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November 27, 2013
08:51 EDTFVEFive Star Quality to restate 2011, 2012 and 1Q13, 2Q13 results
Five Star Quality Care will restate its financial results for 2011, 2012 and the first and second quarters of 2013. As previously disclosed in FVE’s press release dated November 12, in connection with the preparation of FVE’s Quarterly Report on Form 10-Q for the quarter ended September 30, management identified certain errors primarily relating to the accounting for non-cash income tax items in prior periods. At this time, correcting these errors is expected to: Increase the net deferred tax assets previously reported in FVE’s financial statements as of December 31, 2011 and December 31, 2012. Increase the cumulative other comprehensive income as previously reported in FVE’s financial statements as of December 31, 2011 and December 31, 2012. Increase the benefit for income taxes as previously reported in FVE’s financial statements and create a corresponding increase in net income for the year ended December 31, 2011. Increase the provision for income taxes as previously reported in FVE’s financial statements and create a corresponding decrease in net income for the year ended December 31, 2012. The decrease in FVE’s income for the year ended December 31, 2012, is currently expected to be less than the amount of the increase in income for the year ended December 31, 2011. In addition, some of FVE’s net deferred tax assets previously reported are expected to be reclassified from long term assets to current assets as of each of December 31, 2011 and December 31, 2012. FVE has determined that, as a result of the matters discussed above, FVE has a material weakness in its internal control over financial reporting because FVE did not maintain adequate and effective internal control over its accounting for income taxes. FVE is currently in the process of remediating this material weakness in its internal control over financial reporting by designing and implementing new procedures related to FVE’s accounting for income taxes. FVE is also working to prepare restated financial reports for the affected periods. These restated reports and a late filed Quarterly Report on Form 10-Q for the period ended September 30, 2013, will be filed with the U.S. Securities and Exchange Commission as soon as they are prepared, audited or reviewed.
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April 16, 2014
09:07 EDTFVEFive Star Quality announces filing of restated financial statements
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