Reuters: Regulatory News: UPDATE 1-Ralcorp to amend financial statements, to incur additional charge

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UPDATE 1-Ralcorp to amend financial statements, to incur additional charge May 7th 2012, 13:46 Mon May 7, 2012 9:46am EDT May 7 (Reuters) - Private-label food company Ralcorp Holdings Inc said it would restate financial statements for its fiscal 2011 and first quarter of fiscal 2012 to account for an additional impairment charge of $54 million in the fourth quarter. The restatements relate to the non-cash goodwill impairment charges associated with the Post brand cereal business, which was spun-off to Ralcorp shareholders on Feb. 3, 2012, the company said. Ralcorp said it identified an error in the amount of deferred tax liabilities used to calculate the $364.8 million non-cash goodwill impairment charge that was previously reported in the fourth quarter of fiscal 2011. An additional impairment charge of about $54 million should have been reflected in the fourth quarter of fiscal 2011, the company said. The company expects to file the amendments in its report for the fiscal quarter ended March 31, 2012. Ralcorp had delayed its fourth-quarter financial results to account for an anticipated non-cash goodwill impairment charge related to the Post cereals business. The company shares were flat at $71.51 in morning trade on the New York Stock Exchange.

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