SAN DIEGO, Jan. 31, 2013 /PRNewswire/ -- CareFusion Corporation (NYSE: CFN) today announced that it has filed its annual report on Form 10-K for the fiscal year ended June 30, 2012. The company had delayed the filing to correct its accounting for sales-type leases in its Pyxis® medication and supply dispensing product lines.
The accounting correction resulted in immaterial revisions to CareFusion's preliminary fourth quarter and full-year fiscal 2012 financial results, its financial statements for fiscal years ended June 30, 2010 and 2011, and selected financial data for the fiscal years ended June 30, 2008 through 2011. Although the effect of these revisions was not material to these financial statements, the cumulative impact would have been material in the fiscal year ended June 30, 2012, which is why the company made the revisions. These corrections are considered a restatement under generally accepted accounting principles.
"This accounting matter did not materially affect our financial results and, importantly, has no effect on the cash flows we receive under our lease arrangements," said James F. Hinrichs, chief financial officer. "We are pleased to have this work completed and remain on track to become current in our Form 10-Q filings by our next deadline on Feb. 11."
The company intends to report its first and second quarter fiscal 2013 results on Feb. 7.
Revised financial results Revisions to the company's preliminary fourth quarter and full-year fiscal 2012 results reflect both the impact of the accounting modification on sales-type leases and other accounting items recorded in the fourth quarter because it was considered an open accounting period until CareFusion filed its Form 10-K. This included a $7 million increase in recall reserves related to a previously disclosed product recall.
For the three months ended J
|SOURCE CareFusion Corporation|
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