In a November 21 filing with the Securities and Exchange Commission, Advanced Marketing Services suggested that it may not file its financial reports for the quarters ended June 28 and September 27 before the end of the year. AMS has delayed filing the documents because of the investigation into the company's advertising services that was launched by the government this summer.
Failure to file the 10-Qs on time has put AMS in default of certain bank agreements. The banks have agreed to waive the reporting requirement until December 31, but AMS said that while it intends to complete the 10-Qs as quickly as possible, "there can be no assurance that [AMS] will be able to do so by December 31."
