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美证券交易委员会称：可口可乐公司内部帐务问题调查结束 |
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| 美证券交易委员会称：可口可乐公司内部帐务问题调查结束 |
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作者：佚名 文章来源：不详 点击数： 更新时间：2006-12-21 16:57:22  |
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Apr 18, 2005 — WASHINGTON (Reuters) - Coca-Cola Co. agreed to undertake internal reforms to settle a long-running accounting probe related to the soft drink giant's dealings with Japanese bottlers, the U.S. Securities and Exchange Commission said on Monday.
Under the agreement, Coca-Cola, the world's largest beverage company, will also accept a cease-and-desist order, but will pay no fines, the SEC said.
Coca-Cola, which neither admitted nor denied wrongdoing, said it was pleased to put the matter behind it.
The SEC said the probe centered on Coca-Cola between 1997 and 1999 asking bottlers in Japan to make additional purchases of cola concentrate in order to boost Coke's revenues, enabling the Atlanta-based company to meet profit targets.
"Coca-Cola misled investors by failing to disclose end of period practices that impacted the company's likely future operating results," said Richard Wessel, head of the SEC's Atlanta office, in a statement.
Coca-Cola agreed to conduct an internal review of how its financial statements are prepared and report back to the SEC.
The company said the U.S. Justice Department has dropped a related inquiry.
The end of the investigation was positive for Coca-Cola, which has been suffering from sluggish sales as health-conscious consumers have cut their consumption of traditional soft drinks, Legg Mason analyst Mark Swartzberg said.
The company also has faced internal turmoil over the past year, shaking up its top management and spending heavily on marketing in a bid to restore profit growth and revive its flagging share price.
In practices known as "gallon pushing," Coca-Cola generated income in Japan that "was the difference between Coca-Cola meeting or missing analysts' consensus or modified consensus earnings estimates for eight out of 12 quarters from 1997 through 1999," the SEC said.
Coca-Cola's Japanese unit, at or near the ends of financial reporting periods, offered extended credit terms to induce bottlers to buy concentrate that they otherwise would not have purchased until the next period, the SEC said.
Bottlers purchased the concentrate to preserve their relationships with Coca-Cola, which knew that the practice was creating a concentrate inventory overhang at the bottlers and would likely hurt future income, the SEC said.
"At no point between 1997 and 1999, however, did Coca-Cola publicly disclose to shareholders the existence of gallon pushing, the impact of gallon pushing on its current income, or the likely impact of gallon pushing on its future income," the SEC said.
The SEC said Coca-Cola made "false and misleading statements" in filings with the agency in 1997 through 1999 and in 2000 related to a concentrate inventory reduction push.
Shares of Coca-Cola were down 48 cents at $40.81 in afternoon trade on the New York Stock Exchange.
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