yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.

2008 West
Data Direct
SOA, WOA and Cloud Computing: The New Frontier for Data Services
Red Hat
The Opening of Virtualization
User Environment Management – The Third Layer of the Desktop
Cloud Computing for Business Agility
CMIS: A Multi-Vendor Proposal for a Service-Based Content Management Interoperability Standard
Freedom OSS
Practical SOA” Max Yankelevich
Architecting an Enterprise Service Router (ESR) – A Cost-Effective Way to Scale SOA Across the Enterprise
Return on Assests: Bringing Visibility to your SOA Strategy
Managing Hybrid Endpoint Environments
Game-Changing Technology for Enterprise Clouds and Applications
Click For 2008 West
Event Webcasts

2008 West
Get ‘Rich’ Quick: Rapid Prototyping for RIA with ZERO Server Code
Keynote Systems
Designing for and Managing Performance in the New Frontier of Rich Internet Applications
How Can AJAX Improve Homeland Security?
Beyond Widgets: What a RIA Platform Should Offer
REAs: Rich Enterprise Applications
Click For 2008 Event Webcasts
Today's Top SOA Links

CEDC Announces Restatement of Second Quarter 2012 Results

MT. LAUREL, N.J., Nov. 13, 2012 /PRNewswire/ -- Central European Distribution Corporation (NASDAQ: CEDC) announced today that it expects to restate its financial results for the three and six months ended June 30, 2012.  CEDC will restate these financial statements to correct an excess provision previously recorded to account for promotional compensation granted to one customer in a division of its main operating subsidiary in Russia, the Russian Alcohol Group ("RAG").  The excess provision resulted in an inadvertent understatement of the Company's accounts receivable.

CEDC estimates that the aggregate effect of the adjustments identified to date will result in an increase in accounts receivable as at June 30, 2012, and a decrease in selling, general and administrative expenses for the three and six months ended June 30, 2012, of approximately $6 million, resulting in an increase in net income for the three and six months ended June 30, 2012, of approximately $6 million, which amounts are subject to change as CEDC continues its review of the accounting matters discussed herein. These amounts reflect the fact that certain accounts receivable related to promotional compensation granted to customers of RAG that had been provisioned as doubtful accounts were ultimately recovered in the period and therefore the associated provisions are to be reversed. The adjustments are not expected to have any impact on previously reported net cash provided by operating activities reported in the cash flow statements during the period.

As previously disclosed, following an internal investigation led by the Audit Committee of CEDC's board of directors regarding CEDC's retroactive trade rebates, trade marketing expenses and related accounting issues, including the promotional compensation granted to customers of RAG, CEDC filed an amended annual report on Form 10-K/A for the year ended December 31, 2011, and amended quarterly reports on Form 10-Q/A for the three and nine months ending September 30, 2011 and the three months ending March 31, 2012, with the United States Securities and Exchange Commission (the "SEC"). In addition, CEDC filed a Form 10-Q for the three and six months ending June 30, 2012, that included restated financial statements as of and for the three and six months ending June 30, 2011. The adjustments to CEDC's unaudited condensed consolidated financial statements for the three and six months ended June 30, 2012, disclosed above represent a partial reversal of the selling, general and administrative expenses, and associated adjustments to the accounts receivable, reported in these restated financial statements.

Certain members of the board of directors and senior management of CEDC have discussed the matters described above with Ernst & Young Audit Sp. z.o.o., CEDC's current auditor. CEDC is currently targeting a date of November 19, 2012, for filing an amended quarterly report on Form 10-Q for the three and six months ended June 30, 2012 with the SEC to reflect the restated financial statements. There can be no assurance, however, that this filing will be made within the anticipated period.

While CEDC has begun restructuring its corporate finance and reporting department in Poland and Russia to implement more effective internal controls over financial reporting, management's evaluation of its internal control over financial reporting has disclosed material weaknesses still exist as noted in Management's Annual Report on and Changes in Internal Control over Financial Reporting located in Item 9A, Controls and Procedures, of CEDC's Form 10-K/A for the year ended December 31, 2011, filed with the SEC on October 5, 2012. CEDC is in the process of implementing the remediation steps listed in that Item 9A.

