Corus Bankshares Inc. disclosed Tuesday in a filing with the Securities and Exchange Commission that its auditor is likely to express "substantial doubt" about the company's ability to continue as a going concern when its fourth-quarter results are issued.
Corus said it expects to post a net loss of $317 million, or $5.90 a share, for the quarter, compared with a profit of $1.9 million, or 3 cents a share, a year earlier. It blamed "the severe economic downturn and the corresponding deterioration" in its loan portfolio.
The Chicago banking company said in its late-filing notice to the SEC that it is not certain when it would issue its results but that it would do so "as soon as practicable." The filing also said Michael Dulberg, Corus' chief financial officer, went on a leave of absence March 16 at his request. His decision is not tied to any disagreement with the company or its outside accountant on any matter relating to operations, policies or practices, Corus said.
