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Hollywood discloses internal control problems, restates earnings

Hollywood discloses internal control problems, restates earnings

by Rick Turoczy on March 18, 2005

Hollywood Entertainment Corp. disclosed problems with its internal accounting for lease transactions in financial statements and restated earnings for 2002, 2003 and the first three quarters of 2004. Hollywood, like many companies, reviewed its internal control procecures following a Feb. 7 letter issued by the Office of the Chief Accountant of the Securities and Exchange Commission to the American Insittute of Certified Public Accountants. The letter clarified the SEC’s position on accounting for certain operating lease matters.

In its annual 10K report, filed Thursday, Hollywood said it concluded it needed to correct its accounting procedures for leases and restate earnings for the affected periods.

Hollywood discloses internal control problems, restates earnings

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