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Lennox International to Adjust 1999-2003 Earnings
Oct 6, 2004
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HVAC equipment producer Lennox International said it would file its Form 10-K for 2003 with the Securities and Exchange Commission (SEC) sometime within the next 15 days. The company will also file its 10-Qs for the first and second quarters of 2004 as soon as it is practical.

Lennox delayed these filings pending the determination of the appropriate treatment of adjustments to prior years’ earnings, which resulted from an independent investigation conducted by the audit committee of the company’s board of directors into the accounting practices at its Service Experts operations in Canada.

The company determined it would adjust 2003 earnings, increasing net income from U.S. $7.5 million from the $76.8 million previously announced. Financial results for the first three quarters of 2003 will be restated. Earnings for each quarter of 2002 will also be restated, reducing net income for the full year by $15.1 million, including $1.5 million in expense related to 2001 and $4.9 million in expense related to years prior to 2001. These adjustments will appear as a change in earnings for the first quarter of 2002.

The adjustments are consistent with the company’s announcement on July 8, stating it had anticipated a downward adjustment of $7 million to cumulative earnings for the years 1999 through 2003. The company expects no further material adjustments pending completion of the filing process.

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