Food and agricultural cooperative Land O'Lakes revised its third-quarter and year-to-date financial results yesterday (13 November), previously reported on 30 October.

The company skimmed 20% off its third-quarter earnings due to incomplete "inventory valuation procedures".The cooperative said its auditor KPMG was unable to complete an audit of its MoArk subsidiary as a result of "inadequate books and records" for the years 2000 to 2002.

Therefore, third-quarter net earnings were revised from the previously reported $59.9m to $47.9m.

Third-quarter 2007 net earnings were $5.2m.

Year-to-date net earnings, due to the third-quarter revision, were also revised from the previously reported $224m to $212m.

Earnings over the first three quarters of 2007 totalled $137.4m.

Net sales were revised marginally, from the previously reported $9.445bn to $9.449bn, as a result of reduced return reserves in the company's Agronomy business.

Total EBITDA was revised from $362.7m for the first nine months of the year and $101.2m for the quarter, to $350.5m and $89.1m respectively.

The company said it is revising its full-year EBITDA forecast for 2008 from $455m to $443m. This compares to 2007 full-year normalised EBITDA of $322m.

As a result of the foregoing, Land O'Lakes said it will not make a timely filing of its financial statements for the quarter ended 30 September.