Phoenix Cos. says it hasn't finished restatement

Phoenix Cos. says it won't file 2012 report on time and has not completed restatement

Associated Press

HARTFORD, Conn. (AP) -- Financial planner and life insurer Phoenix Cos. said Friday it won't be able to file its 2012 annual report on time because it is still working on a restatement of some of its results from 2009 through the first two quarters of last year.

The company said it has found new errors in its financial statements and also discovered weaknesses in its disclosure controls and procedures and internal control over financial reporting. Phoenix said it now believes it had $210 million in cash and cash equivalents as of June 30, which is $39 million less than it previously expected.

Phoenix said it will provide another update by April 30.

The company said in November it would restate results for 2009, 2010, and 2011 and the first two quarters of 2012, and it delayed the filing of third-quarter results.

"The restatement will correct certain errors relating to the classification of items on the consolidated statement of cash flows in these prior periods," the company said in a press release.

Phoenix shares fell 96 cents, or 3.3 percent, to $27.99 in aftermarket trading. The shares rose 2.7 percent to $28.95 during the regular trading session.

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