SVB Financial Group Updates Status of Form 10-Q Filing for Second Quarter
30 September 2005 - 7:00AM
PR Newswire (US)
SANTA CLARA, Calif., Sept. 29 /PRNewswire-FirstCall/ -- SVB
Financial Group (NASDAQ:SIVBE) announced today that it expects to
file its Form 10-Q for the fiscal quarter ended June 30, 2005 by
November 30, 2005, instead of during the third calendar quarter of
the year as previously announced. Due to changes in the Company's
accounting treatment for warrants dating back to the third quarter
of 2001, the Company plans to restate its consolidated financial
statements for the years 2000, 2001, 2002, 2003 and 2004, and the
first quarter of 2005. As previously disclosed, this restatement
stems from a revision in the accounting treatment for the Company's
portfolio of unexercised warrant securities in privately-held
companies. "It is a highly complex process to verify and validate
the necessary data, determine the appropriate valuation
methodology, and review and revalue approximately 2,900 individual
warrants that are or were a part of our portfolio. Quite simply, it
is taking longer than we anticipated," said Jack Jenkins-Stark,
chief financial officer of SVB Financial Group. "Nevertheless, we
are making meaningful progress toward completion and we currently
expect to file by November 30, 2005 or earlier. Our first priority
is to complete the necessary filings to restate our prior
financials and our 10-Q for Q2, which will be followed as soon as
possible by our 10-Q for Q3. We are making every effort to complete
all of our required filings as quickly as possible. "Despite the
enormous effort required to complete this restatement, SVB
Financial Group continues to focus successfully on operational
results; we expect growth in average loans and deposits in Q3 to be
significantly higher than annualized growth rates in both these
areas in Q2. When the restatement is complete, we expect to have
increased aggregate income and retained earnings for the restated
periods, and to have increased total stockholders' equity. " The
Company intends to file amendments to its Annual Report on Form
10-K for the year ending December 31, 2004 and its Quarterly Report
on Form 10-Q for the quarter ending March 31, 2005, shortly before
or simultaneously with the filing of its Quarterly Report on Form
10-Q for the quarter ended June 30, 2005. This will be followed
shortly thereafter with the filing of its Quarterly Report on Form
10-Q for the quarter ended September 30, 2005. Additionally, as
previously disclosed, the Company received a notice of
non-compliance from the Nasdaq Stock Market, Inc. as a result of
the Company's delayed filing of its Form 10-Q for the quarter ended
June 30, 2005, which indicated the Nasdaq staff had determined that
the Company's securities were subject to delisting. The Company had
an appeal hearing today before a Nasdaq Listing Qualifications
Panel to review the staff's delisting determination, and is
currently awaiting a decision from the panel. About SVB Financial
Group For more than twenty years, SVB Financial Group, formerly
Silicon Valley Bancshares, has been dedicated to helping
entrepreneurs succeed. SVB Financial Group is a financial holding
company that serves emerging growth and mature companies in the
technology, life science, private equity and premium wine
industries. Headquartered in Santa Clara, Calif., SVB Financial
Group provides clients with commercial, investment, international
and private banking services. The Company also offers funds
management, broker-dealer transactions, asset management and a full
range of services for private equity companies, as well as the
added value of its knowledge and networks worldwide. More
information on the Company can be found at http://www.svb.com/.
Safe Harbor This release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including without limitation, the statements made above about
the expected timing and extent of filings by the Company with the
Securities and Exchange Commission, the Company's process for
restating its financial statements and change in warrant accounting
treatment, the actual results of the restatement, and expected
average loan and deposit growth in Q3. Management has in the past
and might in the future make forward-looking statements orally to
analysts, investors, the media and others. Forward-looking
statements are statements that are not historical facts. Although
management believes that the expectations reflected in these
forward-looking statements are reasonable, and it has based these
expectations on its beliefs, as well as its assumptions, such
expectations may prove to be incorrect. Actual results could differ
significantly from those expressed in or implied by management's
forward- looking statements, due to the actual results of the
restatement process, the actual timing and extent of the filings
with the SEC, the need for additional actions in connection with
the restated financial statements and change in warrant accounting
treatment, and the actual timing and outcome of the Nasdaq appeal
hearing, as well as changes in economic, business and regulatory
factors and trends. All subsequent written or oral forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these
cautionary statements. The forward- looking statements included in
this release are made only as of the date of this release. The
Company does not intend, and undertakes no obligation, to update
these forward-looking statements. DATASOURCE: SVB Financial Group
CONTACT: Lisa Bertolet, Investor Relations, +1-408-654-7282, or
Meghan O'Leary, Public Relations, +1-408-654-6364, both of SVB
Financial Group Web site: http://www.svb.com/
Copyright
Svb Financial (NASDAQ:SIVBE)
Historical Stock Chart
From May 2024 to Jun 2024
Svb Financial (NASDAQ:SIVBE)
Historical Stock Chart
From Jun 2023 to Jun 2024