01—Abstract
Summary
Summary of the 10-K/A filed February 26, 2003. Cited figures are marked; the original filing is the authoritative source.
This filing is an amendment to Certegy Inc.'s 2002 Form 10-K, correcting minor inaccuracies in disclosures related to customer relationships, Brazilian operations, and earnings per share calculations.
For investors, the key takeaway is that these are editorial corrections and do not fundamentally alter the company's financial or operational performance as originally reported. The filing reiterates that Certegy Inc. operates in a business where a significant portion of revenue is derived from member institutions, though no single institution represents a material revenue source. Additionally, the company's financial statements are subject to foreign currency translation adjustments, as evidenced by the significant impact on its Brazilian net assets.
02—Key points
Key Highlights
- Amendment No. 1 to the 2002 Form 10-K for Certegy Inc., focusing on corrections to previously filed information.
- Approximately 21.6% of consolidated revenues are derived from member institutions, with no single institution accounting for a material portion.
- Brazilian operations had net assets of approximately $87.7 million at December 31, 2002, reflecting a $116.3 million reduction due to cumulative foreign currency translation losses.
- Diluted weighted average shares outstanding in 2002 excluded approximately 1.358 million shares due to being antidilutive.
- The company is registered with the SEC under file number 001-16427 and its common stock is listed on the New York Stock Exchange.
- Certegy Inc. is identified as an accelerated filer.
03—Questions
Frequently Asked Questions
What is the purpose of this Amendment No. 1 filing?
Amendment No. 1 is filed to correct minor inadvertent misstatements in the original Form 10-K filing for the fiscal year ended December 31, 2002. These corrections pertain to specific sentences within the 'Business' section regarding customer relationships, the 'Management's Discussion and Analysis' section concerning Brazilian operations and economic downturns, and the 'Notes to Consolidated Financial Statements' regarding earnings per share.
Are there any significant changes to Certegy Inc.'s financial performance or business operations as a result of these corrections?
No, the filing explicitly states that these are editorial corrections of inadvertently misstated sentences and that all other information in the original filing remains unchanged. Therefore, these amendments do not represent a change in the company's financial performance or operational strategy.
How dependent is Certegy Inc. on its key customers?
The filing indicates that approximately 21.6 percent of Certegy Inc.'s consolidated revenues are derived from its member institutions. However, it is important to note that no single institution accounts for a material portion of the company's revenues, suggesting a diversified customer base among its member institutions.
What is the financial impact of foreign currency fluctuations on Certegy Inc.'s Brazilian operations?
At December 31, 2002, Certegy Inc.'s Brazilian operations had net assets of approximately $87.7 million. This figure reflects a significant reduction of $116.3 million attributed to cumulative foreign currency translation losses, highlighting the material impact that currency exchange rates can have on the company's international assets.
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