Processing Magazine

ConAgra to restate some results due to errors

March 31, 2005

The Associated Press reports that ConAgra Foods Inc. said it would restate its financial results for 2004 and the first half of fiscal 2005 because of income tax errors that could cost one of the nation''s largest food companies up to $200 million. The accounting problems also prompted the owner of the Act II popcorn, Banquet, Chef Boyardee and Manwich brands to issue a preliminary third quarter report, saying the numbers might later need to be revised depending upon the extent of the errors. For the three months ending Feb. 27, ConAgra said it earned an estimated $160 million, or 31 cents a share, on sales of $3.6 billion. Comparable net income and per share results from the same period last year will be restated because of the tax errors. ConAgra warned last month that its earnings would be down about 10 cents a share because of production problems and increased costs.