Burke restating financial results, reporting larger loss

SANTA FE SPRINGS, Calif. (April 28)—Burke Industries Inc. said it will report higher losses than previously disclosed when it restates its 1999 financial results. The rubber product maker said its loss for 1999 will be $3 million to $4 million higher than it originally reported to reflect an adjustment in inventory valuation and changes concerning customer rebates and accounts payable. The company and its new auditor, PricewaterhouseCoopers L.L.P., also are investigating whether results for previous years need to be restated. Burke said it expects to report sales of $107.7 million for fiscal 2000, results significantly below the 1999 performance because of flat sales, higher raw material and transportation costs and restructuring charges.