Vermont Pure Holdings Ltd. will restate its annual results going back to 2002. The company also missed its extended due date to file its latest quarterly report and said it now expects to do so by 1 July.

The US bottled water company said that it had obtained a five-day extension from a late filing deadline of 15 June until 20 June from the Securities and Exchange Commission (SEC) for its results for the quarter to the end of April. The delay was caused by continued revisions to the accounts regarding how certain advertising costs, including Yellow Pages advertising, were accounted for.

The SEC had brought certain aspects of how such advertising was itemised to the company's attention, meaning that Vermont Pure will now restate results for the 2002, 2003 and 2004 fiscal years, in addition to the first quarter of this year.

With the new procedures in place, Vermont Pure said second-quarter earnings fell to US$205,000 from US$283,000 on sales 12% higher at US$14.8m.