Published in Lab Business Week, September 25th, 2005
As a result of the restatement, revenues reported for the fiscal year ended December 31, 2004, will be reduced from $260,000 to $209,000, resulting in an increased loss in the company's earnings per share from $0.15 per share to $0.16 per share. The overstatement resulted from the erroneous recording of an advance payment from a distributor as revenue in the first quarter of 2004.
The company discovered the misstatement in connection with the...
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