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In the restatement, Hewlett-Packard shifted $144 million to net cash used in investing activities from cash flow from operations, a spokeswoman, Rebeca Robboy, said yesterday.
That deal resulted in the restatement of three years of earnings by Cendant -- which had to deduct a total of $640 million that prosecutors said was created out of thin air at CUC. THE STYLE IS NICE BUT SUBSTANCE RULES AWARD -- To Carleton S. Fiorina, the chief executive of Hewlett-Packard, who can spin with the best, but whose delivery of the goods, a k a earnings, has been lacking.
Avoid saying things like, "It seems like" or "It is possible that" in the restatement.
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The plaintiffs' lawyers see fuel for their cases in the restatements.
Rite Aid, which will pay no fine under the settlement, said the accounting issues were addressed in the restatements of the company's financial statements in 2000.
BearingPoint, based in McLean, Va., estimated on Aug. 14 that net income for the first three quarters of fiscal 2003 would be cut by $10.8 million in the restatements.
Waste Management and Andersen settled shareholder suits in connection with the restatement, agreeing to pay $220 million in damages.
NorthPoint, based in San Francisco, attributed the restatement to bad debt.
The company, which is based in San Diego, said the restatement would reduce cumulative net income by $3 million to $9 million.
If the cumulative profit restatement matches the mis-statement in net debt, and if 50% of the cumulative mis-statement took place in 2016, then the restatement to 2016 adjusted profits would be 35-40%.
Conglomerate Tyco International on Monday said it intends to restate several years of financial results, but that no new charges will be required in connection with the restatement.
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