Business Services Industry

Minnetonka, Minn.-Based Bankcard Issuer Delays Quarterly Report.

Knight Ridder/Tribune Business News, November, 2003

Duluth News-Tribune, Minn. Knight Ridder/Tribune Business News

Nov. 17--Metris Companies Inc. will delay filing its quarterly report with the Securities and Exchange Commission pending resolution of an accounting issue.

The company's outside auditors, KPMG LLP, issued a letter to Metris noting a material weakness involving the valuation of retained interests.

On Oct. 24, Minnetonka, Minn.-based Metris announced quarterly net losses of $130.5 million, or $2.27 per share, on Oct. 24. That compares with losses of $10.9 million, or 19 cents per share, a year earlier.

The publicly traded bankcard issuer, which has an office in Duluth, hasn't posted a profit since March 2000.

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