Auto Service World
News   March 28, 2006   by Auto Service World

CSK to Postpone Release of Fourth Quarter Financial Results

U.S. auto parts chain CSK Auto Corporation announced the postponement of its scheduled date for the release of its fourth quarter and fiscal 2005 financial results and related investor call.
According to a statement on the company website, the postponement is being made in order to give an independent accounting firm more time to go over irregularities found during the course of a routine internal audit.
The company has stated that the accounting errors and irregularities relate primarily to the company’s inventories and vendor allowances, some of which date back to 2002.
Despite the accounting troubles, CSK insists these issues “will have no impact on the company’s reported sales or overall historical cash flows and should have no impact on its ability to honor its contractual commitments or operate its business in the ordinary course.”
As of January 29, 2006, the company operated 1,273 stores in 22 states under the brand names Checker Auto Parts, Schuck’s Auto Supply, Kragen Auto Parts and Murray’s Auto Parts Stores.

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