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Penford Corp Announces Accounting Corrections

Wednesday, 19 Jun 2013 08:00am EDT 

Penford Corp announced that its management and Audit Committee had determined that the Company's financial statements for fiscal years 2012, 2011 and 2010 and for the first two fiscal quarters of 2013 should be restated to make necessary accounting corrections. Additional details concerning this determination appear in a Current Report on Form 8-K filed today by the Company with the Securities and Exchange Commission. These restatements will reflect the correction in the accounting treatment for proceeds received from the sale of certain by-products generated by the Company's industrial starch processing operations based in Cedar Rapids, IA. Such by-products include corn gluten meal, corn germ that is sold to a third party to be refined into corn oil, as well as materials that are primarily sold as or used in animal feed. In prior reporting periods, the Company recorded the proceeds from the sale of these by-products as a reduction of the cost of sales. The Company had previously disclosed the amounts of its by-products sales in prior reporting periods, including fiscal years 2012, 2011 and 2010, as well as its accounting treatment for such sales. After several months of consultation and review with the staff of the Securities and Exchange Commission, the Company concluded that the proceeds from the sale of by-products should be classified as sales rather than as a reduction of cost of sales in its consolidated statements of operations. 

Company Quote

30 Oct 2014