Lonestar Resources restates nine-month financials for September period
Lonestar Resources disclosed in a regulatory filing: "On November 21, Lonestar Resources US identified a material weakness in its financial close process for the nine months ended September 30, 2016 which resulted in an error in the proper classification of cash flows related to the company's gain on disposal of bonds... The company's unaudited consolidated statement of cash flows for the nine months ended September 30... should no longer be relied upon. To remediate the material weakness, the company has instituted a financial reporting issues log to highlight infrequent and unusual financial transactions as a means to promote discussion between management and third party professional consultants to ensure that all items are addressed correctly and timely in future financial reporting. The company has also corrected the error and, concurrent with the filing of this Form 8-K, will be filing an amended Form 10-Q/A." The company noted that, after the restatements, net cash provided by operating activities for the nine months ended September 30 would be $17.6M rather than the original $46.99M, and cash provided by financing activities would be $9.5M rather than ($19.84M).