Bombay to restate results
By Furniture Today Staff -- Furniture Today, April 3, 2005
Fort Worth, Texas — The Bombay Company said it plans to restate the financial results it released three weeks ago, and expects the move will reduce its loss for fiscal 2004 and increase income for 2003.
The specialty retailer said it had reopened a review of its lease accounting practices in light of a new interpretation of rules from the Securities and Exchange Commission, something most publicly held U.S. retailers are dealing with. Additional clarification by the SEC staff triggered the new revision, the company said.
Bombay said it expected to complete the review and report revised earnings within a week.
In March, it reported a net loss of $12.8 million in fiscal 2004, compared with a profit of $9.3 million in fiscal 2003.
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