SHOR » Topics » Cash Flows from initial public offering costs for the nine months ended March 31, 2008

This excerpt taken from the SHOR 10-Q filed May 8, 2009.

Cash Flows from initial public offering costs for the nine months ended March 31, 2008

The previously issued Condensed Consolidated Statement of Cash Flows for the fiscal quarter ended March 31, 2008 contained an understatement of cash provided by operating activities and a corresponding overstatement of cash provided by financing activities which resulted from a classification error for the payment of accrued initial public offering costs. The payment of such costs was classified as operating cash outflows instead of financing cash outflows. As a result, the Company has restated its interim Condensed Consolidated Statement of Cash Flows for nine months ended March 31, 2008 as shown below. This adjustment to the Condensed Consolidated Statement of Cash Flows does not affect the Company’s unaudited Condensed Consolidated Balance Sheet, Condensed Consolidated Statement of Operations, cash and cash equivalents, or earnings per share.

The following is a summary of the restatement associated with the Company’s unaudited Condensed Consolidated Statement of Cash Flows for the nine months ended March 31, 2008, in thousands.

 

     As
previously
reported
   Adjustment     As
restated
 

Cash flows from operating activities:

       

Change in assets and liabilities:

       

Accounts payable

   $ 677    $ 1,360     $ 2,037  
                       

Accrued liabilities and other

     1,135      300       1,435  
                       

Net cash provided by operating activities

     6,881      1,660       8,541  
                       

Cash flows from financing activities:

       

Initial public offering costs

     —        (1,660 )     (1,660 )
                       

Net cash provided by (used in) financing activities

   $ 80,591    $ (1,660 )   $ 78,931  
                       

Noncash investing and financing activities:

       

Reclassification of initial public offering costs from other assets to common stock

   $ 2,866    $ 70     $ 2,936  

 

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