Aldila, Inc. delayed the filing of its annual 10K report by as much as two weeks, citing accounting work it undertook to revise how it accounts for certain securities transactions that affect its balance sheet and cash flow statements.
The maker of graphite golf shafts said the reclassification will not result in a restatement of past earnings.
Alidila said the revised financial statements will reclassify certain activity in “Auction Rate Securities (ARS)” on the consolidated balance sheets and consolidated statements of cash flows for the periods ended March 31, 2005 through and including September 30, 2007.
The changes reflect the reclassification of carrying amounts of investments in ARS previously reported as part of “cash and cash equivalents” to “marketable securities” on the consolidated balance sheets. They will not effect the company's previously reported consolidated statements of operations for any of the periods presented. Nor will the changes affect previously announced total current assets, total assets, net income, or earnings per share for any period.
The work undertaken to make the revisions, however, will delay the filing of the company's 10K for the year ended Dec. 31 from March 17 until no later than March 31.
Aldila is a leader among manufacturers of high performance graphite golf shafts used in clubs assembled and marketed throughout the world by major golf club companies, component distributors and custom clubmakers. Aldila also manufactures composite prepreg material for its golf shaft business and external sales.
