WEST KINGSTON – In its annual report filed last week, American Power Conversion Corporation adjusted downward last year’s income because of what the company called a computational error.
Specifically, the adjustments resulted in net income and earnings per share for the fourth quarter 2001 of $29.1 million and $.15 per share versus the previously reported $30.9 million and $.16 per share. For the full year 2001, net income was adjusted to $113.4 million and $.58 per share versus $115.2 million and $.59 per share as reported on January 31. Accounts payable balances were adjusted to $75.6 million from $73.0 million. Revised consolidated condensed statements of income for the fourth quarter 2001 are attached.
"The integrity of our financial reporting is of the utmost importance to APC," said Rodger B. Dowdell, president and CEO of the surge suppressors and cooling equipment manufacturer. "Our own internal review process uncovered the source of this minor computational error and we expeditiously worked with our software vendor to identify and solve the problem. The appropriate adjustments have been incorporated in the audited financial statements in our 10-K."
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