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Bay area execs complyBy HELEN HUNTLEY, Times Staff Writer
© St. Petersburg Times Executives of the three Tampa companies required to certify their financial statements met the Securities and Exchange Commission's deadline with time to spare. The chief executives and chief financial officers of Walter Industries Inc., Outback Steakhouse Inc. and TECO Energy Inc. all signed off on the accuracy of their most recent annual and quarterly reports. Numerous other companies with significant Tampa Bay ties also filed, including Progress Energy Inc., Anheuser-Busch Cos., Bank of America Corp., Citigroup Inc., Marriott International Inc. and Wachovia Corp. "I have complete confidence in our financial reporting process, and this certification should reinforce that fact to the investors," TECO chief executive Robert Fagan said. Outback's chief financial officer, Robert Merritt, said the commission's requirement may be new, but he doesn't consider it a change in his responsibilities. "I've always viewed my signature as being a certificate that I believe that the reports are accurate and properly done," he said. However, Merritt said he doubted the requirement would deter fraud. "If you're out there commiting fraud, do you think that's going to stop you from signing these statements?" he asked. "I think it's just window dressing." The SEC requirement to certify the accuracy of prior statements applies to 954 companies with annual revenues of $1.2-billion or more. Three other Tampa Bay area companies meet that standard, but didn't have to meet Wednesday's deadline because they use a fiscal year other than the calendar year. Jabil Circuit Inc., Tech Data Corp. and Raymond James Financial Inc. will be required to file later this year. In the future, executives of all public companies will be required to attest to the accuracy of financial statements under a new federal law known as the Sarbanes-Oxley Act. Those who falsify reports could face up to 20 years in prison and a $5-million fine. -- Helen Huntley can be reached at huntley@sptimes. com or (727) 893-8230.
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From the Times Business report
From the AP
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