UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August 14, 2009
NEW
CENTURY COMPANIES, INC.
(Exact
name of registrant as specified in its charter)
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Delaware
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000-09459
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06-1034587
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(State
or other jurisdiction
of
incorporation)
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(Commission
File Number)
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(I.R.S.
Employer
Identification
Number)
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9831 Romandel
Ave.
Santa
Fe Springs, California 90670
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: (562) 906-8455
Not
applicable
(Former
name or former address, if changed since last report.)
Item 4.02
Non-Reliance on Previously Issued Financial Statements or a Related Audit Report
or Completed Interim Review.
On
August 14, 2009, New Century Companies, Inc.’s (the “Company,” “we” or
“us”) management concluded that the Company’s interim consolidated financial
statements for the three-month period ended March 31, 2009 contained in our
quarterly report on Form 10-Q for the quarter ended March 31, 2009 needed
to be restated and should no longer be relied upon. The Company intends to file
an amendment of its March 31, 2009 Form 10-Q, which will contain restated
financial statements.
In
connection with the preparation of our financial statements for the quarter
ended June 30, 2009, we determined that the valuation of our derivative
liabilities, certain contract related balances and a classification error, which
we reported for the three-month period ended March 31, 2009 needed to be
restated. Specifically, the financial statements will be restated to
(i) change the valuation of our derivative liabilities, and
(ii) record a credit to decrease the previously reported change in warrant
value during the quarter ended March 31, 2009, and (iii) adjust our
revenues, cost of sales, costs in excess of billings and billings in excess of
costs in connection with our contract accounting. For additional
detail related to such restatement, please see Note 6 of the Company’s condensed
consolidated financial statements included in its Form 10-Q for the period ended
June 30, 2009.
Our
management has discussed the matters described in this Item 4.02 with
members of our Board of Directors and our independent registered public
accounting firm, KMJ Corbin & Company LLP.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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NEW CENTURY COMPANIES, INC.
(Registrant)
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Date: August
17, 2009
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By:
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/s/ DAVID
DUQUETTE
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David
Duquette
President
and Chief Executive
Officer
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