Join        Login             Stock Quote

Tesla Motors (TSLA): Certain Cash Flow Statements 'Should No Longer Be Relied Upon'

 March 08, 2013 07:46 AM

(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 -Lithium War Heats Up After Epic Launch Of Tesla Model 3]

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 -What's The Best Electric Car Investment?]

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.



Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageBogle Says Indexing Destined To Win The Battle Of The Quants

Vanguard founder John Bogle gave a powerful speech last month at the Q Group’s Spring Seminar that lays out read on...

article imageVMAX and VMIN Poised to Be Most Important VIX ETP Launch in Years

REX Shares is launching two new VIX exchange-traded products on Tuesday in what is likely to be the most read on...

article imageThe April 29 Gold Triangle Breakout Update

If you’re just watching stocks, you may be missing this powerful Triangle Breakout surge in read on...

article imageSell In May, But It Is A Presidential Election Year

With May just around the corner, articles covering the "Sell in May' phenomenon are not in short supply and read on...

Popular Articles

Daily Sector Scan
Partner Center

Related Articles:

3 Firms To Profit From The Next Energy Revolution
More Articles on: Finance

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.