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Breakaway delays filing annual report

Breakaway Solutions said it is delaying the filing Tuesday of its annual report with the Securities and Exchange Commission to "ensure proper factoring of recent restructuring and changes within the company." The company provides clients help with Internet consulting and application hosting. The recent changes include the naming of a new CEO, a new board chairman and the closing of a round of funding. The company has also since moved its headquarters to Philadelphia from Maynard, Mass., and said it would close a few offices and reduce staff to trim costs. The company also said it is committed to achieving profitability and making other administrative cost-cutting measures. Breakaway said the Nasdaq Stock Market has been notified of the filing delay and that it still expects to release first quarter earnings slated for May 15.

    Breakaway Solutions said it is delaying the filing Tuesday of its annual report with the Securities and Exchange Commission to "ensure proper factoring of recent restructuring and changes within the company." The company provides clients help with Internet consulting and application hosting. The recent changes include the naming of a new CEO, a new board chairman and the closing of a round of funding.

    The company has also since moved its headquarters to Philadelphia from Maynard, Mass., and said it would close a few offices and reduce staff to trim costs. The company also said it is committed to achieving profitability and making other administrative cost-cutting measures. Breakaway said the Nasdaq Stock Market has been notified of the filing delay and that it still expects to release first quarter earnings slated for May 15.