Old News - they talked about this last Friday when they said the 10K would be late. The only thing that seems new If you read their 10K is that the auditors gave them a Material Weakness in their SOX 404 Internal Controls as a result of the error. I sold my stock when they issued the notice of late filing last week and missed out on about $3 of upside. Now waiting for a little pullback before I jump back in.
OK I read footnote 17 multiple times. It's arcane and lacks context. Do you think any institutions might be spooked by the failure to provide a straightforward explanation of the property and equipment that required the recharacterization?
"It is important to note that the restatements have no impact on previously reported total cash and cash equivalents, consolidated income statements, consolidated balance sheets, or free cash flows (defined as cash flow from operations less capital expenditures), including those reported in the Company's earnings release on February 20, 2013."