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Article: Presto restates 2003, 2005 earnings; Manufacturer also files annual reports with SEC
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- August 28, 2007
- Author:
CopyrightCopyright 2007 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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National Presto Industries Inc., the Eau Claire-based
manufacturer of small appliances, ammunition and disposable diapers,
has restated its earnings for 2003 and 2005. The restatement is part
of a re-audit of three years of financial statements by the
company's new auditor, Virchow Krause.
For 2003, retained earnings were increased by $6 million, after
tax, as a result of a reduction of the company's product liability
insurance reserve. Presto's 2005 after-tax earnings were reduced by
$2.5 million, or 37 cents per share, to reflect the impairment of
goodwill of its absorbent products division.
The new audits determined Presto's internal controls over
financial reporting and its disclosure ...