DryShips Dives On Accounting Issues Aug 23, 2008
Although it announced after the bell on Thursday that its second-quarter profit and revenues soared, accounting issues were a dark cloud that hung over the stock on Friday. Investors were disappointed, sending DryShips (nasdaq: - - ) shares falling 3. (Forbes -- Markets)
JCI and Rangold offer up rights Aug 20, 2008
R earlier in October that the "complexity of the accounting issues" caused the almost three-month delay in the production producing of the circular. The main objective of the merger is to resolve a legal dispute between the two companies that arose during the time Kebble was boss. (Business Report, South Africa)
Kauai condo owners allege fleecing Aug 19, 2008
"I am committed to working with the new board of directors to fully address and resolve all issues facing the resort, including the accounting issues identified in the forensic accountant's report," Singleton said in an e-mail reply to questions from the Honolulu Star-Bulletin. "I have already made several payments to the (condo owners) and have agreed to pay all expenses that are legitimately the developer's responsibility," he added. (Honolulu Star-Bulletin)
NASA terminates $745Mspacesuit contract Aug 17, 2008
Spokesman Daniel Coulom said Exploration Systems & Technology was told that NASA will address only cost accounting issues. Exploration Systems & Technology instead wants corrective action that it said would reduce the risk of additional challenges, promote competition and efficiency in the contracting process. (New Haven Register, CT)
NASA halts space suit contract with Texas firm Aug 17, 2008
Spokesman Daniel Coulom said Exploration Systems ology was told that NASA will address only cost accounting issues. Exploration Systems ology instead wants "corrective action'' that it said would reduce the risk of additional challenges as well as promote competition and efficiency in the contracting process. The space suit, called an EVA (Extra Vehicular Activity) suit by NASA, is being developed to protect astronauts during voyages to the International Space Station and surface of the moon,... (The Star Online, Malaysia)
City leaders review street issue at session Aug 16, 2008
Hopper said she enjoyed working with the firm because it was able to answer her general questions and did not hesitate to point out accounting issues. Lawrence reminded council members that Pendleton Mayor Phillip Houk and City Manager Larry Lehman would present information about Pendleton s downtown revitalization project. (Ontario Argus Observer, OR)
Inside the new ASIC Aug 8, 2008
The five priorities are: managed investment schemes; credit rating agencies; listed investment vehicles; audit and accounting issues surrounding valuation methodologies and disclosure for complicated financial assets; and market surveillance for illegal trading activities. It is easy to get overexcited about these priorities. (Business Spectator)
More ASIC scrutiny Aug 7, 2008
The review includes the disclosure around Managed Investment Schemes, the reliance of investors on credit ratings agencies, listed investment vehicles, audit and accounting issues in relation to the way companies are valued, and market surveillance for illegal trading activities. Ms Gibson has also promised that ASIC will be looking further into the amount of information provided to analysts to ensure it is available to all investors. (Sky News Australia)
Axis shares plunge on heavy selling Aug 2, 2008
An analyst in a bank-backed research house believed the unresolved accounting issues was the main reason for the plunge in Axis share price since July 25. He added that Axis involvement in the winding-up of betting operator Global Trader Europe Ltd further fuelled investors worries. (The Star Online, Malaysia)
More accounting irregularities? Aug 2, 2008
Companies with recent accounting issues. 1. (The Star Online, Malaysia)
Trading halt for GPlus, LFE over delay in submitting accounts Aug 1, 2008
Bursa Malaysia chief regulatory officer Selvarany Rasiah said the regulator had instructed Axis to provide immediate clarification on the unresolved accounting issues raised by Messrs Horwath. Bursa is also engaging with the company and its external auditors to ensure that the company resolves the matter expeditiously and the appropriate disclosures on any material developments are made, she said. (The Star Online, Malaysia -- Business)
