King Restatement Will Boost 2004 Revenue, Income But Hurt Prior Year Results
This article was originally published in The Pink Sheet Daily
Executive Summary
The company says it is waiting to hear from Mylan on whether the firms' merger agreement will be terminated as a result of the restatement. King continues to evaluate whether financial results prior to 2002 will require restatement.
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Amendments to inventory management agreements with wholesalers are aimed at reducing levels to 1.5 months by the end of March. Work-down announcement accompanies King’s restatement of financials; Mylan deal remains up in the air with one week to go before walk-away date.
King Inventory Work-Down Plan Goal Is 1.5 Months Of On-Hand Product
Amendments to inventory management agreements with wholesalers are aimed at reducing levels to 1.5 months by the end of March. Work-down announcement accompanies King’s restatement of financials; Mylan deal remains up in the air with one week to go before walk-away date.
Mylan Unlikely To Crown King: $3.8 Bil. Bid In Jeopardy Over Restatement
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