Hanger, Austin, Texas, announced that it filed its annual report on Form 10-K for the year ended December 31, 2014, with the U.S. Securities and Exchange Commission (SEC). Form 10-K contains financial statements for the full year of 2014; restated financial statements for 2012, 2013, and the first two quarters of 2014; and restated information for 2010 and 2011. Â However, annual and quarterly SEC reports for the periods prior to December 31, 2014, will not be amended as the requisite financial information is included within this annual report.
The restatement adjustments resulted in a cumulative reduction to Hanger’s previously reported income before taxes of about $175.1 million through June 30, 2014. About $140.6 million of this cumulative amount related to the periods ended on or prior to December 31, 2013. These adjustments resulted in reductions, net of income taxes, of previously reported retained earnings of $116.6 million and $91.3 million as of June 30, 2014, and December 31, 2013, respectively.
The filing is a milestone in Hanger’s efforts to become current in its SEC filings after identifying a need for the restatement of previously filed financial statements and the remediation of various accounting issues. The company said it will now focus on completing its 2015 and 2016 financial statements.
Hanger provided preliminary estimates of certain cash flow data for the period ended March 31 in its current report on Form 8-K, which was filed on May 8. Due to the ongoing preparation and audit of its 2015 and 2016 financial statements, the company said it is not able to provide balance sheet or income statement information for those periods, or for the first quarter of 2017.Â
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