BUCA, Inc. Announces Delay in Filing Fiscal Year 2005 Results.MINNEAPOLIS -- BUCA BUCA Blue Cross, United, Cigna, Aetna (Healthcare providers) BUCA Constructionman Apprentice, Builder Striker (Naval Rating) , Inc. (Nasdaq: BUCA) announced that, while Friday, March 10, is the prescribed due date for the filing of the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 25, 2005, it does not expect to file by that date. Instead, the company expects to file with the SEC a Notification of Late Filing on Form 12b-25 on or before Monday, March 13, 2006, and to file the required Report on Form 10-K on or before Monday, March 27, 2006. The delay in the filing is necessitated because the company has determined that it incorrectly accounted for certain lease transactions. As a result of this determination, the company has determined to restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state its previously filed financial statements for the fiscal years ended 2001 through 2004 and for the first three quarters of fiscal 2004 and 2005. These financial statements are being restated to correct certain errors in the application of generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting related to recognizing lease expense on a straight-line basis for leases with scheduled rent increases, depreciation lives of leasehold improvements Leasehold Improvement Improvements on a leased asset that increase the value of the asset. Notes: A leasehold improvement is classified as an asset that must be depreciated over time. and other items. The financial statements for the affected periods and the related reports of the company's independent registered public accounting firm should no longer be relied upon. The company expects these restatements to increase non-cash lease expenses for the affected periods. Some of the information contained in this release is forward-looking and, therefore, involves uncertainties or risks that could cause actual results to differ materially. The impact of the restatements on previously filed results, and the company's ability to file its annual report on Form 10-K by the date projected depends upon the company completing the necessary analysis and audit of the related financial statements. BUCA, Inc. owns and operates 104 highly acclaimed family-style Italian restaurants under the names Buca di Beppo Buca di Beppo is an American restaurant chain specializing in immigrant Southern Italian food. The name roughly translates as "Joe's Basement" (Beppo is slang for Joe in Southern Italy and Buca means basement (literally it means "hole") in Italian). and Vinny T's of Boston in 28 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion