Heritage Bankshares, Inc. Updates Timetable for Review of Financial Statements, Completion of Annual and Quarterly Reports
03 Abril 2006 - 5:56PM
PR Newswire (US)
NORFOLK, Va., April 3 /PRNewswire-FirstCall/ -- Heritage
Bankshares, Inc. ("Heritage") (Pink Sheets: HBKS) today provided an
updated timetable for the review of its financial results and
completion of certain annual and quarterly reports. As previously
announced, due to the discovery of certain accounting errors,
Heritage is in the process of restating its annual financial
statements for the years ended December 31, 2003 and December 31,
2002, as well as its unaudited financial statements for 2004. As a
result, Heritage has not yet filed its Form 10-KSB for the fiscal
year ended December 31, 2004 or its Forms 10-QSB for the quarters
ended March 31, 2005, June 30, 2005 and September 30, 2005.
Heritage has made significant progress in the preparation of the
filing of its annual report on Form 10-KSB for the year ended
December 31, 2004. However, Heritage has spent substantially more
time than previously anticipated reviewing 2005 financial results
and researching additional items relating to 2005 and prior years.
In addition, Heritage did not have available to it, during the
first quarter of 2006, the amount of outside accounting resources
that it had previously anticipated. Heritage now anticipates that
it will complete and file with the Securities and Exchange
Commission ("SEC") its annual report on Form 10-KSB for the fiscal
year ended December 31, 2004 by May 15, 2006. The report will
include restated annual financial statements for 2003 and 2002.
Also as previously announced, Heritage is also working to complete
the company's quarterly reports for the quarters ended March 31,
2005, June 30, 2005 and September 30, 2005. Heritage has retained
additional outside accounting resources that are assisting in the
preparation of these quarterly reports. Heritage currently expects
that it will complete and file with the SEC its Forms 10-QSB for
the quarters noted above by June 15, 2006. The reports will include
restated unaudited quarterly financial information for the
corresponding quarters for 2004. Finally, Heritage currently
believes that it will complete and file with the SEC both its Form
10-KSB for the fiscal year ended December 31, 2005 and its Form
10-QSB for the quarter ended March 31, 2006 by June 30, 2006.
Accordingly, Heritage now anticipates that it will be current in
its filings with the SEC by the end of June 2006. The timelines
outlined above reflect Heritage management's estimates and beliefs
based on the status of its financial review and analysis to date.
One or more of the timelines could change due to, among other
things, adjustments to financial statements required in connection
with the final preparation of the company's applicable annual and
quarterly reports. Heritage will provide updates to the extent any
modifications to its estimated timelines become necessary. Heritage
is the parent company of Heritage Bank
(http://www.heritagebankva.com/). Heritage Bank has four
full-service branches in the City of Norfolk, one full-service
branch in the City of Virginia Beach and one branch in the City of
Chesapeake. Heritage Bank provides a full range of financial
services including business, personal and mortgage loans,
insurance, and annuities. Forward Looking Statements The press
release contains statements that constitute "forward-looking
statements" within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause Heritage's actual results, performance,
achievements, and business strategy to differ materially from those
anticipated. Forward looking statements often contain a word such
as "expect," believe," "estimate" or "anticipate." For example, our
forward-looking statements include statements regarding
expectations for on- going review of financial and accounting
matters, estimated timelines for our SEC filings and our
undertaking to update the estimated timelines as conditions
warrant. Factors that could cause such actual results, performance,
achievements and business strategy to differ materially from those
anticipated include: discovery of further accounting errors,
general and local economic conditions, competition, capital
requirements of the bank's announced expansion plans, customer
demand for Heritage's banking products and services, and the risks
and uncertainties described in Heritage's Form 10-KSB filed with
the Securities and Exchange Commission. Heritage disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. DATASOURCE: Heritage Bankshares, Inc. CONTACT: John
O. Guthrie of Heritage Bankshares, Inc., +1-757-523-2600 Web site:
http://www.heritagebankva.com/
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