Cash Store Financial CFO sees tax benefit from restatement

theflyonthewall.com

Pursuant to the press release issued December 10, the company also filed amended interim unaudited consolidated financial statements for the periods ended March 31 and June 30. Mr. Craig Warnock, Cash Store Financial Services' CFO, added, "the restatement was a result of the fact that the company subsequently determined that approximately $36.8M of the total consideration paid to acquire the portfolio of loans represented a premium paid on acquisition, and has also increased loan loss provisions, and adjusted its financial statements accordingly. Due to the restatement we anticipate a tax benefit of approximately $13.1M." For further details regarding the restatement, reference should be made to the company's press release issued December 10.

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