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Alpine Air Express amends reports.


Regional cargo and logistics provider Alpine Air Express Inc (OTCBB: APNX) said it has elected to amend its most recent 10QSB Quarterly and 2006 10KSB Annual Reports.

The company said that, after reviewing accounting standards and interpretations, its management has determined to change its accounting treatment of the preferred stock issued by its subsidiary.

The preferred stock, which had previously been disclosed as part of stockholders' equity, is now reclassified outside of equity as a mezzanine item on the balance sheet. The dividends on preferred stock, which were previously deducted from net income to arrive at income available to common stockholders, have been reclassified as an expense to arrive at net income.

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Publication:Airline Industry Information
Article Type:Brief article
Date:May 25, 2007
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