USA: Corn Products International, Inc. confirms fourth quarter and yearend 2000 results
Corn Products International, Inc. (NYSE: CPO) today reported 2000 earnings at $1.72 per fully diluted share before a special charge, compared to a restated $1.98 per share for 1999. This is consistent with the Company's expectations disclosed in its January 10, 2001, press release after a change in US inventory accounting to first in-first out (FIFO) from last in-first out (LIFO) that sets uniform inventory valuation throughout the entire Company. This change resulted in an increase by $0.02 per share in 2000 and a decrease by $0.08 per share for the restated 1999. After the special charge of $0.37 for workforce reduction recorded in the first quarter, earnings were $1.35 per share for the year, down from $1.98 per share as restated for 1999.
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