TITLE

Flexsteel restates earnings for 2004, 2005

PUB. DATE
September 2008
SOURCE
Furniture/Today;9/8/2008, Vol. 33 Issue 2, p42
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the restatement of income of Flexsteel Industries Inc. for the year 2004 and 2005. The restatement was made after a flaw was detected in the inventory of freight costs. The company adjusted its balance sheets and cash flow statements that made an additional $2.29 million in its accounts payable accounts ledger for 2006 and 2007. As a result, the company's income for the year ended June 30, 2004 was reduced from $10.13 million to $9.83 million per sharer.
ACCESSION #
34255593

 

Related Articles

  • PHH Says Restatement Could be a Wash.  // National Mortgage News;7/31/2006, Vol. 30 Issue 42, p3 

    The article reports that Mount Laurel, New Jersey-based PHH Corp. has been updating its earnings restatement process and claims that financial statements for prior periods cannot be relied upon. The company also suggests that reductions in pretax income will be offset by gains. The article also...

  • Financial Restatements: Update of Public Company Trends, Market Impacts, and Regulatory Enforcement Activities: GAO-06-678. Williams, Orice M. // GAO Reports;8/1/2006, p1 

    In 2002, GAO reported that the number of restatement announcements due to financial reporting fraud and/or accounting errors grew significantly between January 1997 and June 2002, negatively impacting the restating companies' market capitalization by billions of dollars. GAO was asked to update...

  • Easyhome restates earnings.  // Furniture/Today;11/6/2006, Vol. 31 Issue 9, p42 

    The article reports that rent-to-own merchant Easyhome Ltd. has restated its second-quarter earnings after determining it had not accurately recorded the non-cash effect of tax provisions. The company said the move reflects changes in future tax assets and tax provisions and is related to the...

  • VeriFone to Miss Jan. Earnings Deadline. Wade, Will // American Banker;1/3/2008, Vol. 173 Issue 2, p17 

    The article reports that California-based terminal manufacturer VeriFone Holdings Inc. does not expect to file its delayed earnings report for its fiscal year (FY) ending October 31, 2007 before March of 2008. The company had planned to release the report in January 2008 with restated earnings...

  • Earnings Revisions in SEC Filings From Prior Preliminary Announcements. Hollie, Dana; Livnat, Joshua; Segal, Benjamin // Journal of Accounting, Auditing & Finance;Jan2012, Vol. 27 Issue 1, p3 

    This article investigates earnings revisions that occur between preliminary earnings announcements and the immediate subsequent Securities and Exchange Commission (SEC) filings. On average, the absolute value of the revision is 2.9% of the market value of equity where earnings were revised by...

  • Do Investors See through Mistakes in Reported Earnings? Bardos, Katsiaryna Salavei; Golec, Joseph; Harding, John P. // Journal of Financial & Quantitative Analysis;Dec2011, Vol. 46 Issue 6, p1917 

    This study investigates whether investors see through materially misstated earnings, and whether they anticipate earnings restatements. For firms that restate at least one annual report, we find that investors are misled by mistakes in reported earnings at the time of initial earnings...

  • Citing Errors in Reporting, SLM Restates. Launder, William // American Banker;3/2/2007, Vol. 172 Issue 42, p19 

    The article discusses the announcement by SLM Corp. that the reason it had restated its earnings for the last three years was because of errors in the way it reported cash flows. The errors occurred because of changes made to restricted cash flows from securitizations that were listed...

  • UCBH to Restate '05 And Other Results. Kuehner-Hebert, Katie // American Banker;11/15/2006, Vol. 171 Issue 220, p19 

    The article focuses on plans by UCBH Holdings Inc. to restate its financial results for 2005 and other periods. According to the company, the restatements stem from the miscalculation of cash flows for the company's loans that were intended for sale and its loans intended for portfolio. Further...

  • Stock Options Audit Forces First American to Restate Earnings. Finkelstein, Brad // National Mortgage News;1/15/07, Vol. 31 Issue 16, p6 

    The article reports on the restatement of the annual financial statements of the earnings of the First American Corp. due to a discrepancy on its historical stock option granting practices. A subcommittee report revealed that the actual measurement dates of stock option grants was different from...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics