Hertz Broadens Earnings Restatements to Three Years
In addition to restating 2011 financial statements in June, the Audit Committee of the Hertz Board of Directors has found that the 2012 and 2013 annual and quarterly financial statements must also be restated and can no longer be used.

Photo courtesy of Hertz Corp.

Photo courtesy of Hertz Corp.
Hertz Global Holding Inc.’s Audit Committee of the Board of Directors has announced that the 2012 and 2013 annual and quarterly financial statements must be restated and should no longer be relied upon.
This comes after the committee announced in June that financial statements for 2011 had to be restated and could no longer be used.
After announcing the accounting errors today, Hertz Global Holdings shares plunged more than 11% in trading to $19.83 as of 1 p.m. EST, according to NASDAQ.
In June, while preparing for the first quarter 2014 financial 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. At this time, Hertz stated that it may need to make changes to the 2012 and 2013 financial statements after reviewing financial records.
“The Audit Committee has directed the company to conduct a thorough review of the financial records for fiscal years 2011, 2012 and 2013, and this review may require Hertz to make further adjustments to the 2012 and 2013 financial statements,” Hertz said in a June Securities & Exchange Commission filing. “If these further adjustments to the 2012 and 2013 financial statements are determined to be material adjustments individually or in the aggregate, Hertz will need to also restate and withdraw reliance on those financial statements.”
With the addition of restating the 2012 and 2013 financial statements, Hertz does not expect to complete the process and file updated financial statements before mid-2015, says the company. And there is no guarantee that this process will be completed by then or that additional adjustments will be identified.
Hertz is continuing to work with its public accounting firm PricewaterhouseCoopers LLC to resolve these accounting matters, according to the company.
Today, Hertz also announced its third quarter 2014 U.S. revenue and full-year 2014 earnings outlook.
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