Edwards Lifesciences (NYSE:EW) said it will re-state its financial results for the first 3 quarters of 2011, “due to certain technical errors in the balance sheets and cash flow statements for these interim periods.”
The Irvine, Calif.-based heart valve maker said the errors involve the mis-statement of short-term investments as cash & equivalents, plus the way it treated tax benefits from stock plans.
The errors do not affect its sales, net income, or earnings per share for the quarters in questions, according to a regulatory filing.
“Specifically, the restatement includes the previously reported reclassification as short-term investments of certain items that were incorrectly shown as cash and cash equivalents in the balance sheets and cash flow statements contained in the company’s quarterly reports for the periods ended March 31, June 30, and Sept. 30, 2011,” according to the filing. “These investments were bank time deposits, purchased during 2011, with original maturities over 3 months but less than 1 year. These time deposits represented the investment of cash in highly liquid instruments designed to maximize the return to the company on its excess cash.”
Edwards said it’s also fixing the tax benefit errors for the quarters ended June 30 and Sept. 30, 2011. Items listed as “excess tax benefits from stock plans” for those quarters “were not reduced to reflect the absence of cash flows from the generation of credit carryforwards and net operating losses in the United States in 2011, primarily due to significant tax deductions from stock option exercises.”
EW shares closed down a hair today, falling 0.3% to $73.33.
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