August
7 -- Blount International Inc., which reported weak second-quarter earnings and
layoffs Wednesday, has also reported a "material weakness" in its
accounting practices.
In
a press release accompanying its earnings statement, the company said it will
amend its 2012 annual report and its first-quarter earnings report.
The
Portland-based company also expects it will not file a formal report for its
second quarter on time.
It
expects to complete a review of its accounting procedures by the end of 2013.
The
accounting problems relate to how Blount valued acquisitions in 2010 and 2011.
The company said restated earnings may result in a charge against income
reported in the fourth quarter of 2012. It's unclear whether earnings reported
in other quarters will be restated.
The
accounting problems are not expected to result in changes to previously
reported sales.
Matthew Kish www.bizjournals.com/Portland
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