RAIL » Topics » EXPLANATORY NOTE

This excerpt taken from the RAIL 10-Q filed Sep 2, 2005.

EXPLANATORY NOTE

 

On September 2, 2005, the management and Audit Committee of FreightCar America, Inc. (the “Company”) determined that the Company’s (i) audited consolidated financial statements included in the Company’s Registration Statement on Form S-1 (Registration No. 333-123384) and the Company’s Registration Statement on Form S-1 filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended (Registration No. 333-123875) and (ii) unaudited condensed consolidated financial statements included in the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2005 and June 30, 2005 should not be relied upon. This conclusion resulted from the Company’s review of accounting literature and recent interpretations and a reevaluation of its accounting for changes in restricted cash balances under the Financial Accounting Standards Board’s Statement of Financial Accounting Standards No. 95, “Statement of Cash Flows,” as reported in the Company’s Consolidated Statements of Cash Flows.

 

The restatements of the Condensed Consolidated Statements of Cash Flows for the periods described above have no effect on the overall net cash and cash equivalent position of the Company previously reported for the three months ended March 31, 2004 and 2005. The restated information did not result in any change to any financial information included in the Company’s Condensed Consolidated Statements of Operations, Balance Sheets and/or Statements of Stockholders’ Equity (Deficit) for such periods.

 

The Company’s cash flows from restricted cash deposits, which were reported as cash flows from operating activities in the Company’s unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2004 and 2005, should have been reported as cash flows from investing activities. As a result, the Company is filing this Amendment No. 1 (the “Amended Report”) to its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2005 (the “Original Report”) to amend Part I. Item 1 “Financial Statements” and Part I. Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Original Report to the extent necessary to reflect the adjustments discussed above. We have also made related revisions to Part I. Item 4 “Controls and Procedures.” The remaining Items of the Company’s Original Report are not amended hereby and are repeated herein only for the reader’s convenience.

 

In order to preserve the nature and character of the disclosures set forth in the Original Report, except as expressly noted above, this Amended Report speaks as of the date of the filing of the Original Report on May 20, 2005, and the Company has not updated the disclosures in this report to speak as of a later date. All information contained in this Amended Report is subject to updating and supplementing as provided in the Company’s reports filed with the SEC subsequent to the date of the Original Report.

 

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This excerpt taken from the RAIL 10-Q filed Sep 2, 2005.

EXPLANATORY NOTE

 

On September 2, 2005, the management and Audit Committee of FreightCar America, Inc. (the “Company”) determined that the Company’s (i) audited consolidated financial statements included in the Company’s Registration Statement on Form S-1 (Registration No. 333-123384) and the Company’s Registration Statement on Form S-1 filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended (Registration No. 333-123875) and (ii) unaudited condensed consolidated financial statements included in the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2005 and June 30, 2005 should not be relied upon. This conclusion resulted from the Company’s review of accounting literature and recent interpretations and a reevaluation of its accounting for changes in restricted cash balances under the Financial Accounting Standards Board’s Statement of Financial Accounting Standards No. 95, “Statement of Cash Flows,” as reported in the Company’s Consolidated Statements of Cash Flows.

 

The restatements of the Consolidated Statements of Cash Flows for the periods described above have no effect on the overall net cash and cash equivalent position of the Company previously reported for the six months ended June 30, 2004. The restated information did not result in any change to any financial information included in the Company’s Condensed Consolidated Statements of Operations, Balance Sheets and/or Statements of Stockholders’ Equity (Deficit) for such periods.

 

Although the Company’s Condensed Consolidated Statements of Cash Flows included in its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2005 (the “Original Report”) properly reported the Company’s changes in restricted cash deposits for the six months ended June 30, 2004 as cash flows from investing activities, the interim financial statements should have indicated that the Company’s Condensed Consolidated Statements of Cash Flows for such period are restated and should have included an explanatory note regarding the reclassification of cash flows from restricted cash deposits and withdrawals as cash flows from investing activities. As a result, the Company is filing this Amendment No. 1 (the “Amended Report”) to the Original Report to amend Part I. Item 1 “Financial Statements” of the Original Report to the extent necessary to reflect the adjustments discussed above. We have also made related revisions to Part I. Item 4 “Controls and Procedures.” The remaining Items of the Company’s Original Report are not amended hereby and are repeated herein only for the reader’s convenience.

 

In order to preserve the nature and character of the disclosures set forth in the Original Report, except as expressly noted above, this Amended Report speaks as of the date of the filing of the Original Report on August 15, 2005, and the Company has not updated the disclosures in this report to speak as of a later date. All information contained in this Amended Report is subject to updating and supplementing as provided in the Company’s reports filed with the SEC subsequent to the date of the Original Report.

 

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EXCERPTS ON THIS PAGE:

10-Q
Sep 2, 2005
10-Q
Sep 2, 2005

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