Summary
Progressive Corporation filed an amended quarterly report (10-Q/A) for the period ending March 31, 2003, primarily to correct an error in the calculation of its ratio of earnings to fixed charges. The original filing incorrectly used net income instead of income before income taxes. This amendment revises that specific exhibit, ensuring a more accurate representation of the company's earnings coverage for its fixed charges. Investors should note that this amendment does not alter the company's core financial performance or operational results reported in the original 10-Q. The focus remains on the accuracy of the financial reporting disclosures, particularly concerning leverage and debt servicing capabilities. While the correction itself might not materially impact the overall financial health perception, it highlights the importance of precise financial reporting and the company's commitment to rectifying disclosure errors.
Key Highlights
- 1The filing is an amendment to the previous 10-Q for the quarter ended March 31, 2003, specifically to correct Exhibit 12, the Computation of Ratio of Earnings to Fixed Charges.
- 2The error involved using net income (after income taxes) instead of 'Income before income taxes' in the original calculation.
- 3The amendment corrects the 'Income before income taxes' figure and consequently revises the ratio of earnings to fixed charges.
- 4This amendment does not change the underlying operational or financial performance reported in the initial 10-Q.
- 5The company has 217,660,740 common shares outstanding as of April 30, 2003.
- 6Progressive Corporation has met all filing requirements for the preceding 12 months and 90 days and is classified as an accelerated filer.