TBC restates 1Q financials
TBC Corp. has restated its financial results for the first quarters of 2005 and 2004 to "properly account for leases acquired as part of purchase business combinations," according to TBC officials.
TBC's restated net sales for the first quarter of 2005 totaled $466.3 million. Its originally stated net sales for that period were $466.4 million.
TBC's restated net income for 1Q 2005 totaled $6 million, while its originally stated net income for the same period totaled $6.2 million.
The Memphis, Tenn.-based company's restated net sales for 1Q 2004 totaled $433.8 million, while its originally stated net sales for 1Q 2004 also amounted to $433.8 million.
However, TBC's restated net income for 1Q 2004 was $5.4 million. (TBC's originally stated net income for 1Q 2004 was $6 million.)