Plot thickens in Glasgow case | Arkansas Blog

Thursday, March 20, 2008

Plot thickens in Glasgow case

Posted By on Thu, Mar 20, 2008 at 3:57 AM

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Talk Business catches a federal financial filing Wednesday evening by Dillard's Inc., that has a bearing on the case of John Glasgow (pictured), the missing chief financial officer of CDI Contractors, a construction firm half-owned by Dillard's.

Specifically, there's been a restating of Dillard financial reports back to 2005 because of what a Dillard's statement says was an "error" in CDI accounting. It says the change wasn't "material."

The Dillard’s statement reads:  “The company owns a 50% interest in CDI Contractors LLC (CDI), a construction company which does construction work for the company and for third parties. The company accounts for its interest in CDI by the equity method. In connection with a potential transfer of the other 50% shareholder’s interest, the company performed a review of CDI’s internal financial records. During this review process, the company discovered that CDI had recorded profit on the company’s construction projects in excess of what CDI had previously reported to the company and which, therefore, were not properly eliminated.

“Because the cumulative effect of this error would be material to operating results for 2007, the company has elected to restate its opening retained earnings as of January 29, 2005 in order to eliminate the cumulative effect of this profit from its financial statements for all periods prior to the fiscal year ended January 28, 2006. Opening retained earnings was reduced by $7.1 million; the deferred income tax balances were reduced by $4.1 million and the carrying amount of property, plant & equipment was reduced by $11.2 million. The effects of this error on the company’s consolidated statements of operations for the fiscal years ended January 28, 2006 and February 3, 2007, respectively, were not material and were recorded in 2007.”

In its only previous statement on the matter, Dillard's told Arkansas Business in a prepared response to questions that Glasgow's job was not in jeopardy on account of any circumstances related to ownership transitions at CDI stemming from the death of founder Bill Clark. It also said it did not believe Glasgow or anyone else had misappropriated money. Glasgow was last seen Jan. 28. Searches for him have been fruitless and no clues have emerged suggesting his whereabouts. Glasgow had told friends and family about tensions with Dillard's officials in the days before his disappearance stemming from accounting disagreements.


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