Maximum Potential Jul 31, 2008
"We are well into the final phase of the project of running our financial and tax models with the auditors." He says that no new accounting issues are being addressed. Based in Silicon Valley, Maxim specializes in analog chips, which convert sound, light, temperature and other phenomona into electronic signals for digital chips. (SmartMoney)
After new write-downs, ABC Learning expects $437m loss Jul 31, 2008
Welcome to The Sydney Morning Herald. Skip directly to: Search Box, , , Text Version. (Sydney Morning Herald -- Business)
Irwin Financial Corporation Announces Major Strategic Restructuring to Refocus on Small Business and Local Community Banking Jul 25, 2008
We will continue serving our community bank customers in our branch network communities with banking, trust, investment, and insurance services," Mr. Miller said. The Corporation will host a conference call at 1:00 EDT on Friday, July 25, 2008, to discuss these transactions. To join the call, dial either 1 (866) 825-3967 or outside the U.S. 1 (847) 413-3371 and provide confirmation number: 22334966. Irwin Financial expects to release its second quarter 2008 results and pro forma results that... (PR Newswire)
Freddie Mac strikes back Jul 19, 2008
Fannie registered with the SEC in 2003, but Freddie's registration was delayed after accounting issues surfaced. Together the companies own or guarantee $5 trillion in home mortgages. (CNNMoney.com)
Board of Selectmen notes Jul 18, 2008
There have also been accounting issues reported with the water enterprise fund. I do believe that has been resolved. (Georgetown Record, MA)
Is The Frenzy On Wall Street Justified? Jul 16, 2008
In the past few years Fannie Mae and Freddie Mac have had major accounting issues and have stumbled both financially and in terms of institutional leadership. But despite massive problems they functioned without interruption, and they functioned well. (RealtyTimes)
Mortgage Giants Take Beating On Housing, Accounting Fears Jul 8, 2008
Miller said minor accounting issues that need to be cleared up are hindering that deal from getting completed. In the interim, shares of Freddie Mac have continued to fall. (Fox News)
Mortgage Giants Freddie, Fannie Plunge On Fears Of Massive New Capital Needs Jul 8, 2008
Miller said minor accounting issues that need to be cleared up are hindering that deal from getting completed. In the interim, shares of Freddie have continued to fall. (Investors Business Daily)
Unlocking value in real estate. By Stephen Clarke. Jul 2, 2008
By combining property and company finance expertise, advisors like DTZ are working with firms to overcome accounting issues that might once have acted as barriers to the use of this real estate solution. For example, the transfer of lease liabilities crystallises the IAS37 provision, potentially leaving the company facing a large Pif it has not adequately provided for the lease liabilities in the first place. (Accounting Web, UK)
Navistar headed back to NYSE Monday Jun 28, 2008
Navistar blamed the delay on a disagreement with its auditors at Deloitte e over "complex and technical accounting issues.". In April of that year, Navistar fired Deloitte, its independent auditor for 98 years, and hired KPMG. At the same time, it warned that it needed to restate earnings back to 2002 to fix accounting errors. (Crain's Chicago Business)
Livent ex-CFO's position called ‘preposterous' Jun 25, 2008
He suggested she revealed evidence to executive vice-president Robert Webster on Aug. 6, 1998, only after he asked her to report on unusual accounting issues at the company's theatre in Chicago ... Ms. Messina replied it was one thing to challenge Mr. Drabinsky and Mr. Gottlieb over accounting issues and a very different thing to accuse them of perpetrating a fraud. (Globe and Mail -- Business)
Royal Bank hires Parke exec as CFO Jun 18, 2008
The bank said that to alleviate accounting issues, it created positions, including a senior vice president for managing impaired loans, a chief credit officer and an outside consulting firm to review loan and lease policies. Royal was hit hard last year by problems with nonresidential loans, which make up a large percentage of its total lending portfolio. (Philadelphia Business Journal, PA)
Is It Vindication Or Is It Revenge? Jun 18, 2008
