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.
Go deeper with GlobalData
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataEarnings 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.
