OM to restate results

greenspun.com : LUSENET : Y2K discussion group : One Thread

OM Group Inc. (NYSE: OMG) anticipates that its financial statements for 1999 through 2003 will need to be restated as the result of an investigation by its audit committee, which is looking into inventory issues.

The maker of metal-based chemicals said although the exact amounts of the adjustments are not known at this point, it is expected that the adjustments will hurt earnings in 1999, 2000 and 2001 while helping results in 2002 and 2003. OM Group expects the aggregate reduction in its retained earnings as of last Sept. 30 should not exceed $25 million.

Crains Cleveland

-- Anonymous, April 06, 2004


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