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.