10-Q/A: ScanSource Corrects Share Count in Amended Quarterly Filing

ScanSource has filed an amendment to its quarterly report to correct the number of outstanding common shares as of November 4, 2024.

Summary

• ScanSource, Inc. filed an amendment to its quarterly report on Form 10-Q for the period ended September 30, 2024.
• The amendment was made to correct an error in the number of common shares outstanding as of November 4, 2024.
• The corrected number of common shares outstanding is 23,818,150.
• The original filing was made on November 7, 2024.
• The amendment includes new certifications from the CEO and CFO as required by the Sarbanes-Oxley Act of 2002.
• No other changes were made to the original filing, and the amendment does not reflect events after the original filing date.

Sentiment

Score: 7

Explanation: The document is a routine correction of a minor error. While the error itself is a negative, the company's prompt action to correct it is a positive. Overall, the sentiment is neutral to slightly positive.

Positives

• The company has taken steps to correct an error in its previously filed quarterly report.
• The CEO and CFO have certified the accuracy of the amended report.

Negatives

• The need for an amendment indicates an initial error in the reported share count.

Risks

• Errors in financial reporting can erode investor confidence.
• The need for an amendment may raise questions about the company's internal controls.

Management Comments

• Michael L. Baur, Chairman and CEO, certified that the report does not contain any untrue statement of a material fact.
• Steve Jones, Senior Executive Vice President and CFO, certified that the report does not contain any untrue statement of a material fact.

Industry Context

This type of amendment is not uncommon and is often related to minor errors in reporting. It is important for companies to maintain accurate records and correct errors promptly to maintain investor confidence.

Comparison to Industry Standards

• Public companies are expected to file accurate financial reports with the SEC.
• The need for an amendment to correct a share count is not unusual, but it is important to ensure that such errors are not indicative of broader issues.
• Other companies in the technology distribution sector also file quarterly reports and may occasionally need to amend them.

Stakeholder Impact

• Shareholders will be impacted by the correction of the share count, although the impact is likely to be minimal.
• The correction of the error should reassure stakeholders about the company's commitment to accurate reporting.

Key Dates

Keywords

ScanSource, amendment, quarterly report, Form 10-Q, share count, common stock, Sarbanes-Oxley, certification