NEW YORK (TheStreet) -- Green Mountain Coffee Roasters (GMCR) said after the market close Friday that it will restate earnings for three fiscal years and the first three quarters of the current fiscal year due to accounting errors.

The company will restate financial statements for fiscal years 2007, 2008 and 2009 and the first three quarters of fiscal year 2010.

"This decision was made by the company's board of directors, upon the recommendation of the audit committee and in consultation with management," GMCR said in a prepared statement. "As a result of this decision, investors should no longer rely upon the company's previously released financial statements for these periods and any earnings releases or other communications relating to these periods."

>> Green Mountain Coffee Roasters: 7 Troubling Scenarios for Investors

Green Mountain Coffee Roasters said the errors were discovered during an international investigation ordered by its board audit committee in light of the Securities and Exchange Commission's inquiry into the company's revenue recognition practices.

The company reassures investors that none of the errors indicate any intentional wrongdoing by its management and employees and are not connected to its relationship with with

M-Block

, which Green Mountain sells Keurig brewers and K-Cups to for re-sale purposes.

The company said the errors discovered include a $7.6 million overstatement of pre-tax income; a $1.4 million overstatement of pre-tax income; a $1 million overstatement of pre-tax income; an $800,000 overstatement of pre-tax income and $700,000 understatement of pre-tax income for its specialty coffee unit.

These errors will reduce GMCR's cumulative net income by about $6.1 million to $6.5 million and cumulative income per share by about 4 cents to 5 cents a share, GMCR said.

Shares of GMCR were volatile in after-hours trading, dipping by as much as 4% at one point, before rising by 10.3% to $33.38.

-- Written by Andrea Tse in New York.

>To contact the writer of this article, click here:

Andrea Tse

.

>To follow the writer on Twitter, go to

Andrea Tse

.

>To submit a news tip, send an email to:

tips@thestreet.com

.

RELATED STORIES:

>> Green Mountain Coffee Roasters: 7 Troubling Scenarios for Investors

Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.