logo
Share SHARE
FONT-SIZE Plus   Neg

Ralcorp Holdings To File Amended Financial Statements - Quick Facts

Ralcorp Holdings Inc. (RAH) said it would restate the prior issued fiscal 2011 financial statements contained in its Annual Report on Form 10-K for the year ended September 30, 2011 and the first quarter fiscal 2012 financial statements contained in its Quarterly Report on Form 10-Q for the quarter ended December 31, 2011. The restatements relate to the non-cash goodwill impairment charges associated with the Post brand cereal business, which was spun-off to Ralcorp shareholders on February 3, 2012.

The company said the restatements relate to the non-cash goodwill impairment charges associated with the Post brand cereal business, which was spun-off to Ralcorp shareholders on February 3, 2012. The earlier disclosed $364.8 million non-cash goodwill impairment charge, relating to the Post brand cereal business, was originally recorded in the fourth quarter of fiscal 2011.

Recently, Ralcorp Holdings identified an error in the amount of deferred tax liabilities used in its fourth quarter 2011 goodwill impairment analysis. As a result of this error, the net book value of the net assets associated with the Post brand cereal business was understated and, as a result, the impairment that was recorded in the fourth quarter of fiscal 2011 was also understated. The company concluded that an additional impairment charge of some $54 million should have been reflected in the fiscal 2011 fourth quarter.

In order to address these matters, Ralcorp expects to file amendments to its Annual Report on Form 10-K for fiscal 2011 and to its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2011 to reflect the additional goodwill impairment charge prior to filing its Quarterly Report on Form 10-Q for the quarter ended March 31, 2012.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Amazon.com Inc. on Tuesday introduced the latest generation of its flagship Fire tablet - the Fire HD 10. The new tablet comes with a 10.1 inch widescreen, 1080p display, ten hours of battery life, and Alexa hands-free capabilities. The Fire HD 10 is available for pre-order beginning today with 32GB or 64GB of internal storage, and starting at $149.99. Rite Aid Corp. and Walgreens Boots Alliance Inc. have secured regulatory clearance for an amended and restated purchase agreement, under which Walgreens will buy 1,932 stores, three distribution centers and related inventory from Rite Aid for $4.375 billion in cash. Department store operator Kohl's Corp. said that it will offer free, convenient returns for Amazon.com Inc. customers in 82 of its stores across Los Angeles and Chicago, starting in October. Kohl's will pack and ship eligible Amazon return items for free to Amazon return centers, thus providing an additional service and convenience to Amazon customers within select Kohl's stores.
comments powered by Disqus
Follow RTT