CF needs more time from SEC

Aug. 20, 2002
In statements filed with the Securities and Exchange Commission (SEC) today, Consolidated Freightways Corp. (CF) announced that neither CEO John Brincko nor CFO Stephen Sokol has had sufficient time to complete internal review of the materials covered by the SEC's certification order. Brincko joined the company on May 28, and Sokol was appointed on July 1. The company previously filed for an extension
In statements filed with the Securities and Exchange Commission (SEC) today, Consolidated Freightways Corp. (CF) announced that neither CEO John Brincko nor CFO Stephen Sokol has had sufficient time to complete internal review of the materials covered by the SEC's certification order.

Brincko joined the company on May 28, and Sokol was appointed on July 1.

The company previously filed for an extension to August 19 to file its second-quarter 10-Q report, and by that date Messrs. Brincko and Sokol were also required to provide certification, or to indicate to SEC that they were unable to certify.

The company also said that it has not yet completed the second-quarter financial statements or the related management's discussion and analysis of financial condition and results of operations. The company said that work on the Form 10-Q for the period ending June 30 was continuing, and that it expects to file within approximately two weeks.

Vancouver, WA-based CF has been treading rough financial waters. It posted a net loss of $36.5 million on first quarter revenue of $463 million as it lost business over what it called "growing competitive pricing pressure." It lost $104.3 million in 2001, including a $37.5 million fourth-quarter loss.

Brincko, a business turnaround specialist, was brought in to replace Pat Blake as CEO. CF's board said then that its restructuring had reached the point at which it needed an experienced turnaround professional to carry the process forward to successful completion.

Brincko's turnarounds include Sun World International Inc., Barney's New York, Mossimo Inc., Globe Security and Stroud's.

About the Author

Tim Parry

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Report: The 2024 State of Heavy-Duty Repair

From capitalizing on the latest revenue trends to implementing strategic financial planning—this report serves as a roadmap for navigating the challenges and opportunities of ...

Fleet Industry Benchmarks: How does your fleet stack up?

Discover how your fleet compares to industry benchmarks and gain insights from a 2024 Benchmarking Report on maintenance spend, turnaround time, and more. Join us to identify ...

Build a Tolling Program to Manage Toll Fees and Risks

Fleets looking to effectively manage their operational costs should consider their tolling costs. Download the PrePass whitepaper, “Build a Tolling Program to Manage Toll Fees...

Reducing CSA Violations & Increasing Safety With Advanced Trailer Telematics

Keep the roads safer with advanced trailer telematics. In this whitepaper, see how you can gain insights that lead to increased safety and reduced roadside incidents—keeping drivers...