Bandag Inc. is restating its first quarter 2006 results to correct an error that resulted in an understatement of inventories and an overstatement of product costs.
Restated earnings from continued operations were $5.7 million versus previously announced earnings of $3.8 million. "The restatement will have no effect on cash flows," say Bandag officials.
"In connection with the restatement, the audit committee of the company's board of directors has concluded, in consultation with management, that the company's previously filled financial statements and other financial information for the quarter ended March 31, 2006, should no longer be relied upon."
