Vesta Delays Earnings Announcement, SEC Filing
NU Online News Service, March 14, 7:02 p.m. EST?Vesta Insurance Group, citing previously announced internal control problems, said the company is postponing its regulatory filing and public disclosure of 2004 earnings results until April 1.[@@]
The Birmingham, Ala.-based personal lines insurer said it plans to request an extension with the Securities and Exchange Commission for submitting its 2004 annual report on the 10-K form and other audited financial statements.
The insurer explained that it still hasn't resolved the error it disclosed last November and that it is continuing to assess the effectiveness of the corporation's internal controls. Until the company completes its assessment of the previous error, Vesta said, it won't be able to issue financial statements detailing the full-year 2004 or the fourth-quarter 2004.
Further, Vesta said it hasn't made a final determination of the effect of the error on its June 30, 2004 and prior financial statements. The company said that while it anticipates filing its 10-K form by April 1 at the latest, there could also be "further delays" if the insurer can't complete its error assessment or the effectiveness of internal controls.
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