Cooper to Restate 2009, 1Q 2010 Financials
Cooper Tire & Rubber Co. announced that it will restate its earnings for 2009 and for 2010’s first quarter due to a “material weakness” in the company’s internal financial reporting, Tire Review reports. As a result, at least for full year 2009, Cooper’s net profit will improve, the company reported. How the restatement will impact first quarter 2010 results is unknown.
The restated results will be issued on 4 August. In its US Securities and Exchange Commission filing last week, Cooper said the internal reporting issue stemmed from how it accounted for currency translations and shareholders’ interests in its overseas operations.