CP Ships to Restate Previous Finance Results

Monday, August 09, 2004
Further to its August 5 announcement that the release of its second quarter 2004 financial results has been rescheduled to 16th August, CP Ships Limited announced today that in conjunction with the release of second quarter 2004 results it will restate previously reported financial results.

As announced in May, CP Ships began implementing a new SAP financial accounting system in January. The implementation has revealed some deficiencies in former systems and related business and accounting processes, for which corrective action has been taken and continues. These deficiencies resulted in insufficient accruals for certain costs and also a number of balances from 31st December 2003 that need to be written off. There is no effect on cash.

The main effect will be on 2003. The estimated negative restatement of 2003 net income is between $22 million and $27 million which will be in addition to the $8 million restatement of 2003 net income announced on 11th May 2004 in the first quarter 2004 report. Net income for 2003, which after the $8 million restatement was reported at $74 million, would become between $47 million and $52 million.

To a lesser extent, 2002 will be affected with an estimated downward revision of net income of about $7 million. Net income for 2002 had been reported at $52 million.

Furthermore, first quarter 2004 net income will be revised downward by about $6 million from the $8 million originally reported.

Nonetheless, CP Ships considers that net income for the year 2004 will be higher than 2003 net income, as originally reported before any restatements, of $82 million.

Management has been conducting a thorough review of the financial statements which has involved Internal Audit and the external auditors PricewaterhouseCoopers and, for this, more time is needed. The review, to be completed to the satisfaction of the Audit Committee of the Board of Directors, is planned to be achieved in time to report second quarter 2004 results and restated prior periods on 16th August.

Pending completion of the review and publication of revised financial statements, investors should not rely on previously reported financial statements and related PricewaterhouseCoopers reports for the years 2003 and 2002 nor on financial statements for first quarter 2004.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Petroecuador Tenders to Buy High Octane Naphtha

State-run Petroecuador has launched two tenders to buy a total of 22 cargoes, 240,000 barrels each, of high octane naphtha RON 87 and 93 for delivery starting on May 21-23,

DP World in Talks With Banks for $3b Loan

Dubai-owned port operator DP World is in talks with lenders to triple the size of an existing $1 billion loan, as well as extend the lifespan and reduce the interest rate,

Norway's Oil Sector May Face More Project Cuts, Delays

More oil and gas projects in Norway could be put on hold because of rising costs, adding to a growing list of developments that have been delayed or called off,

Environmental

Marine Diesel Purification Breakthrough by SurePure

Liquid photopurification specialist company SurePure Inc. apprises of a breakthrough in the microbiological purification of contaminated marine diesel fuel, using

Huge Iceberg Broken off Antarctica Heads for Open Ocean

Scientists are monitoring an iceberg roughly six times the size of Manhattan - one of the largest now in existence - that broke off from an Antarctic glacier and is heading into the open ocean.

Offshore Oil & Gas: Brazil’s Northern Frontier

In an effort to spread out oil and gas production to other parts of the country and increase overall oil production, Brazil has finally intensified hydrocarbon

 
 
Maritime Security Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1891 sec (5 req/sec)