Dover Saddlery Announces Delay in Filing Form 10-Q for First Quarter 2013

Dover Saddlery Announces Delay in Filing Form 10-Q for First Quarter 2013 
LITTLETON, MA -- (Marketwired) -- 05/15/13 --  Dover Saddlery, Inc.
(NASDAQ: DOVR), the leading multi-channel retailer of equestrian
products, today announced that the filing of its 10Q for the 2013
first fiscal quarter ending March 31, 2013 will be delayed, and that
it expects to restate its financial statements for fiscal year 2012
and each of the 2012 fiscal quarters, as necessary, (the "Affected
Statements") and, accordingly, the Affected Statements should no
longer be relied upon by investors.  
As a result of the review of the 2013 first quarter and consultation
between the Company's directors, executive officers, and its outside
auditors, the Company discovered that certain estimates of its gift
card liabilities in 2012 have been overstated. Accounts that could be
impacted in the Affected Statements are net revenues, other
liabilities and the related impact on our income tax accounts.  
The Company made this determination on May 14, 2013. At this time,
the Company expects that the cumulative amount of adjustment to net
income in the Affected Statements to be a total increase in the range
of $200,000 to $400,000 for the full year ended December 31, 2012. 
The Company expects to complete its 10-Q for the first quarter of
2013 and the required restatement of the Affected Statements, in
accordance with GAAP, and file any amended 10-Q and 10-K reports
reflecting the changes with the SEC, in each case on or about May 31,
2013. 
Historically, the Company has been using the homogenous pool method
for determining gift card liability. It is management's opinion that
with this method there was not sufficient accuracy in the recording
of the gift card liability account. Starting with the first quarter
ending on March 31, 2013, the Company will be using the specific
identification method to track every gift card issued and redeemed to
determine its gift card liability. In addition, we will add an
account analysis to our closing process and strengthen the process of
gift card account reconciliation at the end of each quarter.  
About Dover Saddlery, Inc. Dover Saddlery, Inc. (NASDAQ: DOVR) is the
leading multi-channel retailer of equestrian products in the United
States. Founded in 1975 in Wellesley, Massachusetts, by United States
Equestrian team members, Dover Saddlery has grown to become The
Source(R) for equestrian products. Dover offers a broad and
distinctive selection of competitively priced, brand-name products
for horse and rider through catalogs, the Internet and company-owned
retail stores. Dover Saddlery, Inc. serves the English rider and
through Smith Brothers, the Western rider. The Source(R), Dover
Saddlery(R) and Smith Brothers(R) are registered marks of Dover
Saddlery. 
For more information, please call 1-978-952-8062 or visit
DoverSaddlery.com. 
Forward-Looking Statements
 This press release includes
"forward-looking statements" within the meaning of section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, including without limitation
statements made about the expected range of any cumulative amount of
adjustment to net income for fiscal 2012, and expected completion
date of its filings with the SEC of either the 10Q for the first
quarter of 2013 or any of the Affected Statements. All statements
other than statements of historical fact included in this press
release regarding the Company's strategies, plans, objectives,
expectations, and future operating results are forward-looking
statements. Although Dover believes that the expectations reflected
in such forward-looking statements are reasonable at this time, it
can give no assurance that such expectations will prove to have been
correct. 
 These forward-looking statements involve significant risks
and uncertainties, including those discussed in this release and
others that can be found in "Item 1A Risk Factors" of Dover Saddler's
Annual Report on Form 10-K for the fiscal year ended December 31,
2012. Dover Saddlery is providing this information as of this date
and does not undertake any obligation to update any forward-looking
statements contained in this document as a result of new information,
future events or otherwise. No forward-looking statement can be
guaranteed and actual results may differ materially from those Dover
Saddlery projects. 
Janet Nittmann
jnittmann@doversaddlery.com
Tel 978-952-8062 x218 
 
 
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