Recent US Earnings Restatements
08 Jan 17:00
The following is a list of companies that have recently restated their
earnings:
Ariba (ARBA)
Ariba will restate its financial results for the fiscal year ended Sept. 30,
2001 to reflect a change in the accounting treatment of a $10 million
transaction made between two officers of the company. Ariba said the $10
million at issue doesn't affect the company's results of operations for fiscal
2002 nor will it change results of operations for any quarter other than the
one ended March 31, 2001.
Reported: December 31
Crown Andersen (CRAN)
Crown Andersen restated its earnings for the first three quarters of the year
ended Sept. 30 because it incorrectly reported a total of $660,000 in profits.
The company said the accounting errors related to contract accounting for the
first quarter at its operations in the Netherlands. According to the restated
financial statements, Crown Andersen posted a loss of roughly $1 million, or 56
cents a share, for the nine months ended June 30. It originally reported a loss
of $374,131, or 20 cents a share.
Reported: December 30
MTS Systems (MTSCE)
MTS Systems restated its 2002 results after re-evaluating the timing of a
number of expense adjustments and corrections of bookkeeping errors. The impact
increased the net income for the nine months ended June 30 by $8.2 million, or
38 cents a diluted share. The company also re-audited its fiscal years 2000 and
2001, reducing earnings per share in 2001 by 10 cents and in 2000 by 2 cents.
Fiscal years 1999 and 1998 were also restated for comparative purposes but were
not re-audited. Fiscal years 1999 and 1998 earnings per share were reduced by 6
cents and a penny, respectively. In aggregate, the beginning retained earnings,
as adjusted, and the restated earnings from 1998 forward are $3 million higher
than previously reported because of recognition of income tax benefits.
Reported: December 27
Newcor (NER)
The auto parts maker restated its results for the third quarter ended Sept.
30 to a loss of $5.9 million from a net of $2.2 million. According to a SEC
filing, the earlier financial information failed to include $8.1 million of
estimated liabilities related to leases the company had rejected.
Reported: December 26
Restoration Hardware Inc. (RSTO)
Restated its fiscal 2001 loss available to common shareholders to $35.8
million, or $1.53 a share, from $36.7 million, or $1.57 a share. The
restatement also boosted inventory and reduced accounts payable for the first
three quarters of fiscal 2002.
Reported: December 24
Applied Extrusion Technologies Inc. (AETC)
To restate financial results for fiscal years 1998 through 2001 and the first
three quarters of fiscal 2002, due primarily to three sale-leaseback
transactions and the company's 1998 restructuring. The cumulative effect of the
adjustments will lower retained earnings by about $18 million to $20 million.
Reported: December 20
Xerox Corp. (XRX)
Will restate its 2001 financial results and revise its 2002 quarterly reports
because of an error that understated its non-cash interest expense from a debt
instrument and associated interest-rate-swap agreements. The error, which
occurred with the adoption of Financial Accounting Standard No. 133 in January
2001, resulted in an understatement by $5 million to $6 million of interest
expense. This amounts to less than 1 cent a share in each quarter of 2001 and
the first three quarters of 2002.
Reported: December 20
Grupo TMM SA (TMM)
Restates third quarter to $42.1 million loss from $167.4 million after it
reveresed a government receivable.
Reported: December 19
Restoration Hardware Inc. (RSTO)
The company said it identified accounting errors relating to its accounts
payable and inventory balances as of the end of the last fiscal year.
Restoration Hardware believes that its accounts payable liabilities, originally
reported as $34.9 million, have been overstated by up to 3%.
Reported:December 18
Allegheny Energy Inc. (AYE)
Citing accounting errors, the energy company will restate first and second
quarter results. The company said it posted a loss of $334.4 million, or $2.67
a share, for the nine months ended Sept. 30, with items that cut income by
$3.70 a share as well as a gain of 9 cents a share on the Canaan Valley land
sale. Results included a charge of $217.6 million, or $1.73 a share, to reflect
a reduction in the market value of its energy trading portfolio; a charge of
$130.5 million, or $1.04 a share, to reflect the cumulative effect of an
accounting change related to the adoption of SFAS No. 142 "Accounting for the
Impairment or Disposal of Long-Lived Assets"; and a charge of $62.6 million, or
50 cents a share, for work force reduction costs.
Reported: December 19
First Southern Bancshares Inc. (FSTHE)
Citing abaccounting oversight, company restated its first-quarter loss to 61
cents a share from 19 cents and its second quarter loss to 30 cents a share
from 19 cents.
Reported: December 17
TALX Corp. (TALX)
Restated results for fiscal 2001 and 2002 to spread its contract revenue over
several quarters. The end result lowered its past year revenue and earnings but
boosted its outlook for fiscal 2003 and 2004.
Reported: December 16
Lee Enterprises Inc. (LEE)
To restate fiscal 2002 earnings per share 5 cents lower because of a stock
option adustment.
Reported: December 11
Central Garden & Pet Co. (CENT)
Will restate financial results for 1998 through 2002 to reflect adjustments
for manufacturing-related costs associated with its Pennington and Kaytee
units. Said the restatement will narrow the fiscal 2001 loss by $2.1 million,
to $7.1 million, or 39 cents a share.
Reported: December 10
Kmart Corp. (KM)
Kmart Corp. will restate its results for prior fiscal years, as well as the
first two quarters of 2002. Some ofthese adjustments were identified as
out-of-period adjustments, while others were already identified in the
company's second-quarter report. Kmart believes that the net impact of the
adjustments would be to decrease its net loss for the reported 26-week period
ended July 30, 2002 by less than $100 million. These adjustments would increase
the reported net loss or decrease reported net income for the prior three
fiscal years by less than $100 million as compared to a previously reported
aggregate net loss for this three-year period of about $2 billion. Kmart also
anticipates an adjustment to its 1999 fiscal year opening retained earnings
balance to reflect adjustments attributable to fiscal years 1998 and prior.
Reported: December 9
Steak N Shake Co. (SNS)
To restate its fiscal 2001 and 2002 earnings downward to reflect changes in
lease accounting. The restatement will cut income for the 2002 fiscal year
ended Sept. 25 to $23.1 million, or 83 cents a share, from the $24.1 million,
or 86 cents a share, previously reported. Fiscal 2001 income will be restated
to $20.1 million, or 72 cents a share, compared with $21.8 million, or 76 cents
a share.
Reported: December 6
Interpublic Group of Cos. (IPG)
Interpublic filed its financial restatement for 2001 with the Securities and
Exchange Commission, again reporting that it needed to take charges totaling
$181.3 million from 1996 through June. Of the amount in the overall
restatement, $163.1 million of charges that related to the periods before Dec.
31, 2001, were recorded in the restatement filed with the SEC on Friday.
Reported: December 6
(END) Dow Jones Newswires
01-08-03 1700ET |
