SEC Comment Letter for RUSH ENTERPRISES INC \TX\ (RUSHA, RUSHB) (CIK 0001012019) (RUSHA) — Sep 8, 2008
RUSH ENTERPRISES INC \TX\ (RUSHA, RUSHB) (CIK 0001012019)
Date: Sept. 8, 2008 · CIK: 0001012019 · Accession: 0000000000-08-045074
AI Filing Summary & Sentiment
Reasoning
File numbers found in text: 000-20797
Letter
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 DIVISION OF CORPORATION FINANCE Mail Stop 6010 September 8, 2008 Mr. Steven L. Keller Vice President and Chief Financial Officer Rush Enterprises, Inc. 555 I.H. 35 South, Suite 500 New Braunfels, Texas 78130 Re: Rush Enterprises, Inc. Form 10-K for the Year Ended December 31, 2007 Filed March 13, 2008 File No. 000-20797
Dear Mr. Keller:
We have reviewed your filing and have th e following comment. We have limited our review to only your financial statements and related disclosures and do not intend to expand our review to other portions of your documents. Wher e indicated, we think you should revise future filings in response to this comment. If you disagr ee, we will consider your explanation as to why our comment is inapplicable or a revision is unnecessary. Please be as detailed as necessary in your explanation. In our commen t, we may ask you to provide us with information so we may better understand your disclosure. After reviewing this information, we may raise additional comments. Please understand that the purpose of our review process is to assist you in your compliance with the applicable disclosure requirements and to enhance the ove rall disclosure in your filing. We look forward to working with you in thes e respects. We welcome any questions you may have about our comments or any other aspect of our review. Feel free to call us at the telephone numbers listed at the end of this letter.
Mr. Steven L. Keller Rush Enterprises, Inc. September 8, 2008 Page 2 Form 10-K for the Fiscal Year Ended December 31, 2007
Item 7. Management’s Discussion and Analys is of Financial Condition and Results of Operations, page 20
Cash Flows, page 32
Cash Flows from Operating Activities, page 32 1. We note your presentation here of net cash provided by operating activ ities including all floor plan notes payable. While disclosure of the effect of these items is beneficial to an investors understanding of your cash flows, the current disclosure format results in the presentation of a non-GAAP financial measur e for cash flows from operating activities, as adjusted. If you elect to continue to present the non-GAAP financial measure in your MD&A, please revise future filings to in clude the disclosure s required by Item 10(e)(1)(i)(C) and Item 10(e)(1 )(i)(D) of Regulation S-K.
As appropriate, please respond to this commen t within 10 business da ys or tell us when you will provide us with a response. Please furnish a cover letter that keys your responses to our comment and provides any requested information. Detailed cover letters greatly facilitate our review. Please understand that we may have additional comments after reviewing your responses to our comments. We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filing to be certain that the filing includes all information re quired under the Securities Exchange Act of 1934 and that they have provi ded all information investors require for an informed investment decision. Since the compa ny and its management are in possession of all facts relating to a company’s disclosure, they are responsible for the acc uracy and adequacy of the disclosures they have made. In connection with responding to our comme nts, please provide, in writing, a statement from the company acknowledging that: the company is responsible for the adequacy and accuracy of the disclo sure in the filing; staff comments or changes to disclosure in re sponse to staff comments do not foreclose the Commission from taking any action with respect to the filing; and the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
In addition, please be advise d that the Division of Enfo rcement has access to all information you provide to the sta ff of the Division of Corporati on Finance in our review of your filing or in response to our comments on your filing.
Mr. Steven L. Keller Rush Enterprises, Inc. September 8, 2008 Page 3 You may contact Lynn Dicker, Staff Accountant, at (202) 551-3616 or me at (202) 551- 3634 if you have questions regarding comments on th e financial statements and related matters. In this regard, do not hes itate to contact me or Martin James, Senior Assistant Chief Accountant, at (202) 551-3671 with any questions.
