SACRAMENTO, Calif. (March 11)—GenCorp Inc. released restated financial results March 6 for the first nine months of 2001, ended Aug. 31, and the years 2000 and 1999, because of accounting errors at one of its North American sealing plants. For fiscal year 2001, GenCorp's income from continuing operations was $128 million, including a pretax gain of $206 million on the sale of its Electronic and Information Systems business to Northrop Grumman Corp. That compares with income from continuing operations of $52 million for fiscal 2000. The effect of the revisions on net income for the nine months ended Aug. 31, 2001, was $3 million. Revenues for the year were $1.49 billion, a 42-percent increase from $1.05 billion the year earlier. GenCorp restated income from continuing operations for the year ended Nov. 30, 2000, from $55 million to $52 million, and for the year ended Nov. 30, 1999, from $46 million to $45 million.
GenCorp releases restated earnings for past three years because of sealing plant errors
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