Providence likely restating some results |
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Tue, 20 Feb 2007 20:07
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NEW YORK (AP) - Providence and Worcester Railroad Co. said it will probably have to restate full-year 2004 and 2005 financial results plus certain quarterly results due to a compensatory time issue.The company said it will restate results for the periods ending March 31, 2004; June 30, 2004; Sept. 30, 2004; March 31, 2005; June 30, 2005; and Sept. 30, 2005, according to a filing with the Securities and Exchange Commission.Providence plans to trim its 2004 earnings by $33,000, or a penny per share, and its 2005 net income by $45,000, or a penny per share.During talks on a new collective bargaining agreement Providence senior management realized the company had not accrued for compensatory time owed to workers covered by the agreement in effect during the time of the financial statements. The company realized it needed to reflect the compensatory time in its prior results, the filing stated.Shares of Providence fell 26 cents to $17.14 in afternoon trading on the American Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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