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Michael Baker to restate 2006 income lower

By Associated Press
June 11, 2008 | Comments (0)

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Michael Baker Corp., a provider of engineering and maintenance services, said that based on preliminary results, it is expanding a previously announced restatement back to 2006 due to revenue recognition errors at its energy division.

The restatement is expected to reduce 2006 net income to $10.3 million, or $1.19 per share, from the reported $11.8 million, or $1.36 per share, the company said late Tuesday.

Net income for the first three quarters of 2007 will be restated to about $12.1 million, or $1.37 per share, from the reported $18 million, or $2.03 per share. The company disclosed in February it was restating 2007 earnings.

The company said it still expects to file its annual report for 2007 by June 30 and its report for the first quarter of this year by July 31.

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