Tag Archives: private investment trust

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Monday Morning Revisions

gameMary Scurry0

Legend has it that companies like to release bad news after the markets close on Fridays so that it either goes unnoticed (unlikely) or investors have more time to calm down before reacting negatively.
True or not, there was an interesting bunch of post-close releases of non-reliance 8-Ks issued this past Friday. A look at a few of them:
Yellow Pages publisher R.H. Donnelley recalled its 2004 10-K due to an accounting error in a publishing partnership investment. The error involved an over
private investment trust of deferred costs that were to be matched against advertising revenue received; correcting the over amortization was worth at least $3 million in decreased loss in the investment.
Supermarket operator Great Atlantic & Pacific Tea Co. (GAAP Tea Co.?) disclaimed its 2004 annual report, due to lease accounting issues. Its 2005 report, to be filed tomorrow, will contain corrected lease accounting.
Mark West Energy Partners LP pulled its financials from 2003 and 2004 because of an issue with sales of subordinated Partnership units and interests in the General Partner to directors and officers of Mark West Hydrocarbon (the LP’s parent company). Originally, the transactions had been treated as outright sales of assets; on closer examination, they were more properly classified as compensation to the officers and directors.
SEMCO Energy restated its 2004 annual report and interim financial statements due to errors in computing basic and diluted earnings per share.
The first thing you think of when you hear that Bright point faces an accounting issue is “AIG.” Wrong. Bright point is pulling its recent 2004 10-K because of overstated receivables and revenues in France and improperly recorded vendor rebates in Australia. The really interesting thing: in the 10-K, management had “concluded that the Company’s internal control over financial reporting was effective as of December …