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Gmcr
- Thread starter kinggyppo
- Start date
reuters article, what the hell is a "fulfillment" vendor? is that like a happy ending?
(Reuters) - Green Mountain Coffee Roasters Inc (GMCR.O) said U.S. regulators are conducting an inquiry into some of its revenue recognition practices and its relationship with a 'fulfillment' vendor, sending its shares down 16 percent.
The U.S. Securities and Exchange Commission's Division of Enforcement sought voluntary production of documents and information from the company, which said it is cooperating fully with the SEC staff.
Green Mountain also found an "immaterial" accounting error that arose during fiscal 2007, resulting in a $4.4 million overstatement of net income, or a 3 cents cumulative impact on earnings per share, the leader in the single-cup coffee brewer market said in a regulatory filing.
As of June 26, 2010, there was a cumulative $7.6 million overstatement of pretax income and Green Mountain expects the amount of the accounting correction to be made in the quarter ended September 25.
Shares of Waterbury, Vermont-based Green Mountain fell as much as $5.95 to $31.06 in after-market trade Tuesday. They closed at $37.01 in regular trading on Nasdaq.
On Monday, the company's shares jumped to a lifetime high on rumors of a takeover by food giant Nestle SA (NESN.VX). (Reporting by Viraj Nair in Bangalore; Editing by Gopakumar Warrier)
http://www.reuters.com/article/idUSTRE68R62420100928
(Reuters) - Green Mountain Coffee Roasters Inc (GMCR.O) said U.S. regulators are conducting an inquiry into some of its revenue recognition practices and its relationship with a 'fulfillment' vendor, sending its shares down 16 percent.
The U.S. Securities and Exchange Commission's Division of Enforcement sought voluntary production of documents and information from the company, which said it is cooperating fully with the SEC staff.
Green Mountain also found an "immaterial" accounting error that arose during fiscal 2007, resulting in a $4.4 million overstatement of net income, or a 3 cents cumulative impact on earnings per share, the leader in the single-cup coffee brewer market said in a regulatory filing.
As of June 26, 2010, there was a cumulative $7.6 million overstatement of pretax income and Green Mountain expects the amount of the accounting correction to be made in the quarter ended September 25.
Shares of Waterbury, Vermont-based Green Mountain fell as much as $5.95 to $31.06 in after-market trade Tuesday. They closed at $37.01 in regular trading on Nasdaq.
On Monday, the company's shares jumped to a lifetime high on rumors of a takeover by food giant Nestle SA (NESN.VX). (Reporting by Viraj Nair in Bangalore; Editing by Gopakumar Warrier)
http://www.reuters.com/article/idUSTRE68R62420100928