Escalade to restate 2004, 2005 results |
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Tue, 20 Feb 2007 18:19
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EVANSVILLE, Ind. (AP) - Escalade Inc., which makes sporting goods and office/graphic arts products, said Tuesday that a restatement of its fiscal 2004 and 2005 full-year financial results will increase the earnings for both years.The company said it anticipates its 2004 net income will increase by about $300,000, or 3 cents per share, and its 2005 net income by about $900,000, or 8 cents per share.The restatements relate to corrections for overstatements related to income taxes and employee benefit costs.Escalade does not see the restatements affecting revenue for either year.Escalade said it will also restate its quarterly results for last year.Shares of Escalade shed 2 cents to $9.52 in midday trading on the Nasdaq Stock Market.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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