Reuters: Regulatory News: UPDATE 1-Vodka maker CEDC to restate financial results

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UPDATE 1-Vodka maker CEDC to restate financial results Jun 4th 2012, 20:52 Mon Jun 4, 2012 4:52pm EDT * Expects to restate results from Jan. 1, 2010 * Also reviewing results for year ended Dec. 31, 2009 * Incorrectly estimated certain trade rebates June 4 (Reuters) - Polish vodka maker Central European Distribution Corp expects to restate all its financial results from Jan. 1, 2010 as it incorrectly estimated some rebates during the period. CEDC, which has been struggling with debts, failed to reflect the timely reporting of the full amount of retroactive trade rebates provided to its subsidiary the Russian Alcohol Group's customers, the company said in a statement. The company estimates the adjustments will result in a reduction of its consolidated net sales, operating profit and related accounts receivable from Jan. 1, 2010 through Dec. 31, 2011 of about $30 to $40 million. The majority of adjustments reflect that certain retroactive trade rebates were estimated incorrectly, and therefore both net revenues and accounts receivable were over stated, the company said. CEDC is also reviewing whether any adjustments are needed to its financial statements for the year ended December 31, 2009. Link this Share this Digg this Email Reprints

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