Anthony Clark restatement lowers 2003 earnings by 11%

The restatement of 2003 yearend earnings by Calgary-based brokerage Anthony Clark International Brokers (TSX: ACL), has resulted in an 11% drop in earnings.
The company previously reported a net loss of $933,000, but has now increased this loss to $1.05 million. This translates to a restated loss per share of $0.14, compared to the previously reported loss of $0.12 per share.
The restatement follows reconsideration of reporting on its acquisition of Vista International Insurance Brokers last year that acquisition has now been allocated to identifiable assets acquired as per Canadian accounting standards, the company notes. “The corporation has determined that the fair value of vendor debt issued on the Vista acquisition was $886,112 less than the face value of that debt if financing for this acquisition had been arranged through a third party lender,” a company statement notes.
Several other changes were made to the company’s results, although of a smaller impact than the Vista allocation.