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Non-Tech : Just For Feet (FEET)
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To: Walter High who wrote (221)6/2/1997 1:56:00 PM
From: Mark T. Heath   of 750
 
Yea, I think it is an accounting issue. If I understand the situation correctly, the independent auditors forced the issue and the earnings adjustment since the issue was material to the company's earnings. It happens, but still one would think the company's own accounting people or CFO would have caught this. Granted that the decision to expense rather than amortize was made by management, surely someone knew the issues on this even before the independent auditors came calling. What's always bugged me about this is that FEET has been in a growth mode for some time now and opening new stores like crazy. So how is it that the adjustment was just forced recently? I remember you stating in a previous post that this is one of the issues that has been hanging over the company and one the shorts like to site as their reasoning for the short position. I guess "materiality" suddenly became the issue, not so much the amortization itself.
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