Data company Acxiom Corp. announced Tuesday it would restate its earnings about $8 million downward because it miscalculated the value of certain contracts over the past four fiscal years.
The company filed documents with the Securities and Exchange Commission that revealed the change. Acxiom said it expects to complete its restatement and its fiscal 2008 financial statements by the end of May.
The restatement subtracts $7.96 million in profit and $12.83 million in revenue for fiscal years 2004-2007. The reduction is equal to 10 cents per share over the time frame.
In trading Tuesday afternoon, Acxiom shares were down 11 cents, or 0.8 percent, at $13.40.
The company said it recorded revenue for certain contracts based on an estimate of the contracts' value.
"The company has concluded that the calculated estimates for the relevant periods cannot be relied upon, and the company is unable to objectively support recording accrued revenue for these information services transactions," Acxiom said in its filing.
Acxiom specializes in data integration services, data warehousing, and decision support services. Acxiom, which has clients across the globe, had sales last year of about $1.4 billion.
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