SEC focusing on West Marine’s accounting practices

Author:
Updated:
Original:

West Marine received a notice from the Securities and Exchange Commission that the commission intends to recommend civil action be brought against the company.

The recommendation stems from the SEC’s investigation concerning the company’s fiscal year 2003 accounting for indirect costs included in inventory cost and from the company’s adoption of Emerging Issues Task Force Issue No. 02-16, “Accounting by a Customer (including a Reseller) for Certain Consideration Received from a Vendor.”

West Marine has disclosed these items in previously filed SEC reports, including its effects on particular periods, and corrected its financial statements with respect to each of them.

West Marine said it is evaluating the notice and intends to discuss the matter with the SEC to reach a “prompt resolution” of this matter.

Related

Lippert Components Rebrands

The company’s core line of marine, RV and commercial products, including Lewmar and Taylor Made, will be branded as Lippert.

‘A Strong Finish to a Strong Year’

Booming demand for boats continued as the year ended, with the industry posting the highest number of sales since 2007.

Culture Summit 2.0

Correct Craft will gather “organizational culture drivers” for its second summit, which will take place virtually March 3.

Quick Hits: January 22, 2021

B.A.S.S. now taking noms for ‘21 Bassmaster High School All-American Fishing Team and Yacht Sentinel teams with Fountaine Pajot to equip its lineup with connected boat technology.

Teak Isle Expands Operations

The Florida-based manufacturer purchased a 45,000-square-foot facility and two additional CNC routers.

Ensuring Gamefish Stability

Simrad’s support of Gray FishTag Research helps promote the importance of sustainable oceans and fisheries.