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The AAO Weblog covers accounting issues and current events as they relate the practice of investment analysis. All posts prior to September, 2007 are in the public domain, but after September 4, only subscribers to The Analyst's Accounting Observer will see all posts going forward. Only selected, occasional posts will be released to the public domain from September 4 forward.
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| Lease Restater Roll Call, 4/22/05
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Location: Blogs AAO Weblog (Public) |
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| Posted by: Jack Ciesielski |
4/22/2005 8:29 AM |
If you looked at this before 10:27 East Coast time, please take another look. The information about auditor changes has been pulled: please ignore it if you already saw it. It turns out that some of the auditor changes mentioned took place before the lease revision announcement. I hope to have it back next week in better form. And now... we return you to your regularly scheduled program.
Another Friday, another Lease Restater Roll Call...
Cumulative count through 4PM, Wednesday: 261. New faces in the line-up since last week include Dollar Tree, Goody's Family Clothing, KeyCorp, National City, Neiman Marcus, Regis Corp., RF Micro Devices, Sbarro, Sports Club Company, Stater Brothers Holdings, SuperValu, and Vimpelcom. The pattern remains pretty much intact: most new additions were retailers. But there was a little more variety than usual: two banks (KeyCorp, National City) and a health club operator (Sports Club Company). Award for outlier of the week goes to RF Micro Devices, the first semiconductor company to join the list. The firm's 8-K was spare on details about the nature of the lease corrections to be made.
Industry categories: 144 retailers, 58 in the hospitality industry, 15 in the wireless telecom business, 7 real estate enterprises, 5 in banking/finance, and an assorted 32 others comprised the 261 total companies.
Types of lease accounting errors: There were 155 instances of errors relating to rent holidays, 96 errors tied to construction allowances and 93 errors related to mismatch of lives or lease terms. (For a refresher on the different kinds of errors being reported, link here. For an explanation as to why "rent holiday" errors are most common, link here. )
Auditor headcount: When the lease accounting revisions were announced by firms, Deloitte & Touche were the auditors for 69 of them; Ernst & Young, the auditors for another 69 of them; PricewaterhouseCoopers was the auditor for 57 firms; KPMG, another 54 companies; BDO Seidman, 5 firms; Grant Thornton, 2 of the firms; and the remaining 5 firms were audited by non-national firms.
Human costs: At least one CFO has had enough. Outback Steakhouse's CFO retires after "lunacy over lease accounting took me past the breaking point," reports the San Jose Mercury.
Now, the main event: the 261 companies that have restated, made catch-up adjustments or are in the process of reviewing their accounting. The usual disclaimer: no assurances are given that this is the entire universe of lease-challenged companies; it's strictly a best-efforts attempt.
Buca |
Denny's |
Harold's Stores |
Macerich |
Phillips-Van Heusen |
Stein Mart |
Buckle |
Deutsche Telekom |
Hastings Entertainment |
Main Street Restaurant Group |
Pier 1 Imports |
Stride Rite |
Buffalo Wings |
Dick's Sporting Goods |
Haverty Furniture |
Marlin Business Services |
Portola Packaging |
SuperValu |
Build-A-Bear Workshop |
