Chicago-based Corus Bankshares Inc. disclosed Tuesday in a filing with the Securities and Exchange Commission that it expects its auditor to issue an expression of "substantial doubt" about the company's ability to continue as a going concern when Corus issues fourth-quarter results.
The bank holding company said it expects to post a net loss of $317 million, or $5.90 a share, for the quarter ended Dec. 31, compared with profit of $1.9 million, or 3 cents a share, for the same period in 2007. The company blamed "the severe economic downturn and the corresponding deterioration" in its loan portfolio for the weaker performance.
Corus said in its late-filing notice to the SEC that it isn't certain when results would be completed but would issue them in its annual report "as soon as practicable."
Also according to Tuesday's filing, Corus Chief Financial Officer Michael Dulberg has taken a leave of absence at his request, effective March 16. His decision isn't tied to any disagreement with the company or its outside accountant on any matter relating to operations, policies or practices, Corus said.