News4Press – March 24, 2009
According to the investigation by a law firm on January 22, 2009, before the market opened USANA Health Sciences, Inc announced its preliminary fourth quarter and full year 2008 results. In that preliminary announcement of its financial results, USANA Health Sciences, Inc disclosed a “one-time adjustment” of approximately $1.8 million to earnings resulting from an audit by the IRS of the years 2003 through 2006, as well as an estimated $10 million impact on its cash. At that time, USANA Health Sciences, Inc stated that “the company believes that these potential adjustments would not materially affect historical net income or earnings per share, but may materially affect the balance sheet.”
On February 23, 2009, USANA Health Sciences, Inc announced that it would need to restate all of its 2007 and 2008 quarterly results, as well as its annual results for 2006 and 2007. In a Form 8-K filed that day, USANA Health Sciences, Inc stated as follows:
“On February 17, 2009, the Audit Committee of the Board of Directors of USANA Health Sciences, Inc (the “Company”) determined that the Company’s previously filed quarterly financial statements for 2007 and 2008 and the financial statements for 2006 and 2007 should no longer be relied upon and should be restated to correct two errors related to income taxes payable during those periods….The reports of the Company’s independent registered public accounting firms related to the Company’s financial statements as of and for the years ended December 30, 2006 and December 29, 2007 are also withdrawn.”
Read the entire article at News4Press
Also, read our company overview: Usana Facts, News and Review
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