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December 31, 2013
12:53 EDTCIMChimera files annual report for FY12, notes material weakness
Chimera said its GAAP book value per share as of December 31, 2012 was $3.45 and estimate economic book value per share was $3.05. The company said, "We cannot be certain that any remedial measures we have taken or intend to take will in the future ensure that we design, implement and maintain adequate controls over our financial processes and reporting with respect to future filings with the SEC, accordingly, additional material weaknesses may occur in the future. As a result of our review of issues identified in connection with the Restatement, we have determined that a material weakness in internal controls over financial reporting existed at the Company as of December 31, 2012. Specifically, we did not design and maintain adequate procedures or effective review and approval controls over routine processes and significant estimates...Due to this material weakness, management has concluded that we did not maintain effective internal control over financial reporting as of December 31, 2012. It is possible that additional control deficiencies may be identified in the future that may represent one or more material weaknesses that could, among other things, cause us to fail to file timely our periodic reports with the SEC; prevent us from providing reliable and accurate financial information and forecasts or from avoiding or detecting fraud; or require us to incur additional costs or divert management resources to, among other things, comply with Section 404 of the Sarbanes-Oxley Act of 2002."
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