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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

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