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Strategies & Market Trends : Joe Stocks Trader Talk

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To: Joe Stocks who started this subject	3/21/2002 7:26:53 AM
From: Joe Stocks	of 787

RSTO News- Restoration Hardware restates results (RSTO) By Tomi Kilgore Restoration Hardware (RSTO) said it will restate financial results for the first three quarters of fiscal 2001 and for all of fiscal 2000 as a result of a change in the recognition of revenue. The home furnishings retailer said it had been recording revenue as items were shipped, but will restate results to recognize revenue when it was delivered. The company said the restatements should have no effect on cash, receivables, accounts payable or debt. Separately, the company reported a net loss of $12.8 million, or 53 cents a share in the 13-week fiscal fourth quarter, after recording income of $9.5 million, or 55 cents a share in the 14-week period a year earlier. The results included one-time charges related to inventory, occupancy and tax valuation of 73 cents a share. Sales for the quarter ending January fell 0.1 percent to $144.3 million. Comparable-store sales rose 0.1 percent. There were no consensus analyst estimates available from Thomson Financial/First Call. The stock closed Wednesday up 25 cents at $12.

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