S i n c e r e l y ,
Kevin L. Vaughn A c c o u n t i n g B r a n c h C h i e f
Show Raw Text
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
DIVISION OF
CORPORATION FINANCE
Mail Stop 6010
September 8, 2008
Mr. Steven L. Keller Vice President and Chief Financial Officer Rush Enterprises, Inc. 555 I.H. 35 South, Suite 500 New Braunfels, Texas 78130
Re: Rush Enterprises, Inc.
Form 10-K for the Year Ended December 31, 2007
Filed March 13, 2008 File No. 000-20797
Dear Mr. Keller:
We have reviewed your filing and have th e following comment. We have limited our
review to only your financial statements and related disclosures and do not intend to expand our review to other portions of your documents. Wher e indicated, we think you should revise future
filings in response to this comment. If you disagr ee, we will consider your explanation as to why
our comment is inapplicable or a revision is unnecessary. Please be as detailed as necessary in your explanation. In our commen t, we may ask you to provide us with information so we may
better understand your disclosure. After reviewing this information, we may raise additional comments. Please understand that the purpose of our review process is to assist you in your compliance
with the applicable disclosure requirements and to enhance the ove rall disclosure in your filing.
We look forward to working with you in thes e respects. We welcome any questions you may
have about our comments or any other aspect of our review. Feel free to call us at the telephone
numbers listed at the end of this letter.
Mr. Steven L. Keller
Rush Enterprises, Inc.
September 8, 2008 Page 2 Form 10-K for the Fiscal Year Ended December 31, 2007
Item 7. Management’s Discussion and Analys is of Financial Condition and Results of
Operations, page 20
Cash Flows, page 32
Cash Flows from Operating Activities, page 32
1. We note your presentation here of net cash provided by operating activ ities including all
floor plan notes payable. While disclosure of the effect of these items is beneficial to an
investors understanding of your cash flows, the current disclosure format results in the presentation of a non-GAAP financial measur e for cash flows from operating activities,
as adjusted. If you elect to continue to present the non-GAAP financial measure in your
MD&A, please revise future filings to in clude the disclosure s required by Item
10(e)(1)(i)(C) and Item 10(e)(1 )(i)(D) of Regulation S-K.
As appropriate, please respond to this commen t within 10 business da ys or tell us when
you will provide us with a response. Please furnish a cover letter that keys your responses to our comment and provides any requested information. Detailed cover letters greatly facilitate our
review. Please understand that we may have additional comments after reviewing your
responses to our comments. We urge all persons who are responsible for the accuracy and adequacy of the disclosure
in the filing to be certain that the filing includes all information re quired under the Securities
Exchange Act of 1934 and that they have provi ded all information investors require for an
informed investment decision. Since the compa ny and its management are in possession of all
facts relating to a company’s disclosure, they are responsible for the acc uracy and adequacy of
the disclosures they have made. In connection with responding to our comme nts, please provide, in writing, a statement
from the company acknowledging that: the company is responsible for the adequacy and accuracy of the disclo sure in the filing;
staff comments or changes to disclosure in re sponse to staff comments do not foreclose the
Commission from taking any action with respect to the filing; and
the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
In addition, please be advise d that the Division of Enfo rcement has access to all
information you provide to the sta ff of the Division of Corporati on Finance in our review of your
filing or in response to our comments on your filing.
Mr. Steven L. Keller
Rush Enterprises, Inc. September 8, 2008 Page 3
You may contact Lynn Dicker, Staff Accountant, at (202) 551-3616 or me at (202) 551-
3634 if you have questions regarding comments on th e financial statements and related matters.
In this regard, do not hes itate to contact me or Martin James, Senior Assistant Chief Accountant,
at (202) 551-3671 with any questions.
S i n c e r e l y ,
Kevin L. Vaughn A c c o u n t i n g B r a n c h C h i e f