Manufacturing
Allied Defense (ADG) said Monday it would restate results going back three years.
The Vienna, Va., defense contractor said the restatement will allow it to fix accounting errors tied to hedging treatments at its Mecar unit in Belgium and to lapses in stock-option dating. Allied Defense said it expects the Mecar restatement to result in around $3 million in after-tax changes. The stock-option errors -- which the company said arose when it "erroneously" used the February 2002 award date as the measurement date for the options granted rather than the stockholder approval date in June 2002 -- will cost as much as $1 million. The company said it will be late in making regulatory filings but hopes to retain its Amex listing.TheStreet Premium Services
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