The expected effects of the restatement described above are based on currently available information. Because CEDC's accounting review is ongoing, the estimates included herein are subject to change until the final restated financial statements are filed with the SEC.

About Central European Distribution Company

CEDC is one of the largest producers of vodka in the world and Central and Eastern Europe's largest integrated spirit beverage business. CEDC produces the Green Mark, Absolwent, Zubrowka, Bols, Parliament, Zhuravli, Royal and Soplica brands, among others. CEDC currently exports its products to many markets around the world, including the United States, England, France and Japan.

CEDC also is a leading importer of alcoholic beverages in Poland, Russia and Hungary. In Poland, CEDC imports many of the world's leading brands, including brands such as Carlo Rossi Wines, Concha y Toro wines, Metaxa Liqueur, Remy Martin Cognac, Sutter Home wines, Grant's Whisky, Jagermeister, E&J Gallo, Jim Beam Bourbon, Sierra Tequila, Teacher's Whisky, Campari, Cinzano, and Old Smuggler. CEDC is also a leading importer of premium spirits and wines in Russia with such brands as Concha y Toro, among others.

Cautionary Statement about Forward-Looking Information

This press release contains forward looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, statements regarding the expected materiality or significance of the estimated adjustments to CEDC's financial statements, the expected timing for filing CEDC's amended quarterly report and the quantitative effects of the restatement. Forward looking statements are based on our knowledge of facts as of the date hereof and involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of CEDC to be materially different from any future results, performance or achievements expressed or implied by our forward looking statements. Such risks include, among others, the risk that additional information may arise from the evaluation of CEDC's disclosure controls and procedures and that the preparation of CEDC's restated financial statements or other subsequent events would require CEDC to make other revisions.

Investors are cautioned that forward looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. CEDC undertakes no obligation to publicly update or revise any forward looking statements or to make any other forward looking statements, whether as a result of new information, future events or otherwise, unless required to do so by securities laws. Investors are referred to the full discussion of risks and uncertainties included in CEDC's Form 10-K/A for the fiscal year ended December 31, 2011, including statements made under the captions "Item 1A. Risks Relating to Our Business" and in other documents filed by CEDC with the Securities and Exchange Commission.


In the U.S.:
Jim Archbold
Investor Relations Officer
Central European Distribution Corporation

In Europe:
Anna Załuska
Corporate PR Manager
Central European Distribution Corporation

SOURCE Central European Distribution Corporation

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Web 2.0 Latest News
Intuit uses deep-data analytics to gain a 360-degree view of its TurboTax application's users’ behavior and preferences for rapid applications improvements. The next BriefingsDirect big-data innovation case study highlights how Intuit uses deep-data analytics to gain a 360-degree view...
Certain CIOs for incomprehensible reasons keep off their cloud transformation projects several key IT disciplines including Enterprise Architecture (EA), IT Service Management (ITSM) and most importantly Project Management. Do they consider them obsolete? useless? irrelevant? ITaaS St...
In today’s pharmaceutical supply chain, counterfeit activity is thriving. As pharma companies have expanded target markets and outsourced production over the last decade, the supply chain has become increasingly global, virtual, and vulnerable. Illicit activity has thrived, and patient...
Here’s the thing: as sure as we’ll have another record-setting year for NFL streaming, you can also be sure that apps will fail and streaming services will go down. Whether you are dabbling in streaming or diving in whole-hog, you need to know what to do to give your users the most rel...
This is how a typical software product lifecycle works : You gather requirements, build a prototype, detail out the architecture and design, develop the product, test it, deploy the product, handle migration and maintenance and ensure product support. This is a closed loop where the Pr...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)!

Advertise on this site! Contact advertising(at)! 201 802-3021

SYS-CON Featured Whitepapers