USA: ConAgra Foods will restate financials based on audit committee investigation of its UAP subsidiary
ConAgra Foods, Inc. (NYSE: CAG) yesterday announced that accounting and conduct matters at its United Agri Products Companies (UAP) subsidiary during fiscal years 1999 and 2000 will result in the restatement of the Company's financial results for those years. Certain accounting adjustments will also result in a restatement for fiscal 1998. The restatement will reduce revenues and earnings in fiscal years 1998, 1999 and 2000, and will increase revenues and earnings in fiscal 2001. UAP, which distributes seed, fertilizer and agricultural chemicals to agricultural growers, is one of three businesses in ConAgra Foods' agricultural products reporting segment and represented approximately 9% of ConAgra Foods' operating profit for the fiscal years 1998, 1999 and 2000.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- Comment: Premier has more to ponder than Brexit
- Trump seen as negative for global food trade
- 2017: food policy hotspots in the UK, EU and US
- The food market in 2017 - consumer trends and M&A
- Analysis: B&G Foods balancing growth and decline
- Weetabix takeover talk gathers pace
- Nestle mum on Mead Johnson takeover talk
- Unilever rebrands I Can't Believe It's Not Butter
- Mondelez sells Vegemite to Bega
- Kellogg to slash 250 jobs