Tools firm Business Objects has taken the unusual step of restating its Q1 results as it announces figures for Q2 1996.
The company has removed a contract valued at $1.4 million from its Q1 results after it said an employee had fabricated a deal to bolster sales figures.
In a statement, the firm said the contract had 'circumvented standard financial control procedures'. The statement cited the employee for misconduct and said that disciplinary measures had been taken.
As a result, Q1 turnover was $18.8 million and not the $20.2 million it had recorded originally. Restated profit was $1.8 million rather than $2.5 million.
Bernard Liautaud, president and CEO, said: 'We believe this was an isolated incident have taken appropriate actions.'
Q2 turnover for Business Objects was $22 million, 61 per cent up on $13.6 million for the period ending 30 June last year. Profit stood at $1.9 million for Q2 1996, up 30 per cent on $1.5 million for Q2 1995.
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