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By Carl Howe

Yesterday's Wall Street Journal has a summarization of Apple's filing to the SEC and restatement of three years of earnings. Here's the story straight out of the SEC 10-K filing:

The Company has recorded additional non-cash stock-based compensation expense and related tax effects with regard to past stock option grants, and the Company is restating previously filed financial statements in this Form 10-K. These adjustments, after tax, amounted to $4 million, $7 million, and $10 million in fiscal years 2006, 2005 and 2004, respectively. The adjustment to 2006 was recorded in the fourth quarter of fiscal year 2006 due to its insignificance.

Apple's (NASDAQ:AAPL) restated net income for those years 2006, 2005, and 2004 were respectively $1.99 billion, $1.33 billion, and $266 million. Therefore, only in 2004 did a $10 million adjustment affect earnings by more than a percent.

In short, Apple's filing appears to indicate that the financial impact of this scandal has been largely zero. It remains to be seen if there will be any goodwill or legal impact, but at present, this story now appears to be much ado about nothing in a slow news week.

But hey, at least it was something different from iPhone rumors...

Source: The Apple Restatement: Much Ado About (almost) Nothing