ADA-ES (ADES) says it's restating its financial reports for FY10, FY11 and for Q1 and Q2, due to...

|By:, SA News Editor

ADA-ES (ADES) says it's restating its financial reports for FY10, FY11 and for Q1 and Q2, due to an error in accounting. As a result, the company will take a significant increase in its net loss for all the periods covered by the restatements except Q2. The net loss for FY10 will increase to $31.1M from $15.5M, and the net loss for FY11 will increase to $22.9M from $19.9M. In addition, the company will also include a reclassification of the interest held by an affiliate of Goldman Sachs in its joint venture Clean Coal solutions.