| 2017-07-17 07:03:42|
STON 07:03 07/17 07/17/17
StoneMor Partners working to complete financial statements
StoneMor Partners provided an update regarding its ongoing review of certain of the Partnership's previously issued consolidated financial statements. The Partnership is working to complete the review, but at this time it remains ongoing. The Partnership continues to believe that the revisions to previously reported financial information resulting from this review will principally reflect a net decrease in deferred revenues and deferred selling costs and an increase in partners' capital on its previously reported consolidated balance sheets. The Partnership also continues to expect that the results of these corrections will have an immaterial impact on cash flows for the three years ended December 31, 2016. The Partnership remains committed to filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2016 as promptly as practicable, and believes it will be able to do so within the next two to four weeks. Additionally, under the terms of its credit agreement, the Partnership is obligated to file its Quarterly Report on Form 10-Q for the Q1 within 45 days after the Form 10-K is filed. The Partnership is also obligated to file its Quarterly Report on Form 10-Q for the Q2 on or before August 14. Because of the ongoing accounting review and the work required to file multiple reports in such a condensed time period on or before August 14 the Partnership believes it is likely that it will not be able to file the Second Quarter 10-Q by that date.