Business Briefs: Center Financial, Pacific Energy Partners, IMPCO Technologies

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& #8226; Center Financial Corp.

alerted the Securities and Exchange Commission that it will be late in filing its Form 10-Q for the third quarter because it needs more time to complete the restatement of its Form 10-K for fiscal 2004 as well as its first and second quarter reports for the periods ended March 31 and June 30. The L.A.-based holding company for Center Bank had issued a press release on Oct. 27 detailing its third quarter results, but had not officially filed with the SEC.



& #8226; Pacific Energy Partners L.P.

said it will delay its third quarter results in order to complete a review of the accounting for its Rangeland pipeline system revenue. The results were originally scheduled to be released on Wednesday. Pacific Energy Partners has asked for a five-day extension.


The Long Beach-based crude oil company said an error in accounting for inventory and cost of goods sold for the Rangeland system since it was acquired in May 2004 has resulted in an understatement of net revenue and a corresponding understatement of inventory balance. Pacific Energy Partners said the restatement will increase quarterly net revenue.



& #8226; IMPCO Technologies Inc.

said it will be late in filing its third-quarter financial statements because it is busy reviewing its full-year 2004 results as well as those for its first and second quarters after company management found errors while reviewing the previously reported statements.


The 2004 restatement is anticipated to increase the reported net loss by nearly $1.6 million to $15.8 million. The basic and diluted net losses per share for the fourth quarter and fiscal year 2004 are expected to be restated from 88 cents and 77 cents per share to 96 cents and 85 cents per share, respectively.


The company expects it will also have to restate its results for the quarters ended March 31 and June 30. IMPCO said it will file its third-quarter statements by Nov. 14.

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