Stolt Offshore Restates Second Quarter Earnings
Thursday, August 29, 2002
Stolt Offshore S.A. has restated its second quarter and six-month results as a result of two
The adjustments have a positive impact on the Company's net income of $1.4 million. The net income for the quarter ended May 31, 2002 is
now $4.8 million, or $0.06 per share, on net operating revenue of
$333.4 million. For the six-month period ended May 31, 2002, the
Company now reports a net profit of $5.1 million, or $0.06 per share,
on net operating revenue of $627.5 million.
The first of the two adjustments was caused by the failure to record
certain operating costs in the financial accounts of a 66.66%-owned
subsidiary, Alto Mar Girassol, which led to a $1.7 million
overstatement of net income in the second quarter. The second adjustment relates to the elimination of a 1998 provision for a tax liability of $3.2 million. This tax liability was proved to be unnecessary following the receipt of an assessment letter from the relevant tax authority.