CareFusion Announces Delay in Form 10-K Filing; Reaffirms Fiscal 2013 Guidance
CareFusion (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."
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