His supposed offenses related to arcane accounting issues involving sums of money that, in a giant AIG's size, were comparatively small. The board's adviser in this summary execution was Richard Beattie, chairman of the law firm Simpson Thatcher ett. (Forbes)
Draghi Says Financial Markets Are Stable, No Longer Biggest Risk to Growth Jun 15, 2008
The G-8 today urged the London-based International Accounting Standards Board to speed up its review of accounting issues around off-balance sheet items. Any recommendations by the IASB, which provides financial reporting norms used in 109 countries, would be published for public consultation and need the approval of the foundation's 14-member board. (Bloomberg -- Europe)
Obama's choice of insider draws fire Jun 11, 2008
Brian Brooks, an attorney for Johnson, said last night that the accounting issues at Fannie Mae were thoroughly investigated, and that "no one has ever suggested that Mr. Johnson was responsible for the accounting decisions at issue, nor has he had any involvement with these accounting issues during his tenure as a consultant since leaving employment with the company in 1999.". But Johnson is not the only member of Obama's vice presidential vetting committee that Republicans have targeted. (MSNBC -- Politics)
Founder Haunts Biovail Jun 4, 2008
Melnyk said these accounting issues are in the past and that many of them are being contested by the individuals involved. Current Biovail management previously named five board members to be considered in June in addition to the re-election of its current directors. (Forbes)
BYU Students Win Deloitte Competition May 24, 2008
"Being solid in every aspect of your solution is very important, especially when the judges drill you in the Qid Jen McDonald, a competitor from Valencia, Ca. "Teams were evaluated on their ability to identify the relevant accounting issues and to effectively present and defend their solutions," noted a press release. BYU students did well by anticipating what questions the judges would ask. "Think to yourself, what's the worst thing they could ask us [and] that would be the hardest to answer,... (The Daily Universe, UT)
Harleysville National to buy Willow Financial May 22, 2008
Willow has been grappling with major accounting issues since its creation via the merger between Downingtown, Pa. -based Chester Valley Bancorp and Dresher, Pa. (Philadelphia Business Journal, PA)
Dell CFO Carty resigns May 20, 2008
Company officials believe they have accounting issues under control, but Dell still trails Hewlett-Packard Co. in worldwide shipments of personal computers and is cutting jobs and spending to meet financial targets ... Carty replaced James M. Schneider as CFO shortly after the company acknowledged that the Securities and Exchange Commission and the U.S. attorney for the Southern District of New York launched investigations into accounting issues. (San Francisco Chronicle -- Business)
Dell CFO Carty resigns, Gladden named successor May 20, 2008
Mr. Carty replaced James M. Schneider as CFO shortly after the company acknowledged that the Securities and Exchange Commission and a U.S. Attorney in New York launched investigations into accounting issues. The company restated results from 2003 through 2006 with lower earnings and spent tens of millions on an internal probe which found that employees had misled auditors and manipulated results to meet performance targets. (Globe and Mail -- Business)
Dell CFO resigns after internal probe May 20, 2008
Company officials believe they have accounting issues under control, but Dell still trails Hewlett-Packard Co in worldwide shipments of personal computers and is cutting jobs and spending to meet financial targets. Dell is expanding beyond phone and Internet sales to sell machines through retailers, and it is expanding its reach in emerging markets such as China to recapture the robust growth rates of its earlier years. (India Times, India)
Audit of animal shelter turns up accounting problems May 17, 2008
YULEE - An audit of Nassau County's Animal Care and Control Department released Thursday revealed a slew of accounting issues at the shelter and a Jan. 11 burglary in which $14,000 in cash and checks was stolen from two locked boxes. A Nassau County Sheriff's Office report indicated only $3,000 in cash and checks had been stolen, but Clerk of the Court John Crawford said further investigation by Audit Analyst Melanie Bowers turned up additional missing checks. (Florida Times-Union)
RightsFlow Partners with Harry Fox Agency to Automate Digital Music Download Licensing May 16, 2008
