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Alaska Airlines; the next to go TU?

DoinTime

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WASHINGTON (Reuters) - Top officers of nine U.S. companies have failed to meet a government demand to swear by their financial results, according to a Securities and Exchange Commission Web site on Friday.

The SEC site cited shortcomings in the filings of top officers from airline parent Alaska Air Group Inc., small oil and gas concern Adams Resources & Energy Inc., and hardware wholesaler TruServ Corp., a cooperative.
 

dkwid

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You need to do significantly more research before posting.

The Officers from Alaska did sign only can not certify their results until their new auditors complete their audit. A technicality due to a resent change of auditing companies.

The irony is with the new auditors AK actually increased in value nearly 29 million.

Regardless, they made the deadline only can not apply the stamp just yet...yet another bit of info the media fails to mention....imagine that.

Alaska, by the way, has furloughed nobody, is hiring Pilots and flight attendants and has increased their seats by 11 percent and has more passenger traffic now than last year.
 

willi7

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Thats the funniest thing i've read tonight!!!!! The next rumer will be that southwest is going tu.........
 

FL000

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The media love to stir things into a frenzy. Look at last year's shark attacks. Since 9/11, any explosion in the country is on Fox before the first debris hits the ground--"oh my, is it those pesky terrorists again?" This summer is the summer of the evil CEO/CFOs, failing companies, falling indices, drunk pilots and child abductions (God bless the kids).

You'd think the world was just about to stop spinning.
 

mach none

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Signed, sealed and delivered
Alaska certifies accuracy of its financial statements
Posted August 16, 2002

Alaska Air Group earlier this week met the new government deadline requiring top executives at the nation's 950 largest publicly traded companies to swear to Securities and Exchange Commission (SEC) reports about their company’s operations and financial results.

Alaska Air Group Chairman John Kelly and CFO Brad Tilden penned their signatures to a certificate that the company submitted to the SEC on August 14.

"We took these requirements very seriously," said Kelly. "We did several things, including meeting with all the relevant company officers and representatives, our current auditor, Deloitte & Touche, in addition to others to thoroughly review and validate the quality of our SEC reports."

The August 14 deadline for executives at public companies to swear to the accuracy of their financial statements yielded few surprises. But it did create some confusion. In the latter category were several news stories about Alaska's filing that incorrectly implied that additional disclosures in the company's certificate regarding the restatement of its financial results amounted to noncompliance. The company issued a statement to clarify the matter (See the full statement below).

The government's new certification requirement, the result of an SEC order, aims at restoring investor confidence after the collapse of Enron and others due to accounting fraud.

As the company has reported, Alaska has changed its accounting policies with respect to leased aircraft returns, internally developed software, the funding of aircraft purchase commitments and the reclassification of deferred income taxes. The company has restated previously issued financial statements to reflect these changes which, in the aggregate, will increase shareholder equity by approximately $29 million, according to Tilden.

FOR IMMEDIATE RELEASE August 16, 2002

ALASKA AIR GROUP STATEMENT REGARDING COMPLIANCE WITH SEC CERTIFICATION OF FINANCIAL RESULTS

SEATTLE—Alaska Air Group issued the following statement regarding the status of compliance with requirements for top officers to certify financial results:

"Top officers of Alaska Air Group have complied with Securities and Exchange Commission requirements to certify the company’s past financial results.

"In their filing on August 14, the officers clearly referenced that the company has determined it will change certain accounting policies that will result in a restatement of previously financial statements.

"As reported on July 22 in the company’s quarterly earnings release, this restatement was made after Alaska changed auditors and resulted from changes to how the company accounts for lease returns and internally developed software, the cumulative impact of which will result in an increase in shareholder’s equity of $28.9 million as of December 31, 2001. Additionally, the company reported on August 14 in its 10-Q filing a change to how it will account for aircraft purchase commitments assumed by a third party and a reclassification of deferred income taxes, neither of which impact equity or earnings.

"Once those restated results have been fully audited, Alaska will amend reports with the SEC."
 
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