Olympus Corrects Earnings Reports Due to Minor Mistakes
Olympus Corp. (7733), the Japanese camera maker reeling from a $1.7 billion accounting fraud, amended earnings reports initially filed Dec. 14 to correct mistakes including rounding errors it said had no effect on net assets.
None of the revisions are significant, Yasutoshi Fujiwara, a spokesman for Tokyo-based Olympus, said by phone. The company filed 14 corrections to the Dec. 14 statement to the finance ministry today.
Olympus made the errors in some tables so that the numbers didn’t match with figures elsewhere in the report, while the totals for debt, earned surplus and net assets were correct, Olympus said in a statement. The company had delayed reporting earnings for the quarter ended Sept. 30 pending the findings of an independent investigation into a 13-year cover-up of investment losses.
Olympus today reported figures showing the correct value of its earned surplus as of April 2006 was reduced by 118.4 billion yen, compared with the 117.3 billion yen reduction as stated in some parts of its Dec. 14 filings.
Olympus shares rose 0.8 percent to close at 1,026 yen before the announcement. The stock has lost almost 60 percent of its value since the accounting scandal erupted with the Oct. 14 dismissal of former Chief Executive Officer Michael Woodford, who challenged the company’s board over inflated takeover costs.
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