i2 Drops Delisting Appeal
The Dallas, Texas-based company had planned to follow through on an appeal to the technology exchange that it reconsider the decision to delist i2s common stock.
In a statement, i2 said it concluded that there was "little likelihood" that NASDAQ would reverse its delisting decision related to i2s recent financial troubles. Rather, i2 will consider reapplying to NASDAQ sometime in the future.
The delisting comes as a result of an internal audit, completed in July, that required i2 to restate its earnings for the past four years.
The net effect detailed in i2s audit is the companys total revenue increased in 2002 and decreased for the three years preceding that. In 2002, i2s revenue increased by $386 million. In 2001, 2000 and 1999, i2 saw total revenue decreases of $138 million, $477 million and $131 million, respectively.
The company also did some financial wrangling in other areas, including an increase in expenses by $46 million in 2002, and decreases in expenses of $196 million, $35 million and $5 million in 2001, 2000 and 1999, respectively.
The bottom line, however, is shareholders are impacted to the tune of $910 million in losses over the same four year period.
Separately, i2 announced today new technology for the oil and gas industry. The i2 Demand Manager Downstream Oil helps users forecast customer demand, which can be used to synch manufacturing and distribution.
The first of more to come, the initial Downstream Oil modules provide the foundation for oil companies to develop their supply chain programs, officials said.