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Correction of Previously Issued Financial Statements
 3 Months Ended
Mar. 31, 2012
Correction of Previously Issued Financial Statements  
Correction of Previously Issued Financial Statements

14.  Correction of Previously Issued Financial Statements

 

Subsequent to the issuance of the Company’s condensed consolidated financial statements for the quarter ended March 31, 2011, the Company concluded that general and administrative expenses and gain on asset dispositions were understated by approximately $1,547,000 as of March 31, 2011.  This understatement originated from contributions of land and improvements that were not recorded at their fair value, however the net effect had no impact on net income.  In addition, the Company concluded that accumulated other comprehensive loss was overstated by $216,000 and comprehensive income was understated by the same amount for the three months ended March 31, 2011.  This misstatement was due to amounts included in periodic pension expense that were not reclassified from accumulated other comprehensive income, however the net effect had no impact on net income.  As a result, the accompanying financial statements for the three months ended March 31, 2011 have been corrected as follows:

 

 

 

As

 

Adjustments

 

As

 

 

 

Previously

 

 

 

Corrections of

 

Reclassified

 

 

 

Reported

 

Reclassifications

 

Error

 

& Corrected

 

Consolidated Statement of Operations and Comprehensive Income

 

 

 

 

 

 

 

 

 

General and adminstrative expenses

 

$

1,895

 

$

(497

)

$

1,547

 

$

2,945

 

Pension and other postretirement expense

 

—

 

313

 

—

 

313

 

(Gain) loss on asset dispositions

 

—

 

184

 

(1,547

)

(1,363

)

Pension, net of income taxes of $0

 

—

 

—

 

216

 

216

 

Comprehensive income

 

12,425

 

—

 

216

 

12,641

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Stockholders’ Deficiency

 

 

 

 

 

 

 

 

 

Other comprehensive income - pension

 

$

—

 

$

—

 

$

216

 

$

216

 

Accumulated other comprehensive loss

 

(16,894

)

—

 

(216

)

(16,678

)

 

Management does not consider the foregoing corrections to be material. In addition certain amounts have been reclassified as shown above to conform to current period presentation. Pension and other postretirement expense of $313,000 and loss on asset dispositions of $184,000 were previously recorded within general and administrative expenses and have been reclassified to separate line items.