Hanger, Austin, Texas, filed U.S. Securities and Exchange (SEC) Form 8-K on August 17 stating that it will not be able to timely file its Quarterly Report on Form 10-Q for the third quarter ending September 30, 2015. The company has previously reported to the SEC that it will be restating certain previously filed financial statements and other financial data as a result of various accounting issues and related matters. Hanger has not yet filed financial statements for the third quarter of 2014, the fourth quarter and full year ended December 31, 2014, or the first and second quarters of 2015. The company said on Form 8-K that the earliest it will likely commence making its filings with the SEC is December 2015.
In connection with the identification and remediation of its accounting issues, and the preparation of its annual financial statements, Hanger is incurring professional third-party expenses in excess of the expenses historically incurred in connection with its annual financial statement preparation and audit activities, according to the filing. Hanger estimated these expenses at approximately $16 million in 2014 and approximately $12 million in 2015.
