CLEVELAND - OM Group Inc. will restate its financial statements for 1999 through 2003, the specialty metal-based chemicals company said Tuesday.

The decision was a result of an audit. The exact amounts of the adjustments are not known, but the company said the restatement will hurt earnings in 1999, 2000 and 2001 and could improve net income in 2002 and 2003.

The company's filing of its annual financial 10-K statement with the Securities and Exchange Commission will be delayed until details the restatement are completed.

On Feb. 17, the company reported it was delaying the announcement of its 2003 fourth quarter and full-year results because it was in the process of responding to the staff of the SEC about previous filings. The SEC staff's concern was with the valuation of inventory.

Miami Herald

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