Does this amendment change BankAmerica's reported 1998 financial results?

No. According to the filing, the amendment revises only the Report of Management in Item 8. It does not indicate any restatement of the consolidated financial statements or their figures.

Why was the 10-K amended one day after it was filed?

The filing states that the amendment reflects a change to the Report of Management, but the excerpt does not explain the nature of that change. Investors would need to compare the original and amended reports to see what was revised.

What does the management report tell investors about internal controls?

Management states that it maintains a system of internal accounting controls designed to provide reasonable assurance that assets are safeguarded and transactions are properly recorded. It says it believes these controls were operating effectively as of December 31, 1998, and that an internal audit division provides independent review.

What is the approximate market value of BankAmerica's equity at the time of filing?

As of March 15, 1999, at $73.75 per share and 1,739,020,301 shares outstanding, the implied total equity market value was roughly $128 billion. The non-affiliate portion was about $126.7 billion.

Where can investors find the actual 1998 financial performance data?

The excerpt does not include it. Investors should consult the complete original 10-K filed March 22, 1999, including the consolidated financial statements and Management's Discussion and Analysis, along with this amendment.

BAC 10-K FY1998 Annual Report — Revenue, Net Income, EPS

01—Abstract

Summary

Summary of the 10-K/A filed March 23, 1999. Cited figures are marked; the original filing is the authoritative source.

This document is a Form 10-K/A, an amendment to BankAmerica Corporation's annual report for the fiscal year ended December 31, 1998.

The registrant is listed under the name BankAmerica Corporation, headquartered in Charlotte, North Carolina, with stock ticker BAC. The amendment was filed March 23, 1999, one day after the original 10-K was filed on March 22, 1999. It changes only the Report of Management in Item 8, the statement in which management describes its responsibility for the financial statements and its internal controls.

The excerpt provided contains no income statement, balance sheet, cash flow, segment, or credit quality data, so it does not support conclusions about 1998 profitability, asset quality, capital, or liquidity. The only financial information in the excerpt is from the cover page. As of March 15, 1999, the common stock closed at $73.75^a per share, and there were 1,739,020,301 shares outstanding.

The aggregate market value of stock held by non-affiliates was about $126.7 billion^b. Those figures imply a total equity market value of roughly $128 billion, based on all outstanding shares. The cover page also lists common stock and several subordinated note and debenture issues across the New York, London, Pacific, Tokyo, and American stock exchanges.

For investors, the practical takeaway is that this amendment does not change reported financial results. Its substance is the management attestation about internal controls and the audit process. Anyone analyzing BankAmerica's 1998 performance would need the original 10-K's financial statements, which this excerpt does not include, along with the amended Report of Management text itself.

02—Key points

Key Highlights

Form 10-K/A amends the original 10-K filed March 22, 1999, for fiscal year 1998, changing only the Report of Management in Item 8.
No financial statement figures (revenue, net income, assets, capital ratios, or credit metrics) appear in the excerpt provided.
Common stock closed at $73.75 per share on March 15, 1999, with 1,739,020,301 shares outstanding.
Market value of common stock held by non-affiliates was approximately $126.7 billion, implying a total equity market value of roughly $128 billion.
Management states that internal controls are in place and operating effectively as of December 31, 1998, and that the independent auditors audited the consolidated financial statements.
The Audit Committee of the Board oversees financial reporting and meets periodically with the independent accountants and internal auditors.
The registrant is listed as BankAmerica Corporation, a Delaware corporation headquartered in Charlotte, North Carolina, with securities listed on multiple U.S. and international exchanges.

03—Questions

Frequently Asked Questions

Does this amendment change BankAmerica's reported 1998 financial results?
No. According to the filing, the amendment revises only the Report of Management in Item 8. It does not indicate any restatement of the consolidated financial statements or their figures.
Why was the 10-K amended one day after it was filed?
The filing states that the amendment reflects a change to the Report of Management, but the excerpt does not explain the nature of that change. Investors would need to compare the original and amended reports to see what was revised.
What does the management report tell investors about internal controls?
Management states that it maintains a system of internal accounting controls designed to provide reasonable assurance that assets are safeguarded and transactions are properly recorded. It says it believes these controls were operating effectively as of December 31, 1998, and that an internal audit division provides independent review.
What is the approximate market value of BankAmerica's equity at the time of filing?
As of March 15, 1999, at $73.75 per share and 1,739,020,301 shares outstanding, the implied total equity market value was roughly $128 billion. The non-affiliate portion was about $126.7 billion.
Where can investors find the actual 1998 financial performance data?
The excerpt does not include it. Investors should consult the complete original 10-K filed March 22, 1999, including the consolidated financial statements and Management's Discussion and Analysis, along with this amendment.

04—Continue

← View all 10-K filings