News Column

Hertz Holds Off on Filing Q2 Results

August 12, 2014

Associated Press

Hertz office in Michigan (Dwight Burdette, Creative Commons)
Hertz office in Michigan (Dwight Burdette, Creative Commons)

NEW YORK (AP) Hertz is delaying filing its second-quarter financial results because of its ongoing review of some accounting errors.

In June, the car rental company said that it needed to review and correct its financial reports from the last three years after an audit found accounting errors. The Park Ridge, New Jersey, company said at that time that it would restate financial statements from 2011 and would correct and possibly restate statements from 2012 and 2013.

The errors were related to the depreciation of some of its non-fleet assets and an allowance for doubtful accounts in Brazil, among other items, Hertz Global Holdings Inc. said.

The company said in a Securities and Exchange Commission filing on Tuesday that it was unable to complete its second-quarter report by Monday, its due date, and would be unable to file it within the five-day extension period.

Hertz announced in March that it plans to spin off its equipment rental business into a separate publicly traded company. The spinoff will leave Hertz with the Hertz, Dollar, Thrifty and Firefly rental car businesses and Donlen, which provides fleet leasing and management services. The spinoff is expected to close by early next year.

Shares of Hertz shed 30 cents to $27.75 in premarket trading.

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Original headline: Hertz delays filing of 2Q financial results


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