Wednesday, May 16, 2012

Ambow Education (NYSE: AMBO) further delays annual report

Ambow Education (NYSE: AMBO) further delays annual reportShawshank, VA 5/16/12 (StreetBeat) -- Ambow Education Holding Ltd (NYSE: AMBO) further delayed the filing of its annual report, saying it has identified several adjustments to be made to its 2011 results.

The adjustments include changes to its revenue recognition methods, bad debt provisions, taxes and a potential charge from a prior acquisition, the Chinese education company said.

Earlier this month, Ambow said it expects to file its 2011 annual report by May 15, after missing the April 30 deadline.

But on Wednesday, the company said it requires additional time to complete the audit of its statements and that it expects to file the report with the SEC within one month.

Its shares fell 10 percent to $5.06 - their lowest in nine months - on the New York Stock Exchange.

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