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| ADNC > SEC Filings for ADNC > Form 8-K/A on 4-Mar-2013 | All Recent SEC Filings |
4-Mar-2013
Results of Operations and Financial Condition
The previously reported financial results for the fourth quarter and year ended December 31, 2012 have been revised to reflect the impact of increasing the deferred tax asset by $380,000 and increasing the income tax benefit by the same amount. The revision to the income tax benefit resulted in a generally accepted accounting principles ("GAAP") net income for the fourth quarter of 2012 in the amount of $3.4 million, or $0.15 per diluted share. For the year ended December 31, 2012, GAAP net income was revised to be $15.6 million, or $0.65 per diluted share. The revision had no impact on the Company's non-GAAP net income and per share information. Set forth below is a summary of the impact of the revision on the consolidated balance sheet as of December 31, 2012, and the consolidated statements of comprehensive income for the three and twelve months ended December 31, 2012.
• Consolidated Balance Sheets as of December 31, 2012 (in thousands):
• The amount of "Other noncurrent assets" has been revised to be $1,389 instead of $1,009 and therefore, "Total assets" has been revised to be $170,859 instead of $170,479.
• The amount of "Accumulated deficit" has been revised to be $(26,550) instead of $(26,930) and therefore, "Total stockholders' equity" has been revised to be $145,935 instead of $145,555.
• Consolidated Statements of Comprehensive Income for the three months ended December 31, 2012 (in thousands):
• The amount of "Income tax benefit" has been revised to be $(1,584) instead of $(1,204).
• The amount of "Net income" has been revised to be $3,439 instead of $3,059.
• The amount of "Net income per share-basic" has been revised to be $0.17 instead of $ 0.15 and "Net income per share-diluted" has been revised to be $0.15 instead of $0.14.
• The "Net comprehensive income" has been revised to be $3,442 instead of $3,062.
• Consolidated Statements of Comprehensive Income for the year ended December 31, 2012 (in thousands):
• The amount of "Income tax benefit" has been revised to be $(1,152) instead of $(772).
• The "Net income" has been revised to be $15,597 instead of $15,217.
• The amount of "Undistributed earnings allocated to preferred stockholders" has been revised to be $(3,583) instead of $(3,481).
• The amount of "Adjustment for undistributed earnings reallocated to the holders of common stock" has been revised to be $402 instead of $390.
• The amount of "Net income attributable to common stockholders-diluted" has been revised to be $10,169 instead of $9,879 such that "Net income per share-basic" has been revised to be $0.73 instead of $0.71 and "Net income per share-diluted" has been revised to be $0.65 instead of $0.63.
• The "Net comprehensive income" has been revised to be $15,631 instead of $15,251.
The consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 reflect the correct amounts.
This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
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