Tuesday, March 7, 2006
Evans and Sutherland Restates Financials
Salt Lake City, Utah-based Evans and Sutherland said this morning that it will be restating its financial statements for 2003 and 2004, along with quarterly periods in 2004 and 2005, to correct lease accounting. The firm said that it will correct accounting for real property leases with rent escalation provisions. It said that the company's audit committee and KPMG LLP have concluded that certain previously filed financial statements should no longer be relied upon. E&S said that it does not believe any of the changes are material to the company.