CoActive Marketing Group this week restated its financial results for the past three years.
The agency issued the correction because in fiscal 2006, it prematurely recorded $1.1 million in revenue from one promotional program. That led the agency to understate its revenue for the quarter ended June 30, 2006 by $524,000, according to documents filed with the Securities & Exchange Commission.
CoActive said it also failed to pay sales and use taxes for fiscal years 2004, 2005 and 2006 (all ending March 31).
The new financial statement filed this week reports sales of $27 million for three months ending June 30, 2006 and $18.9 million for the same three months in 2005.
Its most recent financials, also filed this week, report sales of $76.6 million for the nine months ended Dec. 31, 2006.
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