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Pastimes : Hot of the Grill - Roadhouse Grill (GRLL) -- Ignore unavailable to you. Want to Upgrade?

To: wl36944 who wrote (5)	10/6/2001 9:28:54 AM
From: Glenn Petersen	Read Replies (1) \| Respond to of 10

Old news, but GRLL's auditors, who had already given the company a "going concern" opinion, quit: Roadhouse Grill says auditor quits WASHINGTON, Sept 24 (Reuters) - Restaurant operator Roadhouse Grill Inc. <GRLL.O> on Monday said its independent auditor, KPMG LLP, has resigned. "There were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures," it said. In a filing made with the U.S. Securities and Exchange Commission, the Pompano Beach, Florida-based company said it has not found a replacement. KPMG audited the company's financial books for fiscal 2001 and 2000, which ends in April, said Roadhouse, which operates 83 restaurants and has franchised seven. In the SEC filing, the company said that during an audit of financial statements for the year ended April 29, 2001, KPMG reported a reportable condition in internal control relating to the company's failure to record two mortgage notes in the amount of $2.9 million for construction-in-process. "The company had been treating the amounts due as an operating lease due to the failure of the legal department to notify the accounting department of the restructuring of the lease," the company said. In addition, Roadhouse has experienced significant cash flow problems and a net loss of $15.9 million for the year ended April 29, 2001. It is also in default of loans. "These factors raise substantial doubt about the company's ability to continue as a going concern," the company said in the filing, repeating concerns made in previous SEC filings. Its shares last traded at 50 cents, having traded within a 52-week range of 31 cents and $3.50. 19:54 09-24-01