SEC Filing Summary: Affordable Residential Communities Inc.
Business Context and Reporting Period
This Form 8-K was filed on October 4, 2006, by Affordable Residential Communities Inc. (not Hilltop Holdings Inc., as noted in the metadata request). The report addresses events occurring in May 2006 regarding the sale of two communities.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it announces the recasting of financial statements for the periods ended December 31, 2005, and 2004, and the three-year period ended December 31, 2005. These recast statements are attached as Exhibit 99.1.
Material Changes
- Asset Disposal: In May 2006, the Company entered into contracts to sell two communities.
- Accounting Reclassification: Pursuant to Statement of Financial Accounting Standards No. 144 (Accounting for the Impairment or Disposal of Long-Lived Assets), historical financial statements have been recast to reflect these sales.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future operations, or specific risk factors beyond the requirement to recast financials. The primary disclosure is the incorporation by reference of the recast financial data and management's discussion and analysis found in Exhibit 99.1.
Investor Verification Checklist
- Review Exhibit 99.1 for the specific financial impact of the two community sales on historical results.
- Verify the adjusted revenue and net income figures for 2004 and 2005 in the recast statements.
- Confirm the treatment of the sold assets under FAS 144 in the attached management discussion.