NEW YORK (
) -- Shares of
Green Mountain Coffee Roasters
rose in after-hours action on Friday after the Waterbury, Vt.-based coffee vendor disclosed it would need to restate its financials going back as far as fiscal 2007 but said its reported cash flows were unaffected.
The restatement comes amid a previously disclosed inquiry by the
Securities and Exchange Commission
, which the company continues to cooperate with, and it isn't expected to have a material impact on Green Mountain's balance sheet.
In total, Green Mountain estimates the adjustments will reduce net income by between $6.1 million to $6.5 million, or 4 to 5 cents a share. The company also noted that the audit efforts didn't indicate misconduct by its management or employees and that none of errors prompting the restatement are related to its relationship with fulfillment vendor M.Block & Sons, which handles most of the at-home orders for Green Mountain's Keurig unit.
The stock was last quoted at $33.30, up 10.1%, on volume of 1.2 million, according to
. Based on a regular session close at $30.26, the shares were up 13.7% year-to-date.
Another stock seeing decent volume in extended trading was
Human Genome Sciences
, which was ticking 3.7% higher to $25.10 on volume of around 85,000.
It was a volatile week for Human Genome's stock after an FDA advisory panel recommended approval for the company's lupus drug Benlysta on Wednesday but also expressed some concerns about how effective the drug is for some patient groups in comparison to other treatments.
The shares ran up 9% on Monday ahead of the panel's findings, closing at $25.88; and despite falling in the wake of the news, they still managed to notch a slight gain for the week, finishing Friday's regular session at $24.20, up 2.5% overall.
Year-to-date, Human Genome shares have fallen 21%, however; although they have seen a plus 20% bounce since plumbing a low of $20.56 in May.
Written by Michael Baron in New York.
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