Only last summer, Freddie Mac, America's giant government-chartered and shareholder-owned mortgage firm, announced that it was restating its profits for the past few years.
[Page A1.] Financial Firm to Restate Results MBIA Inc., a financial services conglomerate, disclosed that it was restating its financial results for the last seven years.
Interpublic last year disclosed it was restating its earnings downward by $181.3 million because of accounting irregularities primarily at at the European operations of McCann-Erickson, spurring a federal investigation.
C1 Cable Company Revising Books Adelphia Communications said it was restating its financial statements for the last three years to include more than $1 billion in loans that the embattled cable company had guaranteed to entities controlled by the family of its chairman, John Rigas.
Adelphia Communications said yesterday that it was restating its financial statements for the last three years to include on its books over $1 billion in loans that the embattled cable company guaranteed to entities controlled by the family of its chairman, John Rigas.
Worries about what companies might say -- and what the news can do to stock prices -- were apparent early, after MicroStrategy, a highflying inventory-management software manufacturer, said it was restating its 1998 and 1999 financial results downward and that its current-quarter results would fall short of analysts' expectations.
Earlier this month, on Aug. 5, FirstEnergy announced it was restating its financial results for 2003 and 2002 because of accounting changes, and reduced its expected earnings for 2003.
Interstate Bakeries, the maker of Wonder Bread and Hostess Twinkies, is delaying the filing of its annual report with the Securities and Exchange Commission because it is restating earnings for its second and third quarters.
(Reuters) Hilfiger Restates Results After Checking Taxes and Leases The Tommy Hilfiger Corporation said yesterday that preliminary results showed fiscal year 2005 earnings below its previous estimate, and that it was restating earnings for the prior four years as a result of accounting issues.
The relationship goes back at least to 1994, around the time Farmer Mac brought him in to explain to its overseers at the Farm Credit Administration why it was restating some earnings figures.
