Carreker Corporation Announces Resolution of Accounting Issue and Restatement of Certain Prior Period Results
28 4월 2006 - 7:33AM
PR Newswire (US)
DALLAS, April 27 /PRNewswire-FirstCall/ -- Carreker Corporation
(NASDAQ:CANI), a leading provider of payments technology and
consulting solutions for the financial services industry, announced
today that it will restate its audited consolidated financial
results for the fiscal year ended January 31, 2004 and its
consolidated balance sheet at January 31, 2005 as a result of the
correction of a deferred revenue accounting error, which was
previously announced on March 14, 2006. Accordingly, these
financial statements should no longer be relied upon. The
correction relates to an error identified in deferred revenue and
is primarily attributable to the duplicate recording of a customer
software maintenance contract in conjunction with an accounting
system conversion in October 2002. Software maintenance revenue
related to this contract was erroneously recognized twice during
the year ended January 31, 2004. This has been identified as a
material weakness in management's evaluation of the Company's
disclosure controls and procedures and, based upon this evaluation;
management has concluded that the Company's disclosure controls and
procedures were ineffective for the relevant periods. Management
has established specific processes and controls and has modified
others to provide reasonable assurance that these measures, when
effectively implemented and maintained, will remediate the material
weakness. Consistent with previous indications, the net adverse
impact on the consolidated financial statements as of and for the
fiscal year ended January 31, 2004 will be a $2.0 million reduction
in software maintenance revenue and net income. The consolidated
balance sheets at January 31, 2004 and 2005 will reflect a $2.0
million increase in deferred revenue and a corresponding increase
in accumulated deficit. As previously stated, the item is not
related to ongoing accounting practices, does not impact future
results of operations and does not affect the Company's cash
position. As previously announced, the Company expects to report
fourth quarter and fiscal year end 2005 financial results on May
1st, 2006 after 4:00 pm Eastern Time. Management will subsequently
host a conference call and Web cast at 4:30 p.m. Eastern Time to
discuss the fourth quarter and fiscal 2005 financial results as
well as other items of interest. To join the conference call, dial
866-348-8664 in the United States or 706-679-0430 internationally.
All participants enter code 5845508. Additionally, a live Web cast
of the conference call will be available through the investor
relations section of the Company's Web site at
http://ir.carreker.com/ . About Carreker Corporation Carreker
Corporation improves earnings for financial institutions around the
world. The Company's integrated consulting and software solutions
are designed to increase clients' revenues and reduce their
expenses, while improving security and increasing the value of
their customer relationships. Carreker provides products and
services to more than 250 clients in the United States, Canada, the
United Kingdom, Ireland, continental Europe, Australia, New
Zealand, South Africa, South America, Mexico, and the Caribbean.
Clients include the full range of community, regional and large
banks, among them more than 75 of the largest 100 banks in the
United States. Headquartered in Dallas, Texas since 1978, Carreker
Corporation has offices in London and Sydney. For more information,
visit http://www.carreker.com/ . Forward Looking Statements Except
for historical information, the statements in this release
constitute forward-looking statements within the meaning of the
federal securities laws. These statements are subject to numerous
risks and uncertainties that could cause actual results to differ
materially as well as the risks and uncertainties arising out of
the restatement of the Company's consolidated financial statements
and also economic, competitive, governmental and technological
factors affecting the Company's operations, markets, services,
products, sales, potential sales and prices. For further
information concerning certain of these risks and uncertainties,
see under the caption "Risk Factors" in the Company's most recent
Form 10-K. We assume no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by law.
DATASOURCE: Carreker Corporation CONTACT: Lisa Peterson, Executive
Vice President and CFO, +1-972-371-1454, or , or Gary Samberson,
SVP, Treasury, Risk Management and Investor Relations,
+1-972-371-1590, or , both of Carreker Corporation, fax,
+1-972-458-2567 Web site: http://www.carreker.com/
http://ir.carreker.com/
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