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SCOR

comScore

$30.50

0.5 (1.67%)

17:29
11/23/16
11/23
17:29
11/23/16
17:29

comScore completes accounting probe, says adjustments required

comScore said in a regulatory filing that it completed its Audit Committee's investigation of certain potential accounting matters, and the company is providing the following summary of the findings of the Audit Committee and steps the company is taking in response to these findings. As a result of the February 19, 2016 message, the Audit Committee investigated the issues raised by the message and other matters related to the company's revenue recognition practices, disclosures, internal controls, corporate culture, and certain employment practices. The Audit Committee's investigation concluded that, as a result of certain instances of misconduct and errors in accounting determinations, adjustments to the company's accounting for certain nonmonetary and monetary transactions were required. Based on the results of the Audit Committee investigation, and as previously disclosed, the company cannot support the prior accounting for the nonmonetary transactions recorded by the company during the years ended December 31, 2013, 2014 and 2015, and accordingly, revenue and expenses associated with all nonmonetary transactions during these periods is being reversed and accounted for at historical cost rather than at fair value. There is no historical cost basis associated with the assets that the company exchanged and therefore there should be no revenue recognized or expenses incurred for those transactions. While a nonmonetary transaction inherently has no effect on operating income or cash flow over the life of the relevant agreement governing such transaction, the timing of revenue recognized relative to the related expense recognized may have an effect on a periodic basis. Based on its investigation, the Audit Committee also found that, for the nonmonetary transactions under review, facts collected during the investigation called aspects of the transactions into question, including instances where additional arrangements were entered into and not properly disclosed to the company's accounting group and instances where there did not appear to be a clear need for all of the data that was being exchanged. As previously disclosed, the company does not expect in the future to enter into any nonmonetary transactions that would result in the recognition of revenue. The company will continue with its improvements to internal controls and will continue to review transactions that were not part of the investigation. As a result of that review, there may be additional accounting adjustments and such adjustments may be material.

SCOR comScore
$30.50

0.5 (1.67%)

08/11/16
OPCO
08/11/16
NO CHANGE
Target $43
OPCO
Outperform
comScore price target lowered to $43 from $54 at Oppenheimer
Oppenheimer analyst Jason Helfstein lowered his price target for comScore to $43 from $54 after the company announced first half of the year revenue below estimates and management change. Nonetheless, the analyst says the franchise remains "strong" and reiterates an Outperform rating on the shares.
09/06/16
RHCO
09/06/16
DOWNGRADE
RHCO
Neutral
comScore downgraded to Neutral from Buy at SunTrust
09/06/16
RHCO
09/06/16
DOWNGRADE
RHCO
Neutral
comScore downgraded on overly optimistic consensus, low visibility at SunTrust
As noted earlier, SunTrust downgraded comScore to Neutral from Buy. Analyst Matthew Thornton says that consensus 2017 estimates for the company are too high following its August 10 update. Additionally, he believes that the company's visibility is low as its accounting probe continues.
09/06/16
09/06/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Biogen (BIIB) downgraded to Hold from Buy at Jefferies with analyst Brian Abrahams saying his thesis has mostly played out and that shares of Gilead Sciences (GILD) offer greater upside potential. 2. Dollar General (DG) downgraded to Neutral from Buy at Goldman with analyst Stephen Tanal saying same-store-sales have slowed and expects a modest deceleration in earnings growth and further competitive pressures. 3. comScore (SCOR) downgraded to Neutral from Buy at SunTrust with analyst Matthew Thornton saying that consensus 2017 estimates for the company are too high following its August 10 update. 4. Verifone (PAY) downgraded to Hold from Buy at Argus. 5. DaVita (DVA) downgraded to Neutral from Buy at BofA/Merrill with the firm saying growth rates are likely to remain muted. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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