Heritage Property Investment Trust, Inc. Announces Planned Restatement of Prior Financial Statements
20 Ottobre 2005 - 11:53PM
PR Newswire (US)
Will Host Conference Call at 8:30 a.m. Eastern Time, Friday,
October 21, 2005 BOSTON, Oct. 20 /PRNewswire-FirstCall/ -- Heritage
Property Investment Trust, Inc. (NYSE:HTG) ("Heritage"), announced
today that it has filed a Form 8-K with the Securities and Exchange
Commission disclosing that Heritage has discovered an error in its
audited financial results for the fiscal years ended December 31,
2003 and December 31, 2004, and its unaudited quarterly results for
the periods ended March 31, 2005 and June 30, 2005. The error
pertains to the unrecorded liability and related compensation
expense relating to certain stock options previously granted to
Thomas C. Prendergast, Heritage's Chairman, President and Chief
Executive Officer. As a result of the discovered error, Heritage
reported that these financial statements should no longer be relied
upon. Heritage has concluded, and KPMG LLP, Heritage's independent
registered public accounting firm has concurred, that a provision
of Mr. Prendergast's employment agreement that requires Heritage to
make tax-offset payments to Mr. Prendergast in connection with his
exercise of stock options requires variable accounting treatment
for those options pursuant to Financial Accounting Standard Board's
Interpretation No. 44. "Accounting for Certain Transactions
Involving Stock Compensation -- an Interpretation of APB Opinion
No. 25" ("FIN No. 44"). In addition, Heritage has concluded that a
liability for the tax offset payments that might be made to Mr.
Prendergast in the future should he exercise any stock options
should have been recorded as a liability in Heritage's financial
statements and that this liability is also subject to variable
treatment under FIN No. 44. Accordingly, Heritage will be amending
its historical financial statements to record a liability and to
recognize compensation expense related to the tax-offset payment
provision and to reflect that the stock options subject to the
tax-offset payment provision should be accounted for on a variable
basis. Heritage expects the impact of the compensation expense to
decrease net income for the fiscal year ended 2003 by approximately
$4 million, or $0.10 per share on a diluted basis, to decrease net
income for the fiscal year ended 2004 by approximately $5 million,
or $0.12 per share on a diluted basis, and to decrease net income
for the quarterly periods ended March 31, 2005 and June 30, 2005,
by a net amount of approximately $5 million, or $0.10 per share on
a diluted basis, in each case with corresponding adjustments to the
Company's Funds from Operations. The impact of this additional
compensation expense will not result in a restatement of Heritage's
financial statements for fiscal years ended 2000, 2001 and 2002.
While Heritage believes it has identified the adjustments necessary
to its historical financial statements, the accounting analysis is
ongoing and, therefore, the final financial results may differ from
this report. Heritage's management currently is assessing whether
the restatements were a result of a material weakness in internal
controls over financial reporting that would require revising its
assessment of internal controls over financial reporting. For more
information, please review the Form 8-K report filed by Heritage.
CONFERENCE CALL Members of Heritage's senior management will host a
conference call on Friday, October 21, 2005, at 8:30 a.m., ET, to
discuss the restatement. Stockholders, analysts and other
interested parties may participate in this conference call by
dialing 800-218-0204 or 303-262-2130 at least five minutes before
the scheduled start time. Investors can also access the call via
the Internet at Heritage's website, http://www.heritagerealty.com/.
To listen to a live broadcast, access this site at least 15 minutes
prior to the scheduled start time in order to register, download,
and install any necessary audio software. A replay of the
conference call will be available after the call through October
28, 2005 by accessing Heritage's website at
http://www.heritagerealty.com/ or by dialing 800-405-2236 or
303-590-3000, pass-code 11042774. ABOUT HERITAGE PROPERTY
INVESTMENT TRUST, INC. Heritage is a fully integrated,
self-administered and self-managed REIT traded on the New York
Stock Exchange under the symbol "HTG". Heritage is one of the
largest owners and operators of neighborhood and community shopping
centers in the United States. Heritage focuses on grocer-anchored
shopping centers with multiple anchors. Heritage is headquartered
in Boston Massachusetts and has an additional 16 regional offices
located in the Eastern, Midwestern and Southwestern United States.
For more information about Heritage, please refer to Heritage's
website, http://www.heritagerealty.com/. SAFE HARBOR LANGUAGE Some
of the statements contained in this press release constitute
forward-looking statements. Forward-looking statements relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts. The forward-looking
statements reflect Heritage's current views about future events and
are subject to risks, uncertainties, assumptions and changes in
circumstances that may cause Heritage's actual results to differ
significantly from those expressed in any forward-looking
statement. You should not rely on forward-looking statements since
they involve known and unknown risks, uncertainties and other
factors that are, in some cases, beyond Heritage's control and that
could materially affect actual results. The factors that could
cause actual results to differ materially from current expectations
include risks detailed from time to time in filings with the
Securities and Exchange Commission. The forward-looking statements
contained herein represent Heritage's judgment as of the date of
this release, and Heritage cautions readers not to place undue
reliance on such statements. DATASOURCE: Heritage Property
Investment Trust, Inc. CONTACT: Patrick O'Sullivan, Vice President,
Finance and Accounting of Heritage Property Investment Trust, Inc.,
+1-617-247-2200, ; or Analyst Info: Claire Koeneman, +1-312-640-
6745, or General Info: Joe Calabrese, +1-212-827-3772, both of
Financial Relations Board for Heritage Property Investment Trust,
Inc. Web site: http://www.heritagerealty.com/
Copyright
Grafico Azioni Heritage Property Investment (NYSE:HTG)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Heritage Property Investment (NYSE:HTG)
Storico
Da Lug 2023 a Lug 2024