VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 24, 2017) - Ten Peaks Coffee Company Inc. ("Ten Peaks" or the "Company") (TSX:TPK) today announced that it has restated and re-filed with applicable Canadian securities regulators its audited consolidated financial statements and related management's discussion and analysis (MD&A) for the year ended December 31, 2016. Subsequent to issuing its 2016 consolidated financial statements on March 15, 2017, the Company determined that the unrealized gain on derivative financial instruments had been added in the calculation of cash from operating activities before changes in non-cash working capital accounts, when it should have been subtracted. The correction results in a decrease in cash from operating activities before changes in non-cash working capital accounts of $3.5 million, and a corresponding increase of $3.5 million in changes in non-cash working capital. The restatement only affects the consolidated statement of cash flows, and does not impact net cash generated from operating activities. Accordingly, there is no change to the Company's consolidated statements of financial position, income, comprehensive income or changes in equity. The restatement does not change net income, earnings per share or EBITDA for the period.
The amended and restated consolidated financial statements and related MD&A for the year ended December 31, 2016 are available on the Company's website and on SEDAR (www.sedar.com).
Ten Peaks is a publicly traded company that owns all of the interests of the Swiss Water Decaffeinated Coffee Company Inc. (SWDCC), a premium green coffee decaffeinator located in Burnaby, BC. It also owns and operates Seaforth Supply Chain Solutions Inc. (Seaforth), a green coffee handling and storage business located in Metro Vancouver.
Ten Peaks Coffee Company Inc.
Chief Financial Officer