Camco Financial Corporation (CAFI) Lowers Previously Reported EPS from $0.02 to ($0.20) for June Quarter
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Financial Fact:
Employee compensation and benefits: 3.78M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Employee compensation and benefits: 3.78M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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On January 17, 2012, Camco Financial Corporation (Nasdaq: CAFI) and Advantage Bank received notice from Advantage’s regulators, the FDIC and Ohio Department of Financial Institutions, that Camco must restate its Call report previously filed with the FDIC to reflect an additional provision to Advantage’s ALLL of at least $1.6 million as of June 30, 2011.
This will impact our previously issued unaudited consolidated financial statements for the quarters ended June 30 and September 30, 2011, contained in our Quarterly Reports on Form 10-Q filed on August 15 and November 10, 2011, respectively. Accordingly, the previously issued consolidated financial statements for such periods should not be relied upon.
As a result, this additional provision to the ALLL will be reflected in a Quarterly Report on Form 10-Q/A for each of the quarters ended June 30 and September 30, 2011, which we intend to file with the Securities and Exchange Commission as soon as practicable. In those reports, we expect to report a net loss of approximately $1,463,000 (or $0.20 loss per share) for the three months ended June 30, rather than the previously reported net income of $137,000 (or $.02 earnings per share). There will be no earnings impact for the three months ended September 30.
The Board of Directors has discussed the matters disclosed in this report on Form 8-K with Plante & Moran, PLLC, which serves as our current independent registered public accounting firm.
This will impact our previously issued unaudited consolidated financial statements for the quarters ended June 30 and September 30, 2011, contained in our Quarterly Reports on Form 10-Q filed on August 15 and November 10, 2011, respectively. Accordingly, the previously issued consolidated financial statements for such periods should not be relied upon.
As a result, this additional provision to the ALLL will be reflected in a Quarterly Report on Form 10-Q/A for each of the quarters ended June 30 and September 30, 2011, which we intend to file with the Securities and Exchange Commission as soon as practicable. In those reports, we expect to report a net loss of approximately $1,463,000 (or $0.20 loss per share) for the three months ended June 30, rather than the previously reported net income of $137,000 (or $.02 earnings per share). There will be no earnings impact for the three months ended September 30.
The Board of Directors has discussed the matters disclosed in this report on Form 8-K with Plante & Moran, PLLC, which serves as our current independent registered public accounting firm.
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