recorded losses of $2.8 billion in the year ended June 30.
The company shook up its C-suite in February, naming Barry McCarthy chief executive officer, succeeding company co-founder John Foley. Liz Coddington became chief financial officer in June, replacing Jill Woodworth.
The interactive exercise equipment company’s shares have been volatile lately, given a series of rapid-fire company announcements and its recent attention from the meme stock crowd.
The shares jumped last Thursday when the company said it would sell its products on Amazon (US:AMZN), a move it had resisted for some time to add exclusivity to its brand.
However, they gave it all back the following day, after it reported disappointing earnings after the Amazon news.
Peloton has not turned a quarterly profit in over a year, and the company said last week it hopes to reach a quarterly break-even cash flow in fiscal 2023’s second half.
Under the agreement, Peloton will expand its distribution footprint with a suite of products available to millions of Peloton Members and potential customers. The push aims to make products more readily available to consumers across the United States.
The initiative has been Peloton’s latest innovation to drive growth by collaborating with the world’s best-in-class e-commerce retailer to expand access to its highly sought-after products.
Peloton previously sold its gear only through its website, inside channels, and showrooms.
This article originally appeared on Fintel
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