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Correction of Previously Issued Financial Statements
 9 Months Ended
Sep. 30, 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 September 30, 2011, the Company concluded that general and administrative expenses and gain on asset dispositions were understated by approximately $1,547,000 for the nine months ended September 30, 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 income (loss) was overstated by $203,000 and $626,000 and comprehensive income was understated by the same amounts for the three and nine months ended September 30, 2011, respectively. 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 and nine months ended September 30, 2011, have been corrected as follows:

 

For the three months ended September 30, 2011:

 

 

 

As

 

Adjustments

 

As

 

 

 

Previously
Reported

 

Reclassifications

 

Corrections of
Error

 

Reclassified
& Corrected

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Comprehensive Loss

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

$

959

 

$

(281

)

$

—

 

$

678

 

Pension and other postretirement expense

 

—

 

281

 

—

 

281

 

Pension, net of income taxes of $0

 

—

 

—

 

203

 

203

 

Comprehensive loss

 

(1,339

)

—

 

203

 

(1,136

)

 

For the nine months ended September 30, 2011:

 

 

 

As

 

Adjustments

 

As

 

 

 

Previously
Reported

 

Reclassifications

 

Corrections of
Error

 

Reclassified
& Corrected

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Comprehensive Income

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

$

4,445

 

$

(879

)

$

1,547

 

$

5,113

 

Pension and other postretirement expense

 

—

 

879

 

—

 

879

 

(Gain) loss on asset dispositions

 

171

 

—

 

(1,547

)

(1,376

)

Pension, net of income taxes of $0

 

—

 

—

 

626

 

626

 

Comprehensive income

 

8,624

 

—

 

626

 

9,250

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statement of Stockholders’ Deficiency

 

 

 

 

 

 

 

 

 

Other comprehensive income - pension

 

$

—

 

$

—

 

$

626

 

$

626

 

Accumulated other comprehensive loss

 

(16,894

)

—

 

626

 

(16,268

)

 

Management does not consider the foregoing corrections to be material. In addition, certain 2011 amounts have been reclassified as shown above to conform to the current period presentation. Pension and other postretirement expense of $281,000 and $879,000 were previously recorded within general and administrative expenses for the three and nine months ended September 30, 2011, respectively, and have been reclassified to a separate line item.