The Chefs’ Warehouse, Inc. (CHEF), a distributor of specialty food products, said it filed a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission in connection with the company’s Quarterly Report on Form 10-Q for the quarter ended March 28, 2014. The Company’s quarterly report was due on May 7, 2014.
Based on information the Company reviewed as part of the procedures for preparing the report on Form 10-Q for the quarter ended March 28, 2014, the Company has determined that the accrual for accounts payable at its Michael’s Finer Meats subsidiary may have been understated at quarter end by approximately $786,000. The Company is in the process of finalizing a detailed review of the accounts payable accrual and anticipates that it will file the report on Form 10-Q no later than five calendar days from the date that it was due. The effect of an understatement of the accrual for accounts payable by that amount would result in a reduction to net income by approximately $460,000 and net income per share by approximately $0.02 per share from the results that the Company preliminarily reported on May 1, 2014.
The impact of the accrual does not affect the Company’s previously issued financial guidance for fiscal year 2014.
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