The Phoenix Companies, Inc. (NYSE: PNX) today announced it is postponing the release of its third quarter 2012 financial results and conference call scheduled for today. The postponement is in conjunction with the restatement of its financial results announced earlier today. The company will delay filing its third quarter 2012 Form 10-Q pending the filing of the restated financial results with the Securities and Exchange Commission.
The company anticipates providing preliminary third quarter 2012 GAAP financial results within two weeks. Details regarding the date and time of the company’s third quarter earnings release and conference call will be announced separately.
The company filed a Current Report on Form 8-K with the Securities and Exchange Commission today disclosing under Item 4.02 that it will restate its GAAP financial statements for the years ended December 31, 2011, 2010 and 2009, the interim periods for 2011, and the first and second quarters of 2012. The restatement will correct certain errors relating to the classification of items on the consolidated statement of cash flows in these prior periods. Management does not expect the restatement to have a material impact on beginning and ending balances or the total change in cash and cash equivalents that were previously reported for the periods.
As part of the restatement, the company will adjust the financial statements for errors identified and corrected during prior periods, recording the adjustments in the appropriate historical period. Additional errors identified subsequent to the filing of Form 10-Q for the period ended June 30, 2012, which may affect prior periods, will be assessed for materiality and corrected in connection with the restatement.
The errors to be corrected by the restatement are not expected to have a material impact on the statutory financial results of the company’s insurance company subsidiaries that are filed with the state insurance regulators or the subsidiaries’ risk-based capital computations for any of the periods noted.