Online reseller and PC builder Systemax has once again been forced to restate its 2004 results after "accounting errors" were discovered, this time at its US subsidiary Tiger Direct Inc.
The firm, whose UK subsidiary is Misco, issued a statement to the New York Stock Exchange last week that it is to reduce its 2004 net profit to between $9m and $9.6m. The previous figure was $12.6m.
The company said it is "reviewing its records to determine which quarters in 2004 were affected and whether the accounting errors may also have affected periods prior to 2004".
The firm also disclosed that it "has identified internal control deficiencies that may affect the timeliness and accuracy of recording transactions which have not yet been remediated".
Systemax restated its financials for each of the first three quarters of 2004 and the year ended 31 December 2003 because of "the discovery of certain errors in accounting for inventory at its UK subsidiary" (CRN, 21 March).
Earlier this year the firm pulled the plug on its UK PC assembly, resulting in the loss of more than 100 jobs (CRN, 31 January).
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