SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 19, 2004
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Washington Federal, Inc.
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(Exact name of registrant as specified in its charter)
Washington 0-25454 91-1661606
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
425 Pike Street, Seattle, Washington 98101
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (206) 624-7930
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Not Applicable
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(Former name, former address and former fiscal year, if changed since last
report)
Item 8.01. Other events
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Washington Federal, Inc. (the Company) (Nasdaq: WFSL), parent company of
Washington Federal Savings, has reviewed the accounting treatment of the
Company's cash flow hedges under Statement of Financial Accounting Standards
No. 133, "Accounting for Derivative Instruments and Hedging Activities"
(FAS 133). The result of this review was that certain portions of net
unrealized gains on such cash flow hedges were incorrectly recorded in prior
period financial statements as a part of stockholders' equity through other
comprehensive income and will now be recorded to net income in the Company's
restated financial statements for fiscal years 2001 through 2003. The
Company's audit committee and independent registered public accounting firm
have discussed the Company's adjustment. The cumulative impact of
the restatement is an increase in net income of approximately $7,735,000 or
1.92% in the aggregate, when compared with the aggregate of previously
reported net income for the fiscal years 2001 through 2003. This
restatement affects the following periods as shown:
Year Ended September 30,
2003 2002 2001
In thousands, except per share data
Pre-Tax Earnings
Previous $ 224,565 $ 222,354 $ 175,464
As restated 223,722 229,196 181,410
% change -0.4% +3.1% +3.4%
Net Income
Previous $ 145,544 $ 143,954 $ 113,614
As restated 144,999 148,384 117,464
% change -0.4% +3.1% +3.4%
Diluted Earnings Per Share
Previous $ 1.88 $ 1.86 $ 1.47
As restated 1.88 1.91 1.52
% change 0.0% +2.7% +3.4%
Stockholders' equity
Previous $1,055,596 $ 960,718 $ 874,009
As restated 1,055,596 960,718 874,009
% change 0.0% 0.0% 0.0%
The Company intends to file an amended annual report on Form 10-K for
the fiscal year ended September 30, 2003 to reflect these changes.
This restatement will increase earnings in the 4th fiscal quarter of 2004
by approximately $420,000. The Company has determined that the impact
on each of the first three quarters of fiscal 2004 is not material.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WASHINGTON FEDERAL, INC.
Dated: October 19, 2004 By: /s/ Brent J. Beardall
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Brent J. Beardall
Senior Vice President and
Chief Financial Officer