Dollar General: 1998-2000 profits overstated by $100 million
Published Jan 15 2002
NASHVILLE, TENN. -- Discount retailer Dollar General
Corp. said Monday that an internal investigation had found
that profits for fiscal years 1998 to 2000 were overstated by
about $100 million and that it has agreed to pay $162 million
to settle shareholder lawsuits.
Company officials declined to give specifics about the
10-month investigation of accounting irregularities or to say
whether fraud was found.
Shares of Dollar General stock plummeted 31 percent in April
after the company announced the investigation and have yet to
recover.
The company's net income for 2000 was restated to $70.6
million, or 21 cents per share, compared with the $206 million,
or 62 cents per share, previously reported. Excluding the
expense for settling the shareholder lawsuits, the earnings
would have been $169.6 million and 51 cents per share.
Dollar General also restated its earnings from 1999. Profits
dropped from the previously reported $219.4 million, or 65
cents per share, to $186.7 million, or 55 cents per share.
Restated profits for 1998 were $150.9 million, or 45 cents a
share, compared with the $182 million, or 54 cents a share,
previously reported.
-- Associated Press
© Copyright 2002 Star Tribune. All rights reserved.
crim bstrds! No way that was accidental, IMO. |
