MarkWest Hydrocarbon Announces Delayed Filing of Its Annual Report on Form 10-K
16 Aprile 2005 - 12:20AM
PR Newswire (US)
MarkWest Hydrocarbon Announces Delayed Filing of Its Annual Report
on Form 10-K DENVER, April 15 /PRNewswire-FirstCall/ -- MarkWest
Hydrocarbon, Inc. (AMEX:MWP) today announced that it must delay
completion and filing of its 2004 Annual Report on Form 10-K with
the Securities and Exchange Commission ("SEC") beyond the
prescribed filing deadline of April 15, 2005. This delay is a
result of its consolidated subsidiary, MarkWest Energy Partners,
L.P. (the "Partnership"), having not yet filed its 2004 Annual
Report on Form 10-K with the SEC, as well as due to certain
restatement issues related to the Company. The Partnership
previously announced on March 30, 2005, that it would be delayed in
filing its 2004 Form 10-K as a consequence of identifying certain
material weaknesses in its internal control over its financial
reporting, and that its audit would not be completed by March 31,
2005. The Partnership is endeavoring to file its Form 10-K as soon
as reasonably possible. The American Stock Exchange ("AMEX") issued
a warning letter to the Partnership on account of the delayed
filing, granting the Partnership until May 2, 2005, to file its
Form 10-K and regain compliance with the exchange's requirements.
Due to the fact that the Partnership's financials are consolidated
with the Company's and the Partnership has not yet filed its Form
10-K and due to the restatements discussed herein, the Company, in
turn, is unable to complete and file its 2004 Annual Report by its
prescribed filing date. The Company understands that it will
receive a similar warning letter from AMEX as a result of the delay
in filing its Form 10-K. The Company intends to file its 2004 Form
10-K as promptly as possible after the Partnership has filed its
Form 10-K with the SEC. In addition, after discussion with the
Board's Audit Committee, the Company has determined that previously
issued financial information for the fiscal years 2002 and 2003 and
the first three quarters of fiscal years 2004 and 2003 should be
restated to reflect compensation expense for its sale of
subordinated Partnership units and interests in the Partnership's
General Partner, to certain of its directors and officers from 2002
through 2004. Historically, the Company had recorded its sale of
the subordinated Partnership units and interests in the General
Partner to the Company's directors and officers as a sale of an
asset. However, as a result of a recent evaluation, the Company
determined that these transactions should be accounted for as
compensatory arrangements, consistent with the guidance in
Accounting Principles Board Opinion No. 25, "Accounting for Stock
Issued to Employees", which requires the Company to record
compensation expense based on the market value of the subordinated
Partnership units and of the General Partner interests held by the
officers and directors, at the end of each reporting period.
Accordingly, the previously issued financial statements for fiscal
years 2002 and 2003 and the first three quarters of fiscal year
2004 and 2003 contained in our previously filed Annual Reports on
Form 10-K and Quarterly Reports on Form 10-Q must be restated due
to this change in accounting treatment. The previously issued
financial statements for fiscal years 2002 and 2003 and the first
three quarters of fiscal year 2004 and 2003 contained in our
previously filed Annual Reports on Form 10-K and Quarterly Reports
on Form 10-Q should no longer be relied upon. The Company will
restate its consolidated financial statements as of December 31,
2003 and for the years ended December 31, 2003 and December 31,
2002 for the adjustments discussed above in connection with filing
its Annual Report on Form 10-K for December 31, 2004. This Form
10-K will also include the financial statements for fiscal 2004 and
restated quarterly financial statements for fiscal years 2003 and
2004. MarkWest Hydrocarbon, Inc. (AMEX:MWP) controls and operates
MarkWest Energy Partners, L.P. (AMEX:MWE), a publicly-traded
limited partnership engaged in the gathering, processing and
transmission of natural gas; the transportation, fractionation and
storage of natural gas liquids; and the gathering and
transportation of crude oil. We also market natural gas and NGLs.
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical facts included
or incorporated herein may constitute forward-looking statements.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we can give no assurance
that such expectations will prove to be correct. The
forward-looking statements involve risks and uncertainties that
affect our operations, financial performance and other factors as
discussed in our filings with the Securities and Exchange
Commission. Among the factors that could cause results to differ
materially are those risks discussed in our Form 10-K for the year
ended December 31, 2003, and our Forms 10-Q for 2004, as filed with
the SEC. DATASOURCE: MarkWest Hydrocarbon, Inc. CONTACT: Frank
Semple, President & CEO, or Jim Ivey, CFO, or Andy Schroeder,
VP and Treasurer, all of MarkWest Hydrocarbon, Inc.,
+1-800-730-8388, or +1-303-290-8700, or fax, +1-303-290-8769, Web
site: http://www.markwest.com/
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