John R. Lee

Senior Vice President

Chief Financial Officer

(205) 510-4051





BIRMINGHAM, AL. (March 31, 2005) –

Pemco Aviation Group, Inc. (NASDAQ: PAGI), a leading provider of aircraft maintenance and modification services, today announced that the Company’s Annual Report on Form 10-K for the period ended December 31, 2004 could not be filed with the Securities and Exchange Commission (“SEC”) on a timely basis for the reasons described below.


In light of the recent clarification on lease accounting set forth in a February 7, 2005 letter from the Office of the Chief Accountant of the SEC to the American Institute of Certified Public Accountants and after discussions with the Company’s current independent registered public accounting firm, Grant Thornton LLP, and predecessor independent registered public accounting firm, Ernst & Young LLP, the Company reviewed its accounting for all leasehold improvements. The Company discovered that from 1989 through 2001 the Company assigned estimated useful lives of leasehold improvements that exceeded the remaining terms of the applicable leases, which is inconsistent with the views expressed by the SEC in its February 7, 2005 letter.


Management is working diligently to finalize the effect of the corrections to the Company’s accounting for leasehold improvements. The Company expects that the changes in the amortization of leasehold improvements will not be material to the Company’s results of operations in 2004, 2003 and 2002 but will have a material cumulative effect on the Company’s balance sheets. On a preliminary basis, the restatement for years ended December 31, 2003 and 2002 is expected to result in an increase in accumulated depreciation and amortization of approximately $1.24 million, an increase in deferred income tax asset of approximately $0.47 million and a decrease in retained earnings of approximately $0.77 million at December 31, 2003 and 2002. The unaudited information described herein may differ materially from the Company’s financial statements that are finally issued following the completion by the Company’s current and former independent registered public accounting firms of their audit of the Company’s results.


Due to the time and effort involved in determining the effect of the corrections on the Company’s financial statements and to allow time to complete auditing procedures on the correction of prior financial statements, the Company is unable to timely file its Annual Report on Form 10-K for the year ended December 31, 2004 without unreasonable effort or expense. The Company expects to file its Annual Report on Form 10-K for the year ended December 31, 2004 by April 15, 2005.



The following information was filed by Alabama Aircraft Industries, Inc (AAIIQ) on Friday, April 1, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Alabama Aircraft Industries, Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Alabama Aircraft Industries, Inc.


Never Miss A New SEC Filing Again

Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.


We Highlighted This SEC Filing For You

SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.


Widen Your SEC Filing Reading Experience

Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view


Uncover Actionable Information Inside SEC Filings

SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q


Adobe PDF, Microsoft Word and Excel Downloads

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis


FREE Financial Statements

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator

Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not


Financial Stability Report

Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity


Get a Better Picture of a Company's Performance

Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years


Log in with your credentials


Forgot your details?

Create Account