Add
KSP to Portfolio
Set Alert
Email to a
Friend
| |||
|
|
Quotes & Info
|
| KSP > SEC Filings for KSP > Form 8-K on 12-Aug-2008 | All Recent SEC Filings |
12-Aug-2008
Results of Operations and Financial Condition, Non-Reliance on P
On August 12, 2008, K-Sea Transportation Partners L.P. (the "Partnership") issued a press release announcing final financial results for its fourth quarter and full year of fiscal 2008. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information being furnished pursuant to Item 2.02 of this Form 8-K shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On August 11, 2008, the Audit Committee of the Board of Directors of K-Sea General Partner GP LLC, the general partner of the general partner of the Partnership, determined that the financial statements included in the Partnership's Quarterly Reports on Form 10-Q for the periods ended September 30, 2007, December 31, 2007 and March 31, 2008 should no longer be relied upon because of an error in the amount of depreciation expense recognized for fixed assets during the first three quarters of fiscal 2008. The Partnership intends to restate its Quarterly Reports on Form 10-Q for the aforementioned periods to correct the error.
In connection with this restatement, management has concluded that its disclosure controls and procedures were not effective, and that a material weakness existed, as of the quarters ended September 30, 2007, December 31, 2007 and March 31, 2008. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.
The Partnership did not maintain effective controls over the accuracy of depreciation expense and accumulated depreciation. Specifically, an effective control was not designed and in place to compare depreciation expense as calculated under the mid-year convention to what would have been calculated using the dates fixed assets were placed in service.
The Audit Committee has discussed the matters disclosed in this Item 4.02 with PricewaterhouseCoopers LLP, the Partnership's independent public accounting firm.
The exhibit listed below is furnished pursuant to Item 2.02 of this Form 8-K.
(d) Exhibits.
99.1 Press Release issued August 12, 2008 regarding K-Sea Transportation Partners L.P.'s final financial results for the fourth quarter and full year of fiscal 2008.
|
|