Business Context and Reporting Period
This Form 8-K is filed by Express-1 Expedited Solutions, Inc. (not XPO, Inc.) on August 15, 2011. The report addresses the completion of a re-audit of financial statements for the fiscal years ended December 31, 2010, and 2009, following a change in the independent registered public accounting firm from Pender Newkirk & Company LLP to KPMG LLP.
Key Financial Metrics
The filing does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It states that the re-audit resulted in no changes to the consolidated balance sheets, statements of operations, or statements of changes in stockholders' equity for 2009 and 2010. An immaterial correction was identified in the consolidated statement of cash flows for the year ended December 31, 2010.
Material Changes Versus Prior Period
- Accounting Firm Change: The company switched auditors to KPMG LLP on June 22, 2011.
- Re-Audit Results: The re-audit of 2009 and 2010 financial statements confirmed that the balance sheets and income statements remained unchanged.
- Correction: An immaterial correction was made to the 2010 statement of cash flows.
- Updates: Note 17 (Subsequent Events) and other notes to the financial statements were revised and updated.
Guidance, Outlook, and Risks
The filing contains no management guidance, future outlook, or discussion of new risks. The primary focus is the procedural completion of the re-audit and the attachment of the updated financial statements and KPMG audit report as Exhibit 99.1.
Investor Verification Checklist
- Verify the specific nature of the "immaterial correction" in the 2010 statement of cash flows by reviewing Exhibit 99.1.
- Confirm the updated disclosures in Note 17 (Subsequent Events) within the attached financial statements.
- Review the full KPMG audit report included in Exhibit 99.1 for any qualifications or emphasis of matter.