Dover Delays Q1 Filing
Equestrian retailer Dover Saddlery Inc. of Littleton said filing of its financial results for its first quarter of 2013, which ended March 31, will be delayed, after an audit of its gift card program.
In addition, the company also expects to restate its financial statements for fiscal year 2012 and each of the quarters in that year.
The delay and restatement come as a result of the company's directors, executive officers and outside auditors determining on Tuesday that estimates of gift card liabilities in 2012 were overstated. In a statement, the company said it determined its method for determining gift card liability wasn't accurate enough and, starting in the current quarter, the company is tracking each specific gift card issued and redeemed to determine its liability.
Dover said net revenue, other liabilities and the related impact on its income tax account would be affected.
The retailer expects the cumulative amount of adjusted net income to be up $200,000 to $400,000 for 2012. It plans to file the necessary reports with the U.S. Securities and Exchange Commission around May 31.
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