RightsFlow has picked one of the areas of online music that should be relatively safe as the industry turns toward indirect revenue: it enables music websites to focus on the customer experience rather than on back-office accounting issues. Tools. (eSecurityPlanet)
Franklin Bank to delay first-quarter filing May 15, 2008
The bank holding company delayed its 10-K filing while its audit committee investigates possible accounting issues related to residential mortgages and other issues. Franklin reported a net loss of $64. (Houston Business Journal, TX)
Atna Delays Filing Interim Financial Statements Due To Recent Merger May 14, 2008
The delay is the result of additional work required to address the complex accounting issues arising out of the merger, completed March 18, 2008, pursuant to an Agreement and Plan of Merger, resulting in Atna's acquisition of Canyon Resources Corporation, making Canyon a wholly-owned U.S. subsidiary of Atna. Atna is working diligently to finalize its calculation of future income taxes as a result of the merger and its impact on the purchase price accounting entry and anticipates being in a... (PR Newswire)
Willow Financial to write off $8M May 6, 2008
Despite all those efforts and incurring more than $2 million in outside professional fees, the company has been unable to fully correct the prior accounting issues in a way that reconciles the out-of-balance condition. Because of the time and expense the company decided to record the un-reconciled differences as a charge to earnings in the 2006 fiscal quarters ended Sept. 30, 2005, and Dec.31, 2005, the periods when Willow believes the out of balance condition arose. (Philadelphia Business Journal, PA)
Investigative report on Liqua Health believed sent to SC May 2, 2008
PETALING JAYA: This week saw once again a litany of accounting issues and deviation between unaudited and audited financial results announced by companies listed on Bursa Malaysia. But in each passing complaint, revelation and qualification of financial accounts by auditors, the reaction has been somewhat predictable. (The Star Online, Malaysia -- Business)
UTStarcom's next CEO focuses on IPTV Apr 22, 2008
The company has delayed multiple regulatory filings with the federal Securities and Exchange Commission over time and has had to restate its 2003 through 2005 earnings to correct accounting issues. In February 2006, the company's audit committee started to investigate the circumstances surrounding the premature recognition of revenue on a contract with a customer in India and related issues. (East Bay Business Times, CA)
Wall St cuts thousands of jobs Apr 20, 2008
Earlier on Friday, in a separate statement, the company said it might restate results for the fiscal year ended June 30, 2007, the interim periods and the first quarter of 2008 due to accounting issues related to tooling deposits with a manufacturing partner. Discuss this story with other readers. (India Times)
Consultants giving dental offices more pull Apr 18, 2008
Now 15 years later, Jacobsen said she's used consultants to help her with the business side, to fine-tune continuing-patient care, for an image makeover, and to advise her on staffing and accounting issues. "You don't realize what you aren't doing well," Jacobsen said. (AZCentral -- Business)
County moving forward on housing cleanup Apr 12, 2008
Recognizing that this presented some accounting issues, the county decided to waive all landfill fees for this batch of property, which lowered some of the original assessments. From that point forward, the county requires the demolition contractor to assume the responsibility of the landfill fee. (Rockingham Daily Journal, NC)
Dell Dips After Analysts' Downgrades Apr 5, 2008
Bailey, who had upgraded the stock on March 26, said Dell has resolved accounting issues and resumed a share buyback, but it looks like work toward reversing share losses and margin deterioration will take more time than anticipated. Meanwhile, WR Hambrecht analyst Matthew H. Kather lowered his rating to "Hold" from "Buy," saying he left the meeting "not overly convinced that the company has all the pieces in place to execute on its 'five-pronged' growth initiatives.". (Houston Chronicle)
VCG Holding Corp. Engages Financial Consultants to Assist in its Accounting Until the Search for a CFO is Completed Apr 3, 2008