Diedrich Coffee |
Healthcare Realty Trust |
Marsh Supermarkets |
Powell Industries |
Talbots |
Burlington Coat Factory |
Dollar General |
Heritage Commerce |
May Department Stores |
Ramco Gershenson |
Target |
Cache |
Dollar Tree |
Hersha Hospitality Trust |
McCormick & Schmick's |
Red Robin Gourmet Burgers |
Texas Roadhouse |
California Pizza Kitchen |
Domino's |
Hibbitt Sporting Goods |
McDonald's |
Regis |
TJX Cos. |
Cambrex |
Dress Barn |
Highwoods Properties |
Men's Wearhouse |
Restaurant Co. |
Too |
Carrol's |
Duane Reade |
Hollywood Entertainment |
Michael's Stores |
Restoration Hardware |
Total Entertainment Restaurant |
Cato |
Duckwall-Alco Stores |
Hot Topic |
Monro Muffler Brake |
RF Micro Devices |
Toys 'R Us |
CBRL Group |
EGL |
Hudson's Bay |
Morgan Stanley |
Richardson Electronics |
Tractor Supply |
CEC Entertainment |
El Pollo Loco |
Hypercom |
Mother's Work |
Rite Aid |
Tuesday Morning |
Ceridian |
Electronics Boutique |
IHOP |
Movie Gallery |
Ross Stores |
Tully's Coffee |
Champps Entertainment |
Emeritus |
Intelidata Technologies |
National City |
Rowe Companies (The) |
U.S. Unwired |
Charlotte Russe |
Equinox Holdings |
Internap Network Services |
Navigant International |
RTI International Metals |
Ubiquitel |
Charming Shoppes |
eResearch Technology |
Interpublic Group of Companies |
Nebraska Book |
Rubios Restaurants |
United Retail Group |
Cheesecake Factory |
Ethan Allen |
IWO Holdings |
Neiman Marcus |
Ruby Tuesday |
Urban Outfitters |
Chico's FAS |
Family Dollar |
J. Crew Group |
New World Restaurant Group |
S&K Famous Brands |
Vicorp |
Children's Place Retail Stores |
Finish Line |
J. Jill Group |
New York & Company |
Safeway |
Vimpelcom |
Christopher & Banks |
Forzani |
Jack in the Box |
Nextel Partners |
Saks |
Walgreen |
Cingular Wireless |
Fossil |
Jean Coutu Group (The) |
Nordstrom |
SBA Communications |
Warnaco |
Circuit City |
Fred's |
Jo-Ann Stores |
O'Charley's |
Sbarro |
Watchguard Technologies |
CKE Restaurants |
Fresh Choice |
Jos. A. Bank |
O'Reilly Automotive |
Sears |
Wendy's |
Claire's Stores |
Friendly Ice Cream |
Kaman |
Office Depot |
Select Comfort |
West Marine |
Coldwater Creek |
Fuel-Tech N.V. |
KeyCorp |
Outback Steakhouse |
Service Corporation International |
Western Wireless |
Connetics |
GameStop |
Kirkland's |
P.F. Chang's China Bistro |
Sharper Image |
Whole Foods Market |
Cosi |
Gander Mountain |
Kohl's |
Pacific Sunwear |
Shoe Pavillion |
Wild Oats Markets |
Cost Plus |
GAP |
Krispy Kreme Doughnuts |
Panera Bread |
Shopko Stores |
Williams-Sonoma |
Costco |
General Growth Properties |
Kroger |
Papa Johns Int'l |
Siebel Systems |
Wilson The Leather Experts |
Cousins Properties |
Genesco |
Landry's Restaurants |
Pathmark Stores |
Smith & Wollensky Restaurant Group |
Worldwide Restaurant Concepts |
Covansys |
Global Signal |
Leap Wireless International |
Paxson Communications Corp. |
Spectrasite |
Yankee Candle Company |
Crown Castle Int'l |
GNC |
Lightbridge |
Payless ShoeSource |
Sports Authority |
Yum Brands |
CSK Auto |
Goody's Family Clothing |
Limited Brands |
Peet's Coffee & Tea |
Sports Club Company (The) |
Zale |
CVS Corp. |
Gottschalk's |
Linens 'n Things |
Pemco Aviation |
Stage Stores |
Darden Restaurants |
Grande Communications |
Lone Star Steakhouse |
Penney (J.C.) |
Star Buffet |
Dave & Busters |
Grill Concepts |
Long's Drug Stores |
Pep Boys Manny Moe & Jack |
Starbucks |
Deb Shops |
Gymboree |
Lowe's |
PETCO Animal Supplies |
Stater Brothers Holdings |
Delhaize |
Halliburton |
Luby's |
Petsmart |
Steelcase |
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