Paccar to Pay $225,000 Accounting Fine, SEC Says
Paccar Inc. will pay a $225,000 penalty for alleged accounting inaccuracies in its 2008-2012 financial filings, the Securities and Exchange Commission said.
The Bellevue, Wash., truck and engine maker did not admit to or deny any charges but agreed to pay the fine, the SEC said in a statement Monday.
The agency’s civil complaint filed in U.S. District Court in Seattle charged Paccar with failing to report segment results for the Paccar Financial and Paccar Parts businesses in accordance with generally-accepted accounting principles, or GAAP.
Paccar is the parent company of Kenworth Truck Co., Peterbilt Motors Co. and Paccar Engines in North America. It also has operating companies overseas.
“We have cooperated fully with the SEC on these matters,” said Paccar Chief Financial Officer Robert Christensen.
“The company has enhanced its segment reporting and it is important to say that there was no change to net profit reported as a result of this,” Christensen added in a telephone interview Tuesday.
Paccar’s 2013 first-quarter earnings statement is an example of the updated and compliant reporting method, said Christensen, who has been the company’s CFO since Jan. 1.
“The deficient controls and procedures at Paccar caused inconsistencies in its financial reporting and kept investors and regulators from seeing the company through the eyes of management,” Michael Dicke, associate regional director of the SEC’s San Francisco office, said in a statement.
