TVI Forced to Restate

Shares fall 16%.
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Shares of TVI (TVIN) were sliding 16% after the company said it would have to restate downward its results for the third quarter.

TVI, a maker of first-responder systems for medical personnel, police and fire departments, fell after it said it will need to eliminate around $550,000, or about 6.1%, of its reported revenue for the quarter.

The company is investigating the sale of 28 decontamination systems and related equipment to Signature Special Event Services during the quarter. TVI subsequently acquired the company. TVI said the audit committee of its board has determined that it shouldn't have recognized revenue from the sale of the gear.

Restated net income will likely be $973,000, or 3 cents a share, a decrease of $239,000, or 1 cent a share, from the numbers TVI previously reported.

TVI was losing 47 cents to $2.43.