KBR -5% on news it will re-file 2013 financial statements


KBR (KBR -4.9%) says it will refile its 2013 financial statements following material charges discovered in connection with the preparation of its Q1 10-Q.

A review determined that the estimated costs to complete seven Canadian pipe fabrication and module assembly contracts in the services business segment that were awarded during 2012-13 will result in pre-tax charges of $158M.

KBR also says it overstated revenue recognition for a long-term construction project by ~$9M.

From other sites
Comments (1)
  • Patent News
    , contributor
    Comments (1456) | Send Message
     
    will anyone be prosecuted for fraud ever in these cases? people are losing executives not so much.
    5 May 2014, 10:46 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs