Green Mountain to Restate $5.8 Million of Net on Keurig Errors
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Green Mountain Coffee Roasters Inc. said it will restate earnings, lowering them by about $5.8 million, for the periods dating back to 2007 after it discovered errors associated with its Keurig single-cup coffee business.
About $3.5 million is for overstated net income in the first three quarters of fiscal 2010, the Waterbury, Vermont- based company said in a statement today. The errors included misreporting of the cost of K-Cup coffee pods in inventory, marketing expenses for brewers and changes in how the company recognized royalties of K-cups, according to the statement.