ConAgra to Restate ‘04, Half of Fiscal ’05 Results
From Associated Press
ConAgra Foods Inc. said it would restate its financial results for 2004 and the first half of fiscal 2005 because of income tax errors that could cost one of the nation’s largest food companies as much as $200 million.
The accounting problems also prompted the company to issue an early fiscal third-quarter report, saying the numbers might later need to be revised.
For the three months ended Feb. 27, ConAgra said it earned an estimated $160 million, or 31 cents a share, on sales of $3.6 billion. Comparable net income and per share results from the same period last year will be restated because of the tax errors.
ConAgra’s shares fell 70 cents to $26.25 on the New York Stock Exchange.
