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| CASH > SEC Filings for CASH > Form 8-K on 26-Jun-2009 | All Recent SEC Filings |
26-Jun-2009
Results of Operations and Financial Condition, Non-Reliance on Previous
On June 26, 2009, Meta Financial Group, Inc. (the "Company") issued a release announcing restated earnings for the fiscal year ended September 30, 2008, and the fiscal quarters ended December 31, 2008 and March 31, 2009. A copy of the press release is attached as Exhibit 99.1 to this report. The information in this Item 2.02, including the Exhibit 99.1, shall not be deemed to be "filed" for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities thereof, nor shall it be deemed to be incorporated by reference in any filing under the Exchange Act or under the Securities Act of 1933, as amended, except to the extent specifically provided in any such filing.
a) Recently, in the course of preparations for filing its 2008 federal income tax return, the Company was notified that an error in income tax expense was reported on the Company's financial statements in connection with the Company's March 28, 2008 sale of its subsidiary, MetaBank West Central. The Company relies upon an outsourced third party public accounting firm to prepare its tax returns and to render tax accounting advice in connection with the preparation of the Company's financial statements; such firm is unaffiliated with the Company's current independent auditing firm. The third party tax advisor informed the Company's management that the tax advisor's earlier assumption relative to the cost basis and tax treatment of the subsidiary sale was incorrect resulting in a greater reported gain on sale of the subsidiary for tax purposes. As a result of the error, the Company's accrued income tax expense was understated as originally reported and will increase by $1,074,000 when corrected.
The Company's management promptly determined and informed the Audit Committee and Board of Directors that the Company's financial statements for the fiscal year ended September 30, 2008, and the fiscal quarters ended December 31, 2008 and March 31, 2009 should no longer be relied upon and should be corrected for errors resulting from the tax miscalculation. On June 22, 2009, the Audit Committee of the Board of Directors concluded, based on management's recommendation, that as a result of these errors, the Company will restate its financial statements for these periods. Management and the Audit Committee have discussed the matter with KPMG, LLP, the Company's independent registered public accounting firm.
The Company will amend its annual report on Form 10-K for the fiscal year ended September 30, 2008, and its quarterly reports on Form 10-Q for the fiscal quarters ended December 31, 2008 and March 31, 2009 to include the restated financial statements. The amended Form 10-K and Forms 10-Q will be filed as soon as possible.
(d) Exhibits.
The following Exhibits are being furnished herewith:
99.1 Press Release of Meta Financial Group, Inc. dated June 26, 2009.
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