Press release
OneSpan Reschedules Second Quarter 2020 Earnings Release and Conference Call to Tuesday, August 11, 2020
CHICAGO, Aug. 04, 2020 (GLOBE NEWSWIRE) -- OneSpan Inc. (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced it has
About this update from Onespan Inc.
[{"type":"text","content":"CHICAGO, Aug. 04, 2020 (GLOBE NEWSWIRE) -- OneSpan Inc. (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced it has changed the date it plans to release the company’s second quarter 2020 earnings release and hold its earnings conference call, previously scheduled for August 4, 2020.\n During the second quarter of 2020, OneSpan identified immaterial errors that originated in prior periods. The errors relate to certain contracts with customers involving software licenses. The net contract assets that originated from a portion of these contracts in prior periods were not properly accounted for in subsequent periods, which caused overstatements of revenue. The current estimated cumulative overstatements of revenue through March 31, 2020 total between $2 million and $2.5 million and were spread out over the quarters from Q1 2018 to Q1 2020, representing less than 0.5% of total revenue in that time frame. The Company currently believes these errors to be immaterial. To correct these immaterial errors related to prior periods, the Company expects to adjust the prior period revenue and related amounts in its Form 10-Q for Q2 2020 and future filings with the SEC. The Company is evaluating the impact on its prior determination that internal control over financial reporting was effective as of December 31, 2019. OneSpan plans to report its second quarter 2020 financial results on Tuesday, August 11, 2020, after the market close. The Company will host a conference call to discuss its second quarter 2020 financial results on the same day at 4:30 p.m. Eastern Time. The details for the conference call can be found below. Date:Tuesday, August 11, 2020 Time:4:30 p.m. Eastern Time / 3:30 p.m. Central Time Webcast link:OneSpan second quarter 2020 earnings call webcast Dial-in:US/Canada: 866-270-1533 International: +1-412-317-0797 Conference ID:10145960 Replay:For those unable to participate during the live broadcast, a replay of the webcast will be Available via the OneSpan Investor Relations website at: investors.onespan.com. Investors accessing the conference call via telephone are encouraged to dial-in at least 15 minutes early. Some service providers have been experiencing longer than usual hold times during the COVID-19 pandemic. About OneSpanOneSpan helps protect the world from digital fraud by establish...