GenCorp delays earnings release , reviews 2 sealing plant operations

SACRAMENTO, Calif. (Jan. 24)—GenCorp Inc. is delaying the release of its fourth-quarter and year-end earnings pending a review of its previously reported unaudited results for fiscal year 2001. As part of the review, the company's independent accountants are looking at accounting for balance sheet items and incurred expenses at two GDX Automotive sealing plants in North America. The audit is ongoing, GenCorp said, but preliminary reviews indicate there could be material changes to the company's previously reported 2001 results. GenCorp previously reported a $2 million loss for its GDX operations for the three months ended Aug. 31 and a $2 million profit for the first nine months of fiscal 2001.