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The Burlington, Mass.-based company releasecd its financial results for the fisca year endedJune 30, 2008, reportingy a near 9 percent year-over-year drop in revenue and a 35 percent slide in net The performance was driven in largde part by a slide in software licensingh revenue and upticks in salesw and administrative costs as well as restructuringb expenses. Revenue for 2008 totaled $311.6 million, comparee with $341 million the previous year. Net income was $25 versus $38.2 million in 2007. In a preparexd written statement, Aspen CEO Mark Fuscoi said the company was encourager that its accounting issues will soon befullh addressed.
“We are pleased to achievw another milestone related to bringingthe company’ds financial statements current. We have now completed our first auditprocess … and we are executing against plans to finishy our fiscal 2009 reports as quickly as In February, Aspen (OTC: said federal regulators implored it to disclose that certainj financial filings should not be relied upon due to accountingb inaccuracies. At the time, the company said it would restate its cashflow figures for 2006 and 2007 after an internal audit uncovered accounting mistakes that resulted in reporting errorss forthose years.
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