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TRUCKMAKERS NEWS * USA
* DC - SEC charges truck maker Paccar with accounting deficiencies
Washington,DC,USA -Accounting Today, by Michael Cohn -June 3, 2013: -- The Securities and Exchange Commission charged Bellevue, Wash.-based commercial truck manufacturer Paccar, and a subsidiary, with various accounting deficiencies that clouded their financial reporting to investors in the midst of the financial crisis... The SEC alleges that Paccar’s internal accounting controls included ineffective procedures that kept the company from adhering to various accounting rules. Paccar failed to report the operating results of its aftermarket parts business separately from its truck sales business as required under segment reporting requirements, which are in place to ensure that investors gain the same insight into a company as its executives, according to the SEC. Paccar and its subsidiary also failed to provide complete information about their loan and lease portfolios, and Paccar overstated some loan and lease originations and collections at two foreign subsidiaries in its statement of cash flows... Paccar and its subsidiary Paccar Financial Corp. agreed to settle the SEC’s charges, the SEC said Monday... Paccar Inc. will pay a $225,000 penalty for alleged accounting inaccuracies in its 2008-2012 financial filings, the Securities and Exchange Commission said...
* USA and Canada - Truck orders stayed steady in May: ACT Research
Columbus,Indiana,USA -Truck News (CAN) -4 June 2013: -- Preliminary North American Class 8 truck orders totaled 23,300 units in May, a “virtual carbon copy” of April’s figures, according to the latest data from ACT Research... Classes 5-7 orders came in at 16,700 units, also in line with the previous month... “May typically represents the start of the slower order season for Class 8. As such, seasonal adjustment pushed May’s order number above the recent trend to 24,300 units,” said Kenny Vieth, president and senior analyst, ACT Research. “The preliminary volume for Classes 5-7 represents a 12% increase compared to last year. With a low but positive factor, seasonal adjustment gave a modest boost to the May order tally at 17,200 units” ...
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