News Release Details
Financial Press Release
PNC Amends Consolidated Statement of Cash Flows for 2006
PITTSBURGH, Feb. 4 /PRNewswire-FirstCall/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced that it has filed an amended Form 10-K for the year ended December 31, 2006, affecting the Consolidated Statements of Cash Flows for the year ended December 31, 2006.
The change is limited to the Consolidated Statement of Cash Flows for the year ended December 31, 2006, and does not impact any of the corporation's other financial statements or previously reported results.
This change resulted solely from the misclassification of cash flows related to the corporation's fourth quarter 2006 issuance of perpetual trust securities of $489 million. The cash flows related to the issuance of these securities had been classified within the "Operating Activities" section of the Consolidated Statement of Cash Flows. Management has concluded that the impact of this and similar subsequent transactions should be classified within the "Financing Activities" section of the Consolidated Statement of Cash Flows.
The PNC Financial Services Group, Inc. (http://www.pnc.com/) is one of the nation's largest diversified financial services organizations providing retail and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.
SOURCE: PNC Financial Services Group, Inc.
CONTACT: Media: Fred Solomon, +1-412-762-4550,
firstname.lastname@example.org, or Investors: William H. Callihan,
+1-412-762-8257, email@example.com, both of PNC Financial Services
Web site: http://www.pnc.com/
Company News On-Call: http://www.prnewswire.com/comp/701257.html