Genius Files for Late 10-K Report3 Apr, 2006 By: Erik Gruenwedel
Genius Products April 3 notified the Securities and Exchange Commission that it intends to file its fiscal year 2005 annual report (10-K) late.
The San Diego-based home video distributor, which is 70% owned by The Weinstein Co., said unanticipated delays encountered in connection with the audit of the financial records for recently-acquired subsidiary, Wellspring Media, would postpone its 10-K filing until April 17.
Genius said its expects to report net revenue for the fiscal year ended Dec. 31, 2005, of approximately $23 million, compared with $16.6 million for same period in 2004.
The anticipated increase in net revenues is due in part to revenues from Wellspring, which Genius acquired in March 2005, and increased revenues from other branded products.