The Company is conducting a search for a Chief Financial Officer and has engaged financial consultants on an interim basis to assist with the preparation of the Company's Form 10-K for the period ended December 31, 2007, as well as other accounting issues. ADVERTISEMENT. (Yahoo! Wire -- Entertainment News)
Esmark wants more time to file results Apr 2, 2008
Esmark yesterday asked the Securities and Exchange Commission for more time to file its fourth-quarter results, saying it could not meet the deadline because of complex accounting issues related to its merger with Wheeling-Pittsburgh Corp. in November. The request comes a day after the steelmaker said it would close its Allenport plant in Washington County, which employs about 240, and idle part of another mill in Martins Ferry, Ohio. (Pittsburgh Post-Gazette, PA)
How the 50 Made the Cut Apr 2, 2008
We started with nearly all the companies in the S Then we dropped certain ones from the running because they had become public too recently or had ongoing accounting issues or insufficient data. The McGraw-Hill Companies. (BusinessWeek)
Nasdaq And Other Sites Offer Investment Tools Mar 27, 2008
"The software can assess candidates for potential accounting issues," Sussman said. "That includes restatements, or the use of accounting gimmicks to overstate revenue or understate expenses.". (Investors Business Daily)
Integra LifeSciences Receives NASDAQ Notice of Non-Compliance Due to Delayed Form 10-K Mar 24, 2008
Such forward looking statements involve risks and uncertainties that could cause actual results to differ materially from predicted or expected results, including, without limitation, unanticipated accounting issues regarding financial data with respect to account reconciliations, the tax provision, and deferred tax balance sheet accounts; the company's inability to design or improve internal controls to address the disclosed material weakness; the impact upon operations of legal compliance... (Primezone Releases)
New Fannie, Freddie rules: $200B for mortgages Mar 20, 2008
OFHEO Director James Lockhart said in a statement he was confident that both firms have resolved their accounting issues enough to allow the agency to lower its previous capital requirements. He pointed out that as part of this initiative, both companies announced that they will begin the process to raise significant additional capital. (Yahoo News -- Real Estate)
Royal Bancshares logs $3.5M profit Mar 19, 2008
The bank said that to alleviate accounting issues, it created positions, including a senior vice president for managing impaired loans, a chief credit officer and an outside consulting firm to review loan and lease policies. The bank was hit hard last year by problems with nonresidential loans, which make up a large percentage of its total lending portfolio. (Philadelphia Business Journal, PA)
Heard off the street: Sometimes, bookkeeping problems just won't go away Mar 9, 2008
Since the latest accounting issues were announced Feb. 22, Baker shares have fallen 24 percent. They closed Friday at $27. (Pittsburgh Post-Gazette, PA)
The 'new' Nortel isn't out of the woods yet Feb 29, 2008
While its rivals continued on the path to recovery, Nortel's accounting issues mounted and held the company back. Financial restatements for prior years, issued at the end of 2003, went from being viewed as a hiccup related to the restructuring chaos to a full-blown crisis in their own right. (Globe and Mail -- Business)
Integra LifeSciences Announces 2007 Revenues Feb 29, 2008
Such risks and uncertainties include, but are not limited to, unanticipated accounting issues regarding financial data with respect to account reconciliations, including but not limited to inventory, accounts receivable, accounts payable and intercompany accounts related to cetain of the company's locations, primarily its Tullamore, Ireland and Andover, England facilities, the tax provision, and deferred tax balance sheet accounts; the company's inability to design or improve internal controls... (Primezone Releases)
Shareholder sues Fifth Third over First Charter buy Feb 25, 2008
In a complaint filed last week, lawyer Jeffrey Fink at alleged Fifth Third's board authorized the First Charter deal "after only a few hours of due diligence" and failed to adequately consider previously disclosed accounting issues and an investigation by North Carolina's attorney general into more than $13 million of loans related to a failed real estate development. Fink did not return calls to his office in San Diego. (Cincinnati Business Courier, OH)
