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BRIEF-Envestnet files for non-timely 10-K
March 2, 2017 / 1:53 PM / 9 months ago

BRIEF-Envestnet files for non-timely 10-K

March 2 (Reuters) - Envestnet Inc:

* Files for non-timely 10-K - SEC filing

* Envestnet- Not completed assessment of effectiveness of internal control over financial reporting due to control deficiencies identified by management

* Envestnet -believes certain of control deficiencies, individually or in aggregate, represent material weaknesses in internal control over financial reporting

* Envestnet Inc - for year ended December 31, 2016, the company expects to report revenues of approximately $578 million, a 37% increase over 2015

* Envestnet - after assessment, co may determine that there are additional control deficiencies that may represent material weaknesses

* Envestnet Inc - increase in FY revenue was primarily due to inclusion of full year of results for Yodlee, which company acquired in November 2015

* Envestnet Inc - expects to report a net loss of approximately $50 million for 2016, compared to net income of approximately $4 million in 2015

* Envestnet Inc - for the Envestnet segment, revenues are expected to be approximately $448 million for 2016, 10% higher than 2015 Source text: (bit.ly/2mJhCkp) Further company coverage:

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