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Global Partners LP Message Board

  • rfeinblatt rfeinblatt Oct 28, 2010 5:15 PM Flag

    Restatement

    Always nice to see a company that is overly conservative in their accounting. I always liked this mgt team.

    i hope the upside on sales and especially net income comes to us in higher DCF! lol. it definitely increases coverage nicely

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    • 17:03 ET Global Partners to adjust for an over accrual of fuels tax liability and restate financial results for the first and second quarters of 2010
      Co announced that it expects to amend and restate its financial statements for the first and second quarters of 2010 to adjust for a coding error that resulted in an over accrual of fuels tax liability of approximately $6.6 mln in the aggregate and a consequent understatement of sales and net income by $6.6 mln. The over accrual was the result of an internal coding error and was discovered by co's management during a normal course control procedure. Management estimates that the Partnership: -- over accrued its fuels tax liability for the three months ended March 31, 2010 by approximately $2.4 mln and consequently understated its sales and net income by approximately $2.4 mln; and -- over accrued its fuels tax liability for the three months ended June 30, 2010 by approximately $4.2 mln and consequently understated its sales and net income by approximately $4.2 mln.

 
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