Veritas DGC Re-states Year-Ago Period
Date: Monday, June 20, 2005
Veritas DGC Inc., the Houston provider of geophysical services to the oil and gas industry, reported that its third-quarter earnings rose 83% and that it re-stated figures for the year-earlier period. For the quarter ended April 30, net earnings reached $18.4 million, or 52 cents a share, from $10.1 million, or 29 cents, in the year-earlier period. Revenue fell 2.9% to $175.5 million from $180.7 million. The company said it re-stated the year-ago period for certain accounting errors, reducing net income by $105,000, or less than a penny a share. The re-statement delayed the registration of Veritas' convertible senior notes, resulting in liquidated damages of $2,153 a day from Aug. 31, 2004 until it completes the registration.
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