Wise says its delayed financials nearly ready

Nov 30, 2007 | 12:34 PM | Paul Schaffer

Wise Metals Group LLC, which has cited pension and inventory "uncertainties" for a delay in releasing its earnings results, said late last week that a rescheduled earnings report and briefing of investment analysts should be on the way soon.

"We are finalizing a date and will make an announcement soon," a Wise spokesman said. A third-quarter earnings report scheduled for Nov. 19 had been postponed just prior to its scheduled release (AMM, Nov. 20), and the normal regulatory deadline for filing third-quarter data has since passed.

The company filed an explanation with the U.S. Securities and Exchange Commission in requesting the extension, saying it wasn't able to finalize some figures regarding pension obligations and inventory accounting and might have to restate some earlier periods. "The company has not maintained sufficient staff with appropriate training in U.S. GAAP (generally accepted accounting principles) and SEC financial rules and regulations," Wise Metals said.....

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