BearingPoint was late in filing its financial reports through 2007. The Company said its net loss for the first quarter ended 31 March 2007 narrowed as revenue grew and costs declined. The company recorded a net loss of $61.7 million, or 29 cents per share for the first quarter, compared with a loss of $72.7 million, or 34 cents per share, in the same period a year earlier. The company recorded a net loss of $64.0 million, or 30 cents per share for the second quarter, compared with a loss of $2.85 million, or 1 cent per share, in the same period a year earlier. BearingPoint's shareholders' deficit was $365 million as of the close of the second quarter 2007 with a total accumulated deficit of $1.9 billion. On 11 August 2008, the company reported its first net income in three years and, as of the third quarter of 2008, had reported operating income for three consecutive quarters. During the third quarter of 2008, BearingPoint said its net loss was $30.5 million or $0.14 a share, an improvement of $37.5 million compared to the third quarter of 2007. BearingPoint's shareholders' deficit was $469.2 million as of the close of the third quarter 2008.