(By Balachander) Tesla Motors Inc. (NASDAQ: TSLA) said certain previously issued consolidated statements of cash flows included in its quarterly reports "should no longer be relied upon" as a result of an error in the presentation of certain non-cash capital expenditures.
Amounts related to purchases of property and equipment that were not paid at each of the balance sheet dates in those interim periods ended March 31, June 30 and September 30 for 2012 and 2011, were erroneously included as cash outflows from investing activities and cash inflows from operating activities.
This had the effect of overstating cash flows from investing activities and understating cash flows from operating activities by a like amount, the maker of electric vehicles said in a regulatory filing.
[Related -Tesla, Apple Among Companies Investing Big Bucks in America! So Why Aren't Investors?]
The company said on Monday it was delaying filing its 10-K until next week citing the probable error the presentation of certain non-cash items.
Tesla said the delay in filing its annual report on Form 10-K for the year ended December 31, 2012, will not impact its reported total cash and cash equivalents, consolidated income statements, consolidated balance sheets, or free cash flows.
Tesla expects to file the Form 10-K as soon as practicable and no later than Monday, March 11, 2013.
[Related -Tesla Motors' (TSLA): Forget the Naysayers; Buy the Next Great American Icon Now]
Last month, the company posted a fourth-quarter loss due to higher costs and expenses, wider than Wall Street projections. Loss for the fourth quarter widened to $89.93 million or $0.79 per share from $81.49 million or $0.78 per share last year. Adjusted loss per share narrowed to $0.65 from $0.69.Revenue climbed to $306.33 million from $39.38 million, as Tesla said it saw strong demand for options such as the Performance version and Tech Package.
The stock rose 1.43 percent to end at $38.23 on Thursday. Over the past year, shares have been trading between $25.52 and $40.00.