November 12, 2002 — (WEB HOST INDUSTRY REVIEW) — Business class Web hosting service provider Interland Inc. (Interland.com) announced on Monday that it has filed amended forms 10-Q for the first three quarters of the fiscal year 2002.
The company said in its fourth quarter financial report that it had discovered that systems used to compute deferred revenue contained an algorithm that incorrectly calculated deferred revenue on month-to-month customer accounts. The company used the system to process customer accounts throughout 2002, resulting in a deficit of $3 million in the deferred revenue account by the end of the year and the incorrect filing of the same amount of revenue over the first three fiscal quarters.
