USA: Vita Food Products revises second quarter 2001 results
Vita Food Products, Inc. (Amex: VSF) yesterday announced that the company discovered an error in the unit cost of one inventory item in its standard cost system. This error affected the second quarter results for 2001, resulting in an overstatement of inventory and understatement of cost of goods sold by $193,000. The company's restatement of previously announced earnings to correct the error reflects a reduction of earnings by $141,000, net of related tax benefit of $52,000.
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