NAI to Restate Three Years of Financials
The restatements will result in a narrower profit for Network Associates for 1998 and larger losses for 1999 and 2000.Network Associates Inc. on Friday said that it will restate three years of financials, which will result in a narrower profit for 1998 and larger losses for 1999 and 2000. The 1998 net income will drop to $32.4 million from $36.4 million, the 1999 net loss will increase by $3 million to $159.9 million and the 2000 net loss will swell by $21.2 million to $123.9 million.
NAI will also restate its balance sheets for the fourth quarter of 2001 and the first quarter of this year in order to accommodate the changes. But company executives stressed that there were no inaccuracies found in the accounting for the five most recent quarters.