Verifone to restate 2007 financials because of accounting errors |
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Published
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Mon, 03 Dec 2007 14:12
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BOSTON (Thomson Financial) - VeriFone Holdings Inc. said Monday it will restate its 2007 financial statements because of accounting errors related to the valuation of in-transit inventory and allocation of manufacturing and distribution overhead to inventory.Management said it now sees revenue of $238 million for the October quarter and revenue of $904 million for the 12 months ended in October.Verifone said it will also delay the release of its fourth-quarter financial results that was scheduled for Dec. 6.Shares of the San Jose, Calif.-based transaction automation systems designer closed Friday at $48.03. The stock is up about 33% year-to-date.Greg Saulniergs/pcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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