SALT LAKE CITY, Dec. 18 /PRNewswire/ -- Franklin Covey Co. (NYSE: FC)
announced today a change in its planned earnings reporting date. The Company
was scheduled to release earnings today, but the FASB has notified all
companies that the accounting rules related to certain major reengineering
projects have been changed and that the change must be implemented as of
November 20, 1997, which falls in the Company's first fiscal quarter. The
Company received this notification on December 16, 1997. As a result, the
earnings release will be delayed until this revised approach can be applied.
On November 20, 1997, the FASB's Emerging Issues Task Force (EITF) issued
a consensus ruling which affects the accounting treatment of certain business
reengineering costs. The Company is involved in a business information
systems and process reengineering project that is targeted by this
pronouncement. Based on the EITF ruling, a portion of the previously
capitalized costs associated with this project will now need to be expensed in
the quarter ended November 30, 1997, and accounted for as a change in
accounting method. The Company is currently determining the proper
application of this new accounting pronouncement by the EITF and will report
its quarterly results of operations once that determination has been
completed.
SOURCE Franklin Covey Co.
 back to top
Related links:
http://www.franklincovey.com
CONTACT:
Jon H. Rowberry, President, John L. Theler,
Chief Financial Officer, or Richard R. Putnam, Investor
Relations, all of Franklin Covey Co., 801-975-1776
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
107086
|
