Summary
U.S. Bancorp's (USB) amended quarterly report for the period ending September 29, 2007, primarily reflects a restatement of previously reported earnings. This adjustment is due to a $115 million pre-tax charge stemming from a settlement in an antitrust lawsuit involving Visa U.S.A. Inc., in which U.S. Bancorp is a party. The settlement with American Express resolved this litigation, allowing for the restatement of financial results. As a consequence of this charge, net income for the third quarter of 2007 has been revised downwards from $1,176 million ($0.67 per diluted share) to $1,096 million ($0.62 per diluted share). Similarly, net income for the first nine months of 2007 has been restated from $3,462 million ($1.94 per diluted share) to $3,382 million ($1.89 per diluted share). Investors should note that this amendment solely addresses the impact of the Visa litigation settlement, with no other changes made to the original filing.
Key Highlights
- 1The company is filing an amendment to its Q3 2007 10-Q to restate prior earnings.
- 2A $115 million pre-tax charge was recorded due to a settlement related to Visa U.S.A. Inc. litigation.
- 3Q3 2007 net income is revised downwards to $1,096 million, or $0.62 per diluted share, from $1,176 million ($0.67 per share).
- 4Nine-month 2007 net income is restated to $3,382 million, or $1.89 per diluted share, from $3,462 million ($1.94 per share).
- 5The amendment is solely to reflect the impact of the Visa litigation settlement.
- 6No other changes were made to the original Form 10-Q filed on November 8, 2007.