Green Mountain: Financial statements were wrong

[November 20, 2010]  NEW YORK (AP) -- Green Mountain Coffee Roasters Inc. says it will have to restate its financial statements for nearly the past four years because of reporting errors.

The specialty coffee company, based in Waterbury, Vt., says quarterly statements dating back to 2007 will have to be restated. The cumulative impact of the errors is expected to reduce net income by about $6.1 million, or 4 cents per share, to $6.5 million, or 5 cents per share over the period in question, the company says.

The company posted net income of $18.6 million, or 13 cents per share, last quarter.

The errors were discovered after an inquiry by the Securities and Exchange Commission prompted an internal investigation by the company's audit committee.

The company said none of the errors indicate misconduct by the company or its executives.

[Associated Press]

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