Ballistic Recovery Systems Inc - Current report filing (8-K)
January 16 2008 - 1:39PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (date of earliest event
reported):
January 11,
2008
BALLISTIC RECOVERY SYSTEMS, INC.
(Exact name of registrant as
specified in its charter)
Minnesota
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0-15318
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41-1372079
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(State or other
jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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300 Airport
Road
South St. Paul, Minnesota 55401
(Address of principal executive offices)(Zip Code)
(651)
457-7491
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
o
Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Item 4.02
Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
On January 11, 2008, the Audit
Committee of the Board of Directors of Ballistic Recovery Systems, Inc. (the
Audit Committee) (Ballistic Recovery Systems, Inc. is referred to herein
as the Company) concluded that the consolidated financial statements included
in the Companys quarterly reports on Form 10-QSB for the quarters ended March 31,
2007 and June 30, 2007 should no longer be relied upon due to errors
contained therein. After consultation
with the Companys management and the Companys independent registered public
accounting firm, Virchow Krause & Company, LLP, the Audit Committee determined
restatements of the consolidated financial statements for the affected periods
were required. These restatements relate to the valuation of inventories and allocation
of production overhead.
As a result of these and other immaterial errors, our condensed
consolidated statements of operations for the quarters ended March 31,
2007 and June 30, 2007 will be restated.
The restatement had no effect on the consolidated balance sheets,
consolidated statements of shareholders equity, or the consolidated statements
of cash flows as of the end of those quarters or for any of the affected periods. The press release announcing these
restatements is furnished and attached hereto as Exhibit 99.1.
The Audit Committee has discussed the matters set forth above with the
Companys independent registered public accounting firm, Virchow Krause &
Company, LLP.
Item 8.01
Other Events.
On December 31, 2007, the Company filed Form 12b-25
with the Securities and Exchange Commission (the SEC) notifying the SEC that
it was not able to file its Form 10-KSB for the fiscal year ended September 30,
2007 within the prescribed time period because it was in the process of
reconciling some inconsistencies in the accounting of inventory of the
Company. While the Company intended to
file its Form 10-KSB for the fiscal year ended September 30, 2007 by January 15,
2008, the Company will require additional time to reconcile the inconsistencies
in the accounting of inventory of the Company described above. The Company intends to file its Form 10-KSB
for the fiscal year ended September 30, 2007 no later than February 14,
2008.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits
.
Exhibit No.
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Description
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99.1
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Press release dated January 15, 2008
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2
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
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BALLISTIC RECOVERY
SYSTEMS, INC.
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Date: January 16,
2008
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By:
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/s/ Larry E. Williams
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Larry E. Williams,
Chief Executive Officer
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