This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

CareFusion Announces Delay In Form 10-K Filing; Reaffirms Fiscal 2013 Guidance

SAN DIEGO, Aug. 29, 2012 /PRNewswire/ -- CareFusion Corp. (NYSE: CFN) today notified the Securities and Exchange Commission (SEC) that it will delay filing its annual report on Form 10-K for the fiscal year ended June 30. Under SEC rules, the company will have a 15-day extension until Sept. 13 to complete the filing.

CareFusion will use the extension to consult with the SEC about the company's accounting policy for sales-type leases in its Pyxis® medication and supply dispensing product line, a policy CareFusion has consistently applied for more than 10 years. In connection with its year-end audit, the company was made aware of a potential alternative application of the accounting rules and thought it prudent to discuss the matter directly with the SEC prior to filing its Form 10-K.

"With more than 40 quarters using the same method, we believe our accounting is in accordance with GAAP and, in collaboration with our independent auditors, have voluntarily requested pre-clearance from the SEC prior to filing our Form 10-K," said Jim Hinrichs, chief financial officer. "If the SEC does not object to our accounting policy, we would expect to file our Form 10-K without any changes to the financial results reported on Aug. 9."

The alternative application of GAAP being discussed with the SEC would have the effect of increasing the amount of revenue recorded at the inception of each lease and decreasing the amount of revenue recorded over the life of each lease.  Accounting for leases in this way would likely result in a modest increase in cumulative revenue and earnings, while the impact on any particular fiscal year may vary.   In addition, this would result in an increase in the company's investment in sales-type leases on the balance sheet.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs