West Marine delays Q4 report

Watsonville, Calif. West Marine, which sells boating supplies, said Thursday it will delay issuing its fourth-quarter results as it works through final audit items with its new accounting firm.

The report was due last week. The company said it would report results "as soon as practicable" after it completes its audit.

CEO Geoff Eisenberg said even though the company is still completing its audit, the year's results exceeded expectations.

The boating industry was hit hard by a downturn in consumer spending as people shied away from big-ticket purchases.

But in January, when the company reported a nearly 7% decline in revenue for 2009, Eisenberg said that the industry seems to be improving, since the second half of the year was better than the first half.