restatement


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The Company is considering the precise extent of the restatement, but expects that the restatement will relate primarily to the reporting of certain of the transactions between the Company and Afinsa, the totality of which had been reported in its financial statements as "related-party sales" and which are now part of the Company's discontinued operations, as described below.
The Company expects that such restatement will result in a corresponding additional cumulative net loss of approximately $3.
These adjustments to Learning Tree's accounting practices and the restatement of prior year results have been discussed with the Audit Committee of Learning Tree's Board of Directors and with Learning Tree's independent auditors, Ernst & Young LLP.
stated, "This restatement of results did not result from any new information relating to the convertible notes, any change in the terms or conditions of the convertible notes, or any other external event.
Fitzpatrick as chief financial officer, effective upon the departure of its chief accounting officer and acting chief financial officer, April Downing, which was previously expected to occur upon completion of the company's financial restatement.
In connection with the restatement, management has determined that the Company did not maintain effective controls, review procedures and communications related to investment accounting to ensure conformity with generally accepted accounting principles, which constitutes a material weakness.
The company expects these restatement adjustments will total $47.
The Company expects to file an amended Annual Report on Form 10-K/A for the year ended December 31, 2005 to reflect the restatement of its consolidated financial statements as of December 31, 2005 and 2004 and for each of the years ended December 31, 2005, 2004 and 2003.
The restatement will cause the non-cash interest expense related to the notes to be reduced for future quarters.
Partially offsetting these positives is the execution risk derived from Max Re's shift in product strategy, an overall higher investment risk strategy compared to the industry and peers and uncertainty surrounding a Securities and Exchange Commission (SEC) inquiry related to the company's recent restatement.
While the review process is not yet complete, the Company believes the restatement will (i) increase current liabilities and decrease stockholders equity by $507,000 at December 31, 2005 and $220,000 at March 31, 2006, (ii) increase net loss by $808,000, or $0.
6) One possible reason for mixed results may be due to the fact that prior studies ignore restatement characteristics and subsequent management behavior.