BusinessCompany NewsGun-maker forced to restate results

Gun-maker forced to restate results

Smith & Wesson Holding, the world famous gun and firearm manufacturer, is to restate its 2002 results.

Link: For other business news

The company has hired PricewaterhouseCoopers to re-audit the 2002 financial statements and said it hoped to complete the required filings by 30 September.

In a statement Smith & Wesson Holding said the restatement would likely see an increase in expenses and a decrease in operating profit by about $1.6m to $2.1m.

The restatement will also include a $1.6m charge for product liability costs and $2.5m for environmental matters, previously treated as purchase accounting adjustments following the acquisition of Smith & Wesson in 2001.

Smith & Wesson Holding (formerly known as Saf-T-Hammer) bought Smith & Wesson from London-listed Tomkins in May 2001 for $15m.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor