Hertz Accounting Probe Delays Q2 Filing

Photo courtesy of Amy Winter.
Photo courtesy of Amy Winter.

Due to the ongoing financial records review for 2011, 2012 and 2013, Hertz Global Holdings has delayed the filing of its second quarter 2014 results.

According to a filing with the Securities and Exchange Commission, Hertz said it is “unable to timely file its quarter report for the period ended June 30, 2014 because of the ongoing nature of the company’s previously announced thorough review of its internal financial records for fiscal years 2011, 2012 and 2013.”

Due to the financial records review and its impact on Hertz’s 2014 financial results, Hertz couldn’t complete its quarterly report by the deadline of Aug. 11 without “undue effort and expense,” according to the SEC filing which was signed by Thomas C. Kennedy, Hertz’s senior executive vice president and chief financial officer.

While preparing for the first quarter 2014 report, Hertz identified certain errors from 2011, which refer to charges for certain non-fleet assets, allowances for doubtful accounts in Brazil and other items, Hertz stated in its press release from May 13.

Hertz’s Audit Committee of the Board of Directors found that the financial statements for 2011 could no longer be used and had to be restated. In addition, Hertz also needed to fix the 2012 and 2013 financial statements to reflect these errors.

The 2011 financial statements were used in the Form 10-K for the period ending Dec. 31, 2013, according to a SEC filing. Hertz had to modify the 10-K to correct the identified errors.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Trump and Regulations: An Alt-Fuel View

With 2025 emissions targets back in review, manufacturers, alt-fuel, and alt-power suppliers weigh in on the potential impacts of Trump’s initiatives.

Why GM’s Telematics Announcement is a Really Big Deal

Enabling a telematics connection at the factory — and not through an aftermarket hardware installation — is a game changer for fleets.

Four Thoughts From the 2016 Conference Calls

Sifting through the notes of Avis Budget Group’s and Hertz Global Holdings’ recent fourth quarter conference calls give us some trend lines to watch out for in 2017. (Of course, this gives us an incomplete snapshot, as Enterprise Holdings is privately held.)

Job Finder: Access Top Talent. Fill Key Positions.

>