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Office Depot financials need revising
By Times wires
Published November 10, 2007
DELRAY BEACH - Office Depot Inc. said it will revise some past financial statements after it completed an independent review of vendor-program accounting that found weakness in its internal controls and led to the firing of four merchandising employees. The review revealed that during the period beginning in the third quarter of 2006 through the second quarter of 2007, funds due or received from vendors were recognized in the current quarter, but should have been deferred into later periods. The company, which detailed its findings in a filing with the Securities and Exchange Commission, declined to comment Friday. Office Depot has not set a new date for its third-quarter report, which it announced Oct. 29 it would delay because of the vendor program review. Office Depot said late Thursday it plans to reduce fiscal 2006 third-quarter earnings by 2 cents a share and fiscal 2006 fourth-quarter earnings by 3 cents. For fiscal 2007, the company will reduce first-quarter earnings by a penny and second-quarter earnings by 2 cents.
[Last modified November 9, 2007, 23:11:08]
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