Restoration swings to loss, restates past results
CORTE MADERA, Calif., March 21 (Reuters) - Home goods retailer Restoration Hardware Inc. <RSTO.O> on Thursday swung to a fourth-quarter loss and said it would restate results for the first three quarters of fiscal 2001 and the four quarters in fiscal 2000.
The company said it was restating results to reflect furniture sales at the time of delivery and not at the time of shipment. The firm concluded this after providing the Securities and Exchange Commission, during a review process, with information on the effects of the methods of recognizing revenue.
The company said it expected the effect of the change in revenues from amounts previously reported to be no more than $5 million in any fiscal quarter and no more than $3.5 million for the fiscal year ended February 3, 2001.
It also said it expected effects of the restatement on net income to range from $50,000 to $450,000 in any fiscal quarter, and but it won't exceed $400,000 for the fiscal year ended February 3, 2001.
The effect on earnings per share would range from 1 cent a share to 3 cents per share in any fiscal quarter and will not exceed 3 per share for the fiscal year ended February 3, 2001, it said.
The company also reported that it swung to a fourth-quarter loss of $12.8 million, or 53 cents a share, from a profit of $9.5 million, 55 cents a share in the year-earlier quarter, after taking charges for depreciation and to write down the value of its inventory and some assets.
05:12 03-21-02 |
