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TRUCKMAKERS' NEWS * USA - Navistar To Restate Net Higher On Accounting Mistakes
Warrenville,ILL,USA -CNNMoney.com -December 24, 2008: -- Navistar International Corp. (NAV) will increase previously reported net income for its recently concluded fiscal year by as much as $70 million, saying it overstated costs and undercounted inventories and accounts payable... The truck and bus maker's restatement will boost net income for the nine months ended July 31 by $50 million to $70 million, or 68 cents to 95 cents a share. Navistar had reported net income of $272 million, or $3.68 a share... Navistar said Wednesday it overstated costs of products sold and understated inventories and accounts payable in its truck segment. The company expects to file at least one amended quarterly report before filing its annual report with the Securities and Exchange Commission. The annual filing is set to be made Tuesday...
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