D.B. Zwirn to liquidate $4 billion in assets Feb 23, 2008
It is relatively unusual for firms to face large redemption requests over accounting issues, he added. (Reporting by Dane Hamilton, editing by Leslie Gevirtz). (ABC News -- Wire)
New York investment firm to liquidate hedge funds Feb 23, 2008
Accounting issues were "thoroughly investigated" and current managers of the firm were "found to be above reproach," the statement said, without naming the former employees. Today in Business with Reuters. (International Herald Tribune)
Paulson Signals New Loan Rules as Treasury, Fed Attempt to Revive Growth Feb 14, 2008
Cox, 55, told reporters in Washington yesterday that he plans to discuss accounting issues at today's hearing, including difficulties valuing thinly traded securities backed by subprime mortgages. The SEC has opened about three dozen investigations into whether companies, including lenders, underwriters and consulting firms, violated securities laws amid the subprime boom and the market's subsequent collapse. (Bloomberg -- US)
Nortel, Motorola reported to be working on wireless pact Feb 12, 2008
Both were left out of the first wave of industry consolidation in 2005 - Nortel, because no one wanted to partner with a company struggling with regulatory and accounting issues, and Motorola focused on a much bigger handset businesses. Nortel chief executive Mike Zafirovski is intimately aware of Motorola operations - he was chief operating officer for several years before leaving for Nortel two years ago, after getting passed over for the CEO job at Motorola. (Montreal Gazette)
Signing Day Central | Football recruiting Feb 7, 2008
Oh yeah MACKENS your soon will graduate go to law school and end up representing a football factory nfl player on all his legal and accounting issues. So be glad about that possibility. (Atlanta Journal-Constitution -- Travel)
Citrix: SEC probe ends without action Feb 2, 2008
The SEC probe followed an internal review at the Fort Lauderdale-based computer networking company (NASDAQ: CTXS), likely evidence of accounting issues in its stock option grant dates from 1996 until mid-1998. The company restated financial statements and reports for 2004 and 2005 and for quarterly periods for 2005 and 2006. (South Florida Business Journal, FL)
Bursa net profit for 2007 soars 121% Feb 1, 2008
Clarification was needed on tax and accounting issues, and on the movement of securities held by substantial shareholders, he said. Once these issues were clarified, we may see large players getting involved,'' Omar added. (The Star Online, Malaysia -- Business)
Subprime Lenders Get Tax Breaks in U.S. Senate Stimulus Plan Jan 31, 2008
Banks, which have posted $145 billion in writedowns and credit losses tied to the falling value of mortgage securities since the subprime crisis began, stand to be among the provision's biggest beneficiaries, said Robert Willens, president of Robert Willens LLC, a firm that advises Wall Street firms on tax and accounting issues. There is an irony in it,'' Willens said. (Yahoo News -- Politics)
Diebold, regulators reach deal on treatment of revenue Jan 16, 2008
The company said it anticipates its accounting issues will be resolved during the first quarter of 2008. Diebold, a maker of ATMs, business security systems and voting machines, said it has reached agreement with the SEC's Office of the Chief Accountant regarding the company's practice of recognizing certain revenue on a bill and hold basis. (San Diego Union-Tribune -- Business)
• New UConn Probe Ordered Jan 10, 2008
The committee was reluctant to hire a private auditor to conduct another review, pointing out that there was no need for yet another review and noting that the university has changed processes and dealt with problematic accounting issues of the past. The committee noted that its job is to look forward, not backward into past problems. (FOX61, CT)
Federal 2007 agency debt issuance up 20% Jan 1, 2008
The overseer, the Office of Federal Housing Enterprise Oversight, has indicated it could lift the limits it imposed by the end of February if the government-sponsored enterprises stay on track with timely reporting and remediation of accounting issues. Fannie Mae and Freddie Mac sell agency securities to fund their mortgage purchase activity. (San Diego Union